Crinetics Pharmaceuticals (NASDAQ:CRNX) Price Target Increased to $97.00 by Analysts at Piper Sandler

Crinetics Pharmaceuticals (NASDAQ:CRNX) had its price target raised by Piper Sandler from $56.00 to $97.00 in a research report report published on Tuesday, Benzinga reports. Piper Sandler currently has an overweight rating on the stock.

Several other analysts also recently commented on the stock. Morgan Stanley began coverage on shares of Crinetics Pharmaceuticals in a research report on Tuesday, January 16th. They set an overweight rating and a $50.00 price objective on the stock. Robert W. Baird boosted their price objective on Crinetics Pharmaceuticals from $45.00 to $52.00 and gave the company an outperform rating in a research report on Thursday, February 29th. Citigroup started coverage on Crinetics Pharmaceuticals in a research report on Wednesday, March 6th. They set a buy rating and a $68.00 target price for the company. Jonestrading boosted their price target on Crinetics Pharmaceuticals from $52.00 to $56.00 and gave the stock a buy rating in a report on Wednesday, March 20th. Finally, Cantor Fitzgerald upped their target price on shares of Crinetics Pharmaceuticals from $50.00 to $65.00 and gave the stock an overweight rating in a research report on Monday, March 4th. One equities research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, Crinetics Pharmaceuticals has a consensus rating of Moderate Buy and an average price target of $57.58.

Crinetics Pharmaceuticals Stock Performance

NASDAQ:CRNX opened at $47.66 on Tuesday. The stock has a 50-day simple moving average of $44.13 and a two-hundred day simple moving average of $37.67. The firm has a market capitalization of $3.75 billion, a PE ratio of -12.88 and a beta of 0.63. Crinetics Pharmaceuticals has a 52-week low of $15.76 and a 52-week high of $49.58.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its quarterly earnings data on Wednesday, February 28th. The company reported ($0.90) earnings per share (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 period in the prior year, the company earned ($0.84) EPS. The company’s revenue was down 100.0% on a year-over-year basis. Equities analysts forecast that Crinetics Pharmaceuticals will post -3.34 earnings per share for the current fiscal year.

Insider Activity

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 stock was sold at an average price of $42.91, for a total transaction of $297,881.22. Following the sale, the chief financial officer now directly owns 110,630 shares of the company’s stock, valued at $4,747,133.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Crinetics Pharmaceuticals news, CFO Marc Wilson sold 6,942 shares of Crinetics Pharmaceuticals stock in a transaction 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 directly owns 110,630 shares of the company’s stock, valued at $4,747,133.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Dana Pizzuti sold 15,089 shares of the stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $44.06, for a total transaction of $664,821.34. Following the completion of the sale, the insider now directly owns 27,786 shares in the company, valued at approximately $1,224,251.16. The disclosure for this sale can be found here. In the last three months, insiders have sold 187,216 shares of company stock worth $8,509,397. 7.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Jennison Associates LLC lifted its stake in shares of Crinetics Pharmaceuticals by 77.7% during the 4th quarter. Jennison Associates LLC now owns 2,547,683 shares of the company’s stock worth $90,647,000 after acquiring an additional 1,113,992 shares during the last quarter. FMR LLC lifted its position in shares of Crinetics Pharmaceuticals by 97.7% during the third quarter. FMR LLC now owns 2,140,861 shares of the company’s stock worth $63,669,000 after purchasing an additional 1,057,947 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Crinetics Pharmaceuticals by 24.7% during the third quarter. Vanguard Group Inc. now owns 3,407,035 shares of the company’s stock valued at $101,325,000 after purchasing an additional 674,301 shares during the period. Avidity Partners Management LP bought a new position in shares of Crinetics Pharmaceuticals in the third quarter worth about $18,141,000. Finally, Eventide Asset Management LLC increased its stake in Crinetics Pharmaceuticals by 134.3% in the 3rd quarter. Eventide Asset Management LLC now owns 1,018,782 shares of the company’s stock worth $30,299,000 after buying an additional 584,014 shares during the period. Institutional investors own 98.51% of the company’s stock.

About Crinetics Pharmaceuticals

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.