Crinetics Pharmaceuticals (NASDAQ:CRNX) Given New $97.00 Price Target at Piper Sandler

Crinetics Pharmaceuticals (NASDAQ:CRNX) had its price target boosted by Piper Sandler from $56.00 to $97.00 in a research report sent to investors on Tuesday morning, Benzinga reports. They currently have an overweight rating on the stock.

Other analysts also recently issued research reports about the stock. Oppenheimer lifted their target price on shares of Crinetics Pharmaceuticals from $54.00 to $55.00 and gave the company an outperform rating in a report on Wednesday, March 20th. Jonestrading boosted their price objective on Crinetics Pharmaceuticals from $52.00 to $56.00 and gave the company a buy rating in a report on Wednesday, March 20th. Morgan Stanley assumed coverage on Crinetics Pharmaceuticals in a report on Tuesday, January 16th. They set an overweight rating and a $50.00 target price for the company. HC Wainwright reaffirmed a buy rating and issued a $50.00 target price on shares of Crinetics Pharmaceuticals in a research report on Tuesday, March 19th. Finally, JMP Securities reissued a market outperform rating and set a $80.00 price target on shares of Crinetics Pharmaceuticals in a research report on Thursday, March 28th. One analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average target price of $57.58.

Crinetics Pharmaceuticals Trading Up 2.5 %

NASDAQ CRNX opened at $47.66 on Tuesday. The stock has a fifty day simple moving average of $44.13 and a 200-day simple moving average of $37.67. The stock has a market cap of $3.75 billion, a PE ratio of -12.88 and a beta of 0.63. Crinetics Pharmaceuticals has a twelve month low of $15.76 and a twelve month high of $49.58.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its earnings results on Wednesday, February 28th. The company reported ($0.90) EPS for the quarter, missing analysts’ consensus estimates 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 last year, the firm posted ($0.84) earnings per share. The firm’s quarterly revenue was down 100.0% compared to the same quarter last year. Research analysts predict that Crinetics Pharmaceuticals will post -3.34 EPS for the current year.

Insider Activity at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, CFO Marc Wilson sold 6,942 shares of the business’s stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $42.91, for a total transaction of $297,881.22. Following the completion of the transaction, the chief financial officer now owns 110,630 shares in the company, valued at approximately $4,747,133.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Richard Scott Struthers sold 40,951 shares of the stock in a transaction dated Thursday, April 4th. The stock was 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 owns 237,835 shares in the company, valued at approximately $11,694,346.95. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Marc Wilson sold 6,942 shares of the business’s stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $42.91, for a total value of $297,881.22. Following the sale, the chief financial officer now owns 110,630 shares of the company’s stock, valued at approximately $4,747,133.30. The disclosure for this sale can be found here. Insiders have sold a total of 187,216 shares of company stock valued at $8,509,397 over the last 90 days. 7.00% of the stock is owned by corporate insiders.

Institutional Trading of Crinetics Pharmaceuticals

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Sei Investments Co. boosted its holdings in shares of Crinetics Pharmaceuticals by 75.9% in the 1st quarter. Sei Investments Co. now owns 29,669 shares of the company’s stock valued at $1,389,000 after buying an additional 12,804 shares in the last quarter. Swiss National Bank lifted its position in Crinetics Pharmaceuticals by 21.4% in the first quarter. Swiss National Bank now owns 126,500 shares of the company’s stock valued at $5,921,000 after acquiring an additional 22,300 shares during the last quarter. Oppenheimer Asset Management Inc. purchased a new stake in Crinetics Pharmaceuticals in the first quarter valued at $200,000. Oppenheimer & Co. Inc. acquired a new position in Crinetics Pharmaceuticals in the first quarter valued at $219,000. Finally, SG Americas Securities LLC purchased a new position in shares of Crinetics Pharmaceuticals during the first quarter worth about $279,000. Institutional investors and hedge funds 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.