Crinetics Pharmaceuticals (NASDAQ:CRNX) Shares Gap Up After Analyst Upgrade

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) shares gapped up prior to trading on Tuesday after Evercore ISI raised their price target on the stock from $41.00 to $48.00. The stock had previously closed at $26.08, but opened at $27.00. Evercore ISI currently has an outperform rating on the stock. Crinetics Pharmaceuticals shares last traded at $27.63, with a volume of 1,767,958 shares.

Several other research analysts have also commented on CRNX. Robert W. Baird lifted their target price on Crinetics Pharmaceuticals from $43.00 to $45.00 and gave the stock an “outperform” rating in a research report on Monday. Cantor Fitzgerald restated an “overweight” rating and set a $45.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Tuesday, August 22nd. JMP Securities reduced their price objective on Crinetics Pharmaceuticals from $43.00 to $42.00 and set a “market outperform” rating for the company in a research report on Wednesday, August 9th. HC Wainwright restated a “buy” rating and set a $33.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Monday. Finally, Oppenheimer boosted their price objective on Crinetics Pharmaceuticals from $40.00 to $46.00 and gave the company an “outperform” rating in a research report on Monday. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Crinetics Pharmaceuticals currently has an average rating of “Buy” and an average price target of $45.00.

Insider Transactions at Crinetics Pharmaceuticals

In other news, CEO Richard Scott Struthers sold 14,157 shares of the stock in a transaction on Thursday, July 13th. The stock was sold at an average price of $20.35, for a total value of $288,094.95. Following the completion of the transaction, the chief executive officer now owns 630,805 shares of the company’s stock, valued at $12,836,881.75. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CFO Marc Wilson sold 30,922 shares of the company’s stock in a transaction on Tuesday, June 20th. The stock was sold at an average price of $19.97, for a total transaction of $617,512.34. Following the completion of the sale, the chief financial officer now directly owns 95,158 shares of the company’s stock, valued at $1,900,305.26. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Richard Scott Struthers sold 14,157 shares of the company’s stock in a transaction on Thursday, July 13th. The shares were sold at an average price of $20.35, for a total value of $288,094.95. Following the sale, the chief executive officer now directly owns 630,805 shares of the company’s stock, valued at $12,836,881.75. The disclosure for this sale can be found here. Over the last quarter, insiders sold 119,463 shares of company stock valued at $2,437,201. 7.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

Several hedge funds have recently modified their holdings of CRNX. Braidwell LP purchased a new stake in Crinetics Pharmaceuticals in the 4th quarter worth about $63,495,000. Wellington Management Group LLP lifted its stake in Crinetics Pharmaceuticals by 29.6% in the 1st quarter. Wellington Management Group LLP now owns 3,635,526 shares of the company’s stock worth $58,387,000 after acquiring an additional 831,041 shares in the last quarter. Finepoint Capital LP purchased a new stake in Crinetics Pharmaceuticals in the 4th quarter worth about $15,056,000. BlackRock Inc. lifted its stake in Crinetics Pharmaceuticals by 16.3% in the 2nd quarter. BlackRock Inc. now owns 4,600,486 shares of the company’s stock worth $82,901,000 after acquiring an additional 644,128 shares in the last quarter. Finally, GW&K Investment Management LLC purchased a new stake in Crinetics Pharmaceuticals in the 1st quarter worth about $8,622,000. 98.51% of the stock is owned by hedge funds and other institutional investors.

Crinetics Pharmaceuticals Stock Performance

The firm has a 50 day moving average of $18.41 and a 200-day moving average of $18.91. The stock has a market capitalization of $1.67 billion, a PE ratio of -8.97 and a beta of 0.85.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its quarterly earnings data on Tuesday, August 8th. The company reported ($0.94) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.85) by ($0.09). The business had revenue of $0.99 million during the quarter, compared to analysts’ expectations of $5.00 million. Crinetics Pharmaceuticals had a negative return on equity of 61.19% and a negative net margin of 3,804.10%. On average, sell-side analysts predict that Crinetics Pharmaceuticals, Inc. will post -3.68 earnings per share for the current year.

Crinetics Pharmaceuticals Company Profile

Crinetics Pharmaceuticals, Inc, a clinical stage pharmaceutical company, focuses on the discovery, development, and commercialization of therapeutics for endocrine diseases and endocrine-related tumors. The company's lead product candidate is Paltusotine, an oral selective nonpeptide somatostatin receptor type 2 agonist that has completed phase III clinical trial for the treatment of acromegaly, as well as completed phase II clinical trial to treat carcinoid syndrome and nonfunctional neuroendocrine tumors (NETs).