Crinetics Pharmaceuticals (NASDAQ:CRNX) PT Raised to $97.00 at Piper Sandler

Crinetics Pharmaceuticals (NASDAQ:CRNX) had its target price hoisted by analysts at Piper Sandler from $56.00 to $97.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Piper Sandler’s price objective points to a potential upside of 90.61% from the stock’s previous close.

Several other equities analysts have also recently issued reports on the company. Cantor Fitzgerald boosted their price objective on Crinetics Pharmaceuticals from $50.00 to $65.00 and gave the company an “overweight” rating in a report on Monday, March 4th. Citigroup assumed coverage on shares of Crinetics Pharmaceuticals in a report on Wednesday, March 6th. They set a “buy” rating and a $68.00 target price for the company. Morgan Stanley assumed coverage on shares of Crinetics Pharmaceuticals in a report on Tuesday, January 16th. They set an “overweight” rating and a $50.00 price target on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $50.00 price objective on shares of Crinetics Pharmaceuticals in a report on Tuesday, March 19th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $80.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Thursday, March 28th. One investment analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $57.58.

Crinetics Pharmaceuticals Stock Up 6.8 %

Shares of NASDAQ CRNX opened at $50.89 on Tuesday. Crinetics Pharmaceuticals has a 52 week low of $15.76 and a 52 week high of $51.29. The business’s 50 day moving average price is $44.29 and its 200 day moving average price is $37.76. The firm has a market cap of $4.01 billion, a P/E ratio of -13.75 and a beta of 0.63.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings data on Wednesday, February 28th. The company reported ($0.90) EPS for the quarter, missing the consensus estimate of ($0.89) by ($0.01). Crinetics Pharmaceuticals had a negative net margin of 4,223.27% and a negative return on equity of 52.93%. During the same quarter in the previous year, the company earned ($0.84) earnings per share. The company’s quarterly revenue was down 100.0% compared to the same quarter last year. As a group, research analysts expect that Crinetics Pharmaceuticals will post -3.34 earnings per share for the current year.

Insider Activity at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, insider Dana Pizzuti sold 15,089 shares of Crinetics Pharmaceuticals stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $44.06, for a total value of $664,821.34. Following the sale, 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 through the SEC website. In other news, CEO Richard Scott Struthers sold 40,951 shares of the company’s stock in a transaction that occurred on Thursday, April 4th. The shares were sold at an average price of $49.17, for a total value of $2,013,560.67. Following the transaction, the chief executive officer now directly owns 237,835 shares in the company, valued at approximately $11,694,346.95. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Dana Pizzuti sold 15,089 shares of Crinetics Pharmaceuticals stock in a transaction that occurred 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 completion of the sale, the insider now owns 27,786 shares of the company’s stock, valued at approximately $1,224,251.16. The disclosure for this sale can be found here. Over the last three months, insiders have sold 187,216 shares of company stock worth $8,509,397. Insiders own 7.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. ProShare Advisors LLC lifted its stake in Crinetics Pharmaceuticals by 11.0% during the 1st quarter. ProShare Advisors LLC now owns 16,731 shares of the company’s stock worth $783,000 after acquiring an additional 1,655 shares in the last quarter. Russell Investments Group Ltd. increased its stake in Crinetics Pharmaceuticals by 366,571.4% during the first quarter. Russell Investments Group Ltd. now owns 51,334 shares of the company’s stock worth $2,403,000 after purchasing an additional 51,320 shares during the period. Sei Investments Co. lifted its position in shares of Crinetics Pharmaceuticals by 75.9% during the first quarter. Sei Investments Co. now owns 29,669 shares of the company’s stock worth $1,389,000 after purchasing an additional 12,804 shares in the last quarter. Swiss National Bank lifted its position in shares of Crinetics Pharmaceuticals by 21.4% during the first quarter. Swiss National Bank now owns 126,500 shares of the company’s stock worth $5,921,000 after purchasing an additional 22,300 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. purchased a new position in shares of Crinetics Pharmaceuticals in the first quarter valued at approximately $200,000. 98.51% of the stock is currently 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.