Crinetics Pharmaceuticals (NASDAQ:CRNX) Price Target Raised to $87.00 at Oppenheimer

Key Points

• Oppenheimer has raised its price target for Crinetics Pharmaceuticals from $73.00 to $87.00, suggesting a potential upside of 112.20% from the current stock price.
• Crinetics Pharmaceuticals experienced a quarterly revenue increase of 158.4% year-over-year, reporting $1.03 million, but missed earnings expectations with a loss of ($1.23) EPS.
• The stock has recently faced a decline of 5.8% and is currently trading at $41.00, with analyst ratings leaning towards a "Moderate Buy" consensus.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) had its price target raised by analysts at Oppenheimer from $73.00 to $87.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has an "outperform" rating on the stock. Oppenheimer's price objective would indicate a potential upside of 112.20% from the company's current price.

Other research analysts have also issued research reports about the company. Robert W. Baird lifted their price target on Crinetics Pharmaceuticals from $58.00 to $62.00 and gave the stock an "outperform" rating in a research report on Friday. Morgan Stanley lifted their target price on Crinetics Pharmaceuticals from $65.00 to $77.00 and gave the company an "overweight" rating in a research note on Monday. JMP Securities lifted their target price on Crinetics Pharmaceuticals from $86.00 to $143.00 and gave the company a "market outperform" rating in a research note on Friday. JPMorgan Chase & Co. decreased their target price on Crinetics Pharmaceuticals from $53.00 to $52.00 and set an "overweight" rating on the stock in a research report on Wednesday, September 24th. Finally, The Goldman Sachs Group boosted their target price on Crinetics Pharmaceuticals from $35.00 to $40.00 and gave the stock a "neutral" rating in a research report on Friday. Eleven investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $74.45.

Crinetics Pharmaceuticals Stock Down 5.8%

Shares of NASDAQ:CRNX opened at $41.00 on Tuesday. Crinetics Pharmaceuticals has a 52-week low of $24.10 and a 52-week high of $62.53. The business has a fifty day moving average of $32.03 and a two-hundred day moving average of $31.51. The stock has a market cap of $3.86 billion, a P/E ratio of -9.99 and a beta of 0.28.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported ($1.23) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.13) by ($0.10). The company had revenue of $1.03 million during the quarter, compared to analysts' expectations of $0.52 million. The company's quarterly revenue was up 158.4% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.94) earnings per share. On average, equities analysts anticipate that Crinetics Pharmaceuticals will post -3.73 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Dana Pizzuti sold 30,000 shares of the stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $30.43, for a total value of $912,900.00. Following the completion of the sale, the insider owned 66,270 shares in the company, valued at approximately $2,016,596.10. This trade represents a 31.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 6.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Headlands Technologies LLC purchased a new position in Crinetics Pharmaceuticals in the second quarter valued at about $30,000. Raymond James Financial Inc. purchased a new position in Crinetics Pharmaceuticals in the second quarter valued at about $45,000. Penserra Capital Management LLC purchased a new position in Crinetics Pharmaceuticals in the second quarter valued at about $48,000. Osaic Holdings Inc. boosted its holdings in Crinetics Pharmaceuticals by 126.1% in the second quarter. Osaic Holdings Inc. now owns 2,478 shares of the company's stock valued at $75,000 after purchasing an additional 1,382 shares during the last quarter. Finally, GF Fund Management CO. LTD. lifted its holdings in Crinetics Pharmaceuticals by 22.0% during the 1st quarter. GF Fund Management CO. LTD. now owns 2,375 shares of the company's stock worth $80,000 after buying an additional 428 shares during the last quarter. Hedge funds and other institutional investors 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.

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