Crinetics Pharmaceuticals (NASDAQ:CRNX) Stock Rating Reaffirmed by Oppenheimer

Crinetics Pharmaceuticals (NASDAQ:CRNX)‘s stock had its “outperform” rating reissued by research analysts at Oppenheimer in a note issued to investors on Friday, Benzinga reports. They presently have a $73.00 price objective on the stock, down from their prior price objective of $74.00. Oppenheimer’s price target would suggest a potential upside of 53.23% from the company’s current price.

A number of other equities analysts have also weighed in on CRNX. Piper Sandler reiterated an “overweight” rating and set a $97.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Tuesday, July 2nd. JPMorgan Chase & Co. upped their price target on Crinetics Pharmaceuticals from $47.00 to $54.00 and gave the company an “overweight” rating in a research report on Tuesday, July 9th. Morgan Stanley increased their price objective on Crinetics Pharmaceuticals from $50.00 to $70.00 and gave the stock an “overweight” rating in a research note on Thursday, May 23rd. HC Wainwright reaffirmed a “buy” rating and set a $60.00 target price on shares of Crinetics Pharmaceuticals in a research note on Friday, June 28th. Finally, JMP Securities reissued a “market outperform” rating and issued a $80.00 price target on shares of Crinetics Pharmaceuticals in a research report on Tuesday, June 4th. One equities research analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $64.75.

Crinetics Pharmaceuticals Stock Down 6.1 %

CRNX stock traded down $3.10 during trading on Friday, reaching $47.64. 965,885 shares of the company’s stock were exchanged, compared to its average volume of 833,317. The firm has a market cap of $3.76 billion, a PE ratio of -12.60 and a beta of 0.68. Crinetics Pharmaceuticals has a 1-year low of $15.76 and a 1-year high of $55.78. The company’s fifty day moving average price is $48.51 and its 200-day moving average price is $45.14.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.94) EPS for the quarter, missing analysts’ consensus estimates of ($0.86) by ($0.08). The company had revenue of $0.40 million for the quarter, compared to analyst estimates of $0.47 million. Crinetics Pharmaceuticals’s revenue for the quarter was down 59.6% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.94) EPS. As a group, sell-side analysts expect that Crinetics Pharmaceuticals will post -3.54 earnings per share for the current fiscal year.

Insider Transactions at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, insider Stephen F. Betz sold 3,000 shares of Crinetics Pharmaceuticals stock in a transaction on Monday, June 10th. The stock was sold at an average price of $43.86, for a total transaction of $131,580.00. Following the completion of the transaction, the insider now directly owns 83,643 shares of the company’s stock, valued at $3,668,581.98. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, insider Stephen F. Betz sold 3,000 shares of the stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $43.86, for a total transaction of $131,580.00. Following the sale, the insider now directly owns 83,643 shares in the company, valued at approximately $3,668,581.98. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Marc Wilson sold 19,056 shares of Crinetics Pharmaceuticals stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $53.88, for a total value of $1,026,737.28. Following the completion of the transaction, the chief financial officer now owns 111,092 shares of the company’s stock, valued at approximately $5,985,636.96. The disclosure for this sale can be found here. In the last three months, insiders sold 170,016 shares of company stock valued at $8,320,842. Company insiders own 6.00% of the company’s stock.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

Hedge funds have recently added to or reduced their stakes in the company. Comerica Bank bought a new stake in Crinetics Pharmaceuticals in the first quarter valued at about $33,000. Quarry LP acquired a new stake in shares of Crinetics Pharmaceuticals in the 4th quarter valued at approximately $36,000. Quest Partners LLC bought a new position in Crinetics Pharmaceuticals during the 2nd quarter worth approximately $42,000. AJOVista LLC acquired a new position in Crinetics Pharmaceuticals during the fourth quarter valued at approximately $58,000. Finally, Oppenheimer Asset Management Inc. bought a new stake in Crinetics Pharmaceuticals in the first quarter valued at approximately $200,000. Institutional investors own 98.51% of the company’s stock.

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.