Crinetics Pharmaceuticals (NASDAQ:CRNX) Receives “Overweight” Rating from Cantor Fitzgerald

Cantor Fitzgerald reissued their overweight rating on shares of Crinetics Pharmaceuticals (NASDAQ:CRNX) in a research report sent to investors on Monday morning, Benzinga reports. The firm currently has a $90.00 target price on the stock.

A number of other brokerages also recently issued reports on CRNX. Morgan Stanley lifted their price objective on shares of Crinetics Pharmaceuticals from $50.00 to $70.00 and gave the stock an overweight rating in a research report on Thursday, May 23rd. Robert W. Baird upped their price target on Crinetics Pharmaceuticals from $52.00 to $62.00 and gave the stock an outperform rating in a research report on Thursday, May 23rd. JMP Securities restated a market outperform rating and set a $80.00 price objective on shares of Crinetics Pharmaceuticals in a report on Tuesday, June 4th. Oppenheimer reiterated an outperform rating and issued a $73.00 target price (down from $74.00) on shares of Crinetics Pharmaceuticals in a research note on Friday, August 9th. Finally, HC Wainwright upped their price target on shares of Crinetics Pharmaceuticals from $60.00 to $69.00 and gave the company a buy rating in a research note on Friday, August 9th. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, Crinetics Pharmaceuticals currently has an average rating of Moderate Buy and a consensus price target of $68.55.

Crinetics Pharmaceuticals Stock Performance

NASDAQ CRNX opened at $53.88 on Monday. The business’s 50 day moving average price is $52.39 and its 200-day moving average price is $47.87. The company has a market cap of $4.25 billion, a P/E ratio of -14.25 and a beta of 0.63. Crinetics Pharmaceuticals has a fifty-two week low of $25.35 and a fifty-two week high of $55.78.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.94) EPS for the quarter, missing the consensus estimate of ($0.86) by ($0.08). The business had revenue of $0.40 million during the quarter, compared to the consensus estimate of $0.47 million. The firm’s revenue was down 59.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.94) earnings per share. As a group, equities analysts predict that Crinetics Pharmaceuticals will post -3.72 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Marc Wilson sold 32,129 shares of the company’s stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $43.61, for a total transaction of $1,401,145.69. Following the completion of the transaction, the chief financial officer now owns 111,092 shares of the company’s stock, valued at approximately $4,844,722.12. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, COO Jeff E. Knight sold 27,000 shares of the firm’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $55.00, for a total transaction of $1,485,000.00. Following the transaction, the chief operating officer now directly owns 51,653 shares of the company’s stock, valued at $2,840,915. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Marc Wilson sold 32,129 shares of the company’s stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $43.61, for a total transaction of $1,401,145.69. Following the completion of the sale, the chief financial officer now directly owns 111,092 shares of the company’s stock, valued at approximately $4,844,722.12. The disclosure for this sale can be found here. In the last quarter, insiders sold 153,051 shares of company stock worth $7,589,764. 6.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Charles Schwab Investment Management Inc. increased its holdings in shares of Crinetics Pharmaceuticals by 2.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 470,373 shares of the company’s stock valued at $16,736,000 after buying an additional 9,070 shares in the last quarter. Trexquant Investment LP lifted its holdings in shares of Crinetics Pharmaceuticals by 205.5% during the fourth quarter. Trexquant Investment LP now owns 22,644 shares of the company’s stock valued at $806,000 after purchasing an additional 15,233 shares during the last quarter. Franklin Resources Inc. lifted its holdings in shares of Crinetics Pharmaceuticals by 197.6% during the fourth quarter. Franklin Resources Inc. now owns 413,209 shares of the company’s stock valued at $14,702,000 after purchasing an additional 274,384 shares during the last quarter. TD Asset Management Inc boosted its position in shares of Crinetics Pharmaceuticals by 26.5% in the 4th quarter. TD Asset Management Inc now owns 176,426 shares of the company’s stock valued at $6,277,000 after purchasing an additional 37,000 shares during the period. Finally, NEOS Investment Management LLC purchased a new position in Crinetics Pharmaceuticals in the 4th quarter worth about $480,000. Institutional investors own 98.51% of the company’s stock.

Crinetics Pharmaceuticals Company Profile

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.