Leerink Partners Boosts Crinetics Pharmaceuticals (NASDAQ:CRNX) Price Target to $88.00

Key Points

• Leerink Partners has raised its price target for Crinetics Pharmaceuticals from $80.00 to $88.00, suggesting a potential upside of 91.68% from the stock's previous close.
• The stock currently holds a consensus rating of "Moderate Buy" among nine investment analysts, with an average target price of $72.78.
• Despite reporting quarterly earnings that missed expectations, Crinetics Pharmaceuticals' revenue increased by 158.4% compared to the same quarter last year.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) had its price target hoisted by research analysts at Leerink Partners from $80.00 to $88.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Leerink Partners' target price points to a potential upside of 91.68% from the stock's previous close.

Other research analysts have also issued reports about the company. Robert W. Baird upped their target price on Crinetics Pharmaceuticals from $58.00 to $62.00 and gave the company an "outperform" rating in a research note on Friday. JPMorgan Chase & Co. dropped their price objective on shares of Crinetics Pharmaceuticals from $53.00 to $52.00 and set an "overweight" rating for the company in a research note on Wednesday, September 24th. HC Wainwright reiterated a "buy" rating and set a $81.00 target price on shares of Crinetics Pharmaceuticals in a research report on Friday, June 27th. JMP Securities increased their price target on shares of Crinetics Pharmaceuticals from $86.00 to $143.00 and gave the stock a "market outperform" rating in a research report on Friday. Finally, The Goldman Sachs Group lifted their price objective on Crinetics Pharmaceuticals from $35.00 to $40.00 and gave the company a "neutral" rating in a report on Friday. Nine investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $72.78.

Crinetics Pharmaceuticals Stock Performance

NASDAQ:CRNX opened at $45.91 on Monday. The firm's 50-day moving average is $31.78 and its 200-day moving average is $31.45. The company has a market cap of $4.32 billion, a price-to-earnings ratio of -11.17 and a beta of 0.28. Crinetics Pharmaceuticals has a 52-week low of $24.10 and a 52-week high of $62.53.

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

Insider Activity

In other news, insider Dana Pizzuti sold 30,000 shares of the business's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $30.43, for a total value of $912,900.00. Following the transaction, the insider directly owned 66,270 shares of the company's stock, valued at $2,016,596.10. The trade was a 31.16% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 6.00% of the company's stock.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Headlands Technologies LLC bought a new stake in shares of Crinetics Pharmaceuticals during the second quarter worth $30,000. Raymond James Financial Inc. acquired a new position in Crinetics Pharmaceuticals during the 2nd quarter worth about $45,000. Penserra Capital Management LLC bought a new stake in Crinetics Pharmaceuticals during the 2nd quarter worth about $48,000. GF Fund Management CO. LTD. increased its position in Crinetics Pharmaceuticals by 22.0% in the 1st 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 in the last quarter. Finally, Osaic Holdings Inc. raised its stake in shares of Crinetics Pharmaceuticals by 126.1% in the second quarter. Osaic Holdings Inc. now owns 2,478 shares of the company's stock worth $75,000 after acquiring an additional 1,382 shares during the last quarter. 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.

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