Crinetics Pharmaceuticals (NASDAQ:CRNX) Price Target Raised to $74.00

Crinetics Pharmaceuticals (NASDAQ:CRNX) had its price target lifted by Citigroup from $70.00 to $74.00 in a report published on Thursday morning,Benzinga reports. Citigroup currently has a buy rating on the stock.

Several other brokerages also recently issued reports on CRNX. HC Wainwright increased their price objective on shares of Crinetics Pharmaceuticals from $69.00 to $81.00 and gave the stock a “buy” rating in a research report on Wednesday. Oppenheimer reiterated an “outperform” rating and set a $73.00 target price (down previously from $74.00) on shares of Crinetics Pharmaceuticals in a report on Friday, August 9th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $90.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Monday, September 16th. Finally, JMP Securities reissued a “market outperform” rating and issued a $80.00 target price on shares of Crinetics Pharmaceuticals in a research report on Friday, September 27th. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $70.18.

Crinetics Pharmaceuticals Trading Down 8.3 %

Shares of Crinetics Pharmaceuticals stock opened at $54.72 on Thursday. Crinetics Pharmaceuticals has a 12 month low of $27.55 and a 12 month high of $62.53. The company has a market capitalization of $5.07 billion, a PE ratio of -14.67 and a beta of 0.62. The stock’s fifty day simple moving average is $54.97 and its 200 day simple moving average is $51.28.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.96) earnings per share for the quarter, missing the consensus estimate of ($0.91) by ($0.05). During the same quarter last year, the company posted ($1.01) earnings per share. Analysts predict that Crinetics Pharmaceuticals will post -3.72 EPS for the current fiscal year.

Insider Activity at Crinetics Pharmaceuticals

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Geode Capital Management LLC lifted its holdings in Crinetics Pharmaceuticals by 10.1% during the 3rd quarter. Geode Capital Management LLC now owns 1,848,133 shares of the company’s stock valued at $94,458,000 after purchasing an additional 169,746 shares during the last quarter. Barclays PLC raised its position in shares of Crinetics Pharmaceuticals by 75.5% in the third quarter. Barclays PLC now owns 207,712 shares of the company’s stock valued at $10,614,000 after purchasing an additional 89,358 shares during the period. Castleark Management LLC acquired a new stake in shares of Crinetics Pharmaceuticals during the 3rd quarter worth about $3,748,000. State Street Corp boosted its holdings in shares of Crinetics Pharmaceuticals by 0.9% during the 3rd quarter. State Street Corp now owns 2,838,484 shares of the company’s stock worth $145,047,000 after buying an additional 25,561 shares during the period. Finally, Cinctive Capital Management LP acquired a new position in Crinetics Pharmaceuticals in the 3rd quarter valued at about $2,527,000. 98.51% of the stock is currently owned by institutional investors.

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.