Morgan Stanley Increases Crinetics Pharmaceuticals (NASDAQ:CRNX) Price Target to $77.00

Key Points

• Morgan Stanley raised its price target for Crinetics Pharmaceuticals (NASDAQ:CRNX) from $65.00 to $77.00, indicating a potential upside of 74.47% from the current price and maintaining an "overweight" rating on the stock.
• Other analysts also provided optimistic price targets, with JMP Securities setting a target of $143.00 and HC Wainwright at $81.00, reflecting a general bullish outlook on the company's prospects.
• Despite the positive ratings, CRNX stock experienced a 3.9% decline on Monday, trading at $44.13, with recent quarterly earnings showing a larger-than-expected loss.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) had its price objective upped by Morgan Stanley from $65.00 to $77.00 in a report released on Monday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. Morgan Stanley's price target points to a potential upside of 74.47% from the company's current price.

A number of other research analysts have also recently commented on CRNX. JMP Securities increased their price target on shares of Crinetics Pharmaceuticals from $86.00 to $143.00 and gave the company a "market outperform" rating in a research report on Friday. HC Wainwright reissued a "buy" rating and set a $81.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Friday, June 27th. Robert W. Baird increased their price objective on Crinetics Pharmaceuticals from $58.00 to $62.00 and gave the company an "outperform" rating in a research note on Friday. Leerink Partners increased their price objective on Crinetics Pharmaceuticals from $80.00 to $88.00 and gave the company an "outperform" rating in a research note on Monday. Finally, The Goldman Sachs Group increased their price objective on Crinetics Pharmaceuticals from $35.00 to $40.00 and gave the company a "neutral" rating in a research note on Friday. Ten 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, Crinetics Pharmaceuticals currently has an average rating of "Moderate Buy" and a consensus target price of $73.20.

Crinetics Pharmaceuticals Stock Down 3.9%

Shares of CRNX stock traded down $1.78 during trading on Monday, hitting $44.13. The company had a trading volume of 1,228,135 shares, compared to its average volume of 1,043,015. The stock's 50-day moving average is $31.78 and its two-hundred day moving average is $31.45. The stock has a market capitalization of $4.16 billion, a price-to-earnings ratio of -10.73 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 posted its quarterly earnings data on Thursday, August 7th. The company reported ($1.23) earnings per share for the quarter, missing the consensus estimate of ($1.13) by ($0.10). The company had revenue of $1.03 million for the quarter, compared to the consensus estimate of $0.52 million. The company's revenue was up 158.4% compared to the same quarter last year. During the same quarter last year, the business posted ($0.94) EPS. On average, research analysts predict that Crinetics Pharmaceuticals will post -3.73 EPS for the current fiscal year.

Insider Buying and Selling at Crinetics Pharmaceuticals

In related news, insider Dana Pizzuti sold 30,000 shares of Crinetics Pharmaceuticals 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 directly owned 66,270 shares in the company, valued at approximately $2,016,596.10. This trade represents a 31.16% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 6.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

Several large investors have recently bought and sold shares of CRNX. Mackenzie Financial Corp grew its stake in shares of Crinetics Pharmaceuticals by 8.8% during the 4th quarter. Mackenzie Financial Corp now owns 5,422 shares of the company's stock valued at $277,000 after purchasing an additional 440 shares during the period. California State Teachers Retirement System grew its stake in shares of Crinetics Pharmaceuticals by 18.8% during the 4th quarter. California State Teachers Retirement System now owns 76,264 shares of the company's stock valued at $3,899,000 after purchasing an additional 12,072 shares during the period. GAMMA Investing LLC grew its stake in shares of Crinetics Pharmaceuticals by 6,291.5% during the 1st quarter. GAMMA Investing LLC now owns 6,775 shares of the company's stock valued at $227,000 after purchasing an additional 6,669 shares during the period. Rhumbline Advisers grew its stake in shares of Crinetics Pharmaceuticals by 6.3% during the 1st quarter. Rhumbline Advisers now owns 131,950 shares of the company's stock valued at $4,426,000 after purchasing an additional 7,872 shares during the period. Finally, KBC Group NV grew its stake in shares of Crinetics Pharmaceuticals by 10.0% during the 1st quarter. KBC Group NV now owns 4,082 shares of the company's stock valued at $137,000 after purchasing an additional 370 shares during the period. 98.51% of the stock is currently owned by institutional investors.

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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