Crinetics Pharmaceuticals (NASDAQ:CRNX) Earns Buy Rating from HC Wainwright

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report)'s stock had its "buy" rating reaffirmed by HC Wainwright in a report issued on Friday,Benzinga reports. They presently have a $81.00 price objective on the stock. HC Wainwright's price objective indicates a potential upside of 170.09% from the company's previous close.

Separately, Stifel Nicolaus began coverage on shares of Crinetics Pharmaceuticals in a research report on Tuesday, March 25th. They issued a "buy" rating and a $60.00 price objective for the company. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company's stock. Based on data from MarketBeat, Crinetics Pharmaceuticals currently has a consensus rating of "Moderate Buy" and an average price target of $74.56.

Crinetics Pharmaceuticals Stock Performance

Shares of CRNX stock opened at $29.99 on Friday. Crinetics Pharmaceuticals has a 52 week low of $24.10 and a 52 week high of $62.53. The stock has a market capitalization of $2.81 billion, a PE ratio of -7.85 and a beta of 0.28. The stock's fifty day moving average is $31.48 and its 200-day moving average is $36.40.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($1.04) earnings per share for the quarter, missing the consensus estimate of ($0.99) by ($0.05). The business had revenue of $0.36 million for the quarter, compared to analysts' expectations of $0.10 million. During the same period in the previous year, the firm earned ($0.93) EPS. The company's quarterly revenue was down 43.6% on a year-over-year basis. As a group, analysts forecast that Crinetics Pharmaceuticals will post -3.73 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Stephen F. Betz sold 97,483 shares of Crinetics Pharmaceuticals stock in a transaction 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 sale, the insider now directly owns 99,713 shares of the company's stock, valued at $3,213,749.99. The trade was a 49.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 4.60% of the company's stock.

Institutional Trading of Crinetics Pharmaceuticals

Institutional investors and hedge funds have recently modified their holdings of the stock. State of Wyoming acquired a new position in shares of Crinetics Pharmaceuticals in the 4th quarter valued at approximately $50,000. Headlands Technologies LLC bought a new stake in shares of Crinetics Pharmaceuticals in the fourth quarter valued at about $52,000. Harvest Fund Management Co. Ltd acquired a new position in Crinetics Pharmaceuticals during the 4th quarter worth approximately $66,000. GF Fund Management CO. LTD. grew its position in Crinetics Pharmaceuticals by 22.0% in the first quarter. GF Fund Management CO. LTD. now owns 2,375 shares of the company's stock valued at $80,000 after purchasing an additional 428 shares in the last quarter. Finally, Kestra Investment Management LLC acquired a new stake in shares of Crinetics Pharmaceuticals in the first quarter valued at about $95,000. 98.51% of the stock is 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.