Crinetics Pharmaceuticals’ (CRNX) “Buy” Rating Reaffirmed at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Crinetics Pharmaceuticals (NASDAQ:CRNX) in a research report sent to investors on Friday morning,Benzinga reports. HC Wainwright currently has a $81.00 price objective on the stock.

Separately, Stifel Nicolaus initiated coverage on Crinetics Pharmaceuticals in a report on Tuesday, March 25th. They issued a “buy” rating and a $60.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $74.56.

Crinetics Pharmaceuticals Stock Performance

NASDAQ:CRNX opened at $29.96 on Friday. The firm has a market cap of $2.81 billion, a P/E ratio of -7.84 and a beta of 0.28. The firm has a 50-day simple moving average of $31.47 and a 200-day simple moving average of $36.21. Crinetics Pharmaceuticals has a one year low of $24.10 and a one year high of $62.53.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings data on Thursday, May 8th. The company reported ($1.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.99) by ($0.05). The firm had revenue of $0.36 million for the quarter, compared to analysts’ expectations of $0.10 million. During the same quarter in the prior year, the firm posted ($0.93) earnings per share. The firm’s revenue was down 43.6% on a year-over-year basis. On average, research analysts predict that Crinetics Pharmaceuticals will post -3.73 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Stephen F. Betz sold 97,483 shares of the company’s stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $32.23, for a total transaction of $3,141,877.09. Following the completion of the transaction, the insider now directly owns 99,713 shares of the company’s stock, valued at $3,213,749.99. This represents a 49.43% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 4.60% of the stock is currently owned by insiders.

Institutional Trading of Crinetics Pharmaceuticals

Several institutional investors have recently modified their holdings of CRNX. State of Wyoming acquired a new stake in Crinetics Pharmaceuticals during the 4th quarter worth $50,000. Headlands Technologies LLC acquired a new stake in Crinetics Pharmaceuticals during the fourth quarter worth $52,000. Harvest Fund Management Co. Ltd purchased a new stake in Crinetics Pharmaceuticals in the 4th quarter valued at about $66,000. GF Fund Management CO. LTD. increased its position in shares of Crinetics Pharmaceuticals by 22.0% during the first quarter. GF Fund Management CO. LTD. now owns 2,375 shares of the company’s stock valued at $80,000 after acquiring an additional 428 shares during the last quarter. Finally, Kestra Investment Management LLC acquired a new stake in Crinetics Pharmaceuticals in the 1st quarter valued at approximately $95,000. 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.