Crinetics Pharmaceuticals (NASDAQ:CRNX) Price Target Raised to $70.00 at Morgan Stanley

Crinetics Pharmaceuticals (NASDAQ:CRNX) had its price objective hoisted by research analysts at Morgan Stanley from $50.00 to $70.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Morgan Stanley’s target price points to a potential upside of 41.84% from the stock’s current price.

A number of other equities analysts also recently issued reports on the stock. Cantor Fitzgerald reissued an “overweight” rating and issued a $65.00 price objective on shares of Crinetics Pharmaceuticals in a report on Tuesday, May 14th. JMP Securities reissued a “market outperform” rating and issued a $80.00 price objective on shares of Crinetics Pharmaceuticals in a report on Friday, May 10th. Jonestrading lifted their price target on shares of Crinetics Pharmaceuticals from $52.00 to $56.00 and gave the company a “buy” rating in a report on Wednesday, March 20th. Oppenheimer lifted their price target on shares of Crinetics Pharmaceuticals from $54.00 to $55.00 and gave the company an “outperform” rating in a report on Wednesday, March 20th. Finally, Citigroup assumed coverage on shares of Crinetics Pharmaceuticals in a report on Wednesday, March 6th. They set a “buy” rating and a $68.00 price target on the stock. One research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $60.08.

Crinetics Pharmaceuticals Stock Performance

Shares of CRNX stock traded down $1.19 during trading hours on Thursday, reaching $49.35. The company had a trading volume of 233,118 shares, compared to its average volume of 801,077. The business has a fifty day moving average price of $45.79 and a 200-day moving average price of $39.21. Crinetics Pharmaceuticals has a one year low of $15.76 and a one year high of $53.70. The firm has a market cap of $3.89 billion, a PE ratio of -13.06 and a beta of 0.63.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its quarterly earnings data on Thursday, May 9th. The company reported ($0.93) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.84) by ($0.09). The business had revenue of $0.64 million during the quarter, compared to analysts’ expectations of $0.20 million. Crinetics Pharmaceuticals had a negative return on equity of 42.50% and a negative net margin of 4,223.27%. The business’s quarterly revenue was down 76.1% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.85) EPS. Equities research analysts forecast that Crinetics Pharmaceuticals will post -3.52 EPS for the current year.

Insider Buying and Selling

In other Crinetics Pharmaceuticals news, insider Dana Pizzuti sold 15,089 shares of the business’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $44.06, for a total transaction of $664,821.34. Following the transaction, the insider now owns 27,786 shares in the company, valued at $1,224,251.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Richard Scott Struthers sold 40,951 shares of the business’s stock in a transaction on Thursday, April 4th. The shares were sold at an average price of $49.17, for a total transaction of $2,013,560.67. Following the completion of the sale, the chief executive officer now directly owns 237,835 shares of the company’s stock, valued at $11,694,346.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Dana Pizzuti sold 15,089 shares of the business’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $44.06, for a total transaction of $664,821.34. Following the sale, the insider now directly owns 27,786 shares of the company’s stock, valued at $1,224,251.16. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 297,664 shares of company stock worth $13,965,618. Insiders own 7.00% of the company’s stock.

Institutional Trading of Crinetics Pharmaceuticals

A number of hedge funds have recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD lifted its stake in Crinetics Pharmaceuticals by 27.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,823,218 shares of the company’s stock worth $178,966,000 after acquiring an additional 814,360 shares during the period. Wellington Management Group LLP lifted its stake in Crinetics Pharmaceuticals by 1.1% in the third quarter. Wellington Management Group LLP now owns 3,640,235 shares of the company’s stock worth $108,261,000 after acquiring an additional 38,523 shares during the period. Vanguard Group Inc. lifted its stake in Crinetics Pharmaceuticals by 2.1% in the first quarter. Vanguard Group Inc. now owns 3,575,076 shares of the company’s stock worth $167,349,000 after acquiring an additional 72,624 shares during the period. Jennison Associates LLC lifted its stake in Crinetics Pharmaceuticals by 10.6% in the first quarter. Jennison Associates LLC now owns 2,817,854 shares of the company’s stock worth $131,904,000 after acquiring an additional 270,171 shares during the period. Finally, FMR LLC lifted its stake in Crinetics Pharmaceuticals by 97.7% in the third quarter. FMR LLC now owns 2,140,861 shares of the company’s stock worth $63,669,000 after acquiring an additional 1,057,947 shares during the period. 98.51% of the stock is owned by hedge funds and other institutional investors.

About Crinetics Pharmaceuticals

Crinetics Pharmaceuticals, Inc, a clinical-stage pharmaceutical company, focuses on the discovery, development, and commercialization of novel therapeutics for rare endocrine diseases and endocrine-related tumors. The company's lead product candidate is paltusotine, an oral selective nonpeptide somatostatin receptor type 2 agonist, which is in Phase 3 trial for the treatment of acromegaly; and Phase 2 trial for treating carcinoid syndrome associated with neuroendocrine tumors.