Crinetics Pharmaceuticals (NASDAQ:CRNX) Price Target Raised to $81.00

Crinetics Pharmaceuticals (NASDAQ:CRNX) had its price target upped by HC Wainwright from $69.00 to $81.00 in a report issued on Wednesday,Benzinga reports. HC Wainwright currently has a buy rating on the stock. HC Wainwright also issued estimates for Crinetics Pharmaceuticals’ Q4 2024 earnings at ($0.87) EPS, FY2024 earnings at ($3.70) EPS, Q1 2025 earnings at ($0.88) EPS, Q2 2025 earnings at ($0.88) EPS, Q3 2025 earnings at ($0.95) EPS, Q4 2025 earnings at ($0.95) EPS, FY2025 earnings at ($3.65) EPS, FY2026 earnings at ($4.00) EPS, FY2027 earnings at ($1.95) EPS and FY2028 earnings at $2.59 EPS.

A number of other research analysts also recently commented on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $90.00 target price on shares of Crinetics Pharmaceuticals in a research report on Monday, September 16th. JMP Securities restated a “market outperform” rating and issued a $80.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Friday, September 27th. Finally, Oppenheimer reiterated an “outperform” rating and set a $73.00 target price (down previously from $74.00) on shares of Crinetics Pharmaceuticals in a research report on Friday, August 9th. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, Crinetics Pharmaceuticals has an average rating of “Moderate Buy” and an average target price of $70.18.

Crinetics Pharmaceuticals Stock Performance

NASDAQ:CRNX opened at $54.72 on Wednesday. Crinetics Pharmaceuticals has a 1 year low of $27.55 and a 1 year high of $62.53. The stock has a market cap of $5.07 billion, a P/E ratio of -14.67 and a beta of 0.62. The stock has a 50-day simple moving average of $54.97 and a 200-day simple moving average of $51.23.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.96) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.91) by ($0.05). During the same quarter in the previous year, the business earned ($1.01) earnings per share. On average, equities research analysts predict that Crinetics Pharmaceuticals will post -3.72 EPS for the current year.

Insider Buying and Selling

In other Crinetics Pharmaceuticals news, insider Stephen F. Betz sold 1,035 shares of the business’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $51.50, for a total value of $53,302.50. Following the transaction, the insider now directly owns 68,576 shares of the company’s stock, valued at approximately $3,531,664. The trade was a 1.49 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Dana Pizzuti sold 14,375 shares of the firm’s stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $54.63, for a total transaction of $785,306.25. Following the completion of the sale, the insider now owns 28,507 shares of the company’s stock, valued at $1,557,337.41. This trade represents a 33.52 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 43,410 shares of company stock valued at $2,275,929 over the last quarter. 6.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Janus Henderson Group PLC increased its position in Crinetics Pharmaceuticals by 264.1% during the 1st quarter. Janus Henderson Group PLC now owns 1,978,172 shares of the company’s stock worth $92,526,000 after purchasing an additional 1,434,909 shares during the period. Artal Group S.A. purchased a new stake in shares of Crinetics Pharmaceuticals in the first quarter valued at approximately $65,088,000. Driehaus Capital Management LLC grew its holdings in Crinetics Pharmaceuticals by 17.0% during the second quarter. Driehaus Capital Management LLC now owns 6,112,173 shares of the company’s stock worth $273,764,000 after acquiring an additional 885,876 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in Crinetics Pharmaceuticals by 27.1% during 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. Finally, Farallon Capital Management LLC raised its position in Crinetics Pharmaceuticals by 9,840.0% in the second quarter. Farallon Capital Management LLC now owns 497,000 shares of the company’s stock worth $22,261,000 after acquiring an additional 492,000 shares in the last quarter. 98.51% of the stock is currently owned by institutional investors and hedge funds.

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.