Crinetics Pharmaceuticals (NASDAQ:CRNX) Given Overweight Rating at Cantor Fitzgerald

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report)'s stock had its "overweight" rating reaffirmed by investment analysts at Cantor Fitzgerald in a report issued on Tuesday, Benzinga reports. They presently have a $65.00 price target on the stock. Cantor Fitzgerald's price target would indicate a potential upside of 31.63% from the stock's previous close.

Several other equities analysts also recently issued reports on CRNX. JMP Securities reissued a "market outperform" rating and set a $80.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Friday. Oppenheimer lifted their price objective on Crinetics Pharmaceuticals from $54.00 to $55.00 and gave the company an "outperform" rating in a research report on Wednesday, March 20th. Jonestrading increased their target price on Crinetics Pharmaceuticals from $52.00 to $56.00 and gave the stock a "buy" rating in a research report on Wednesday, March 20th. Morgan Stanley began coverage on Crinetics Pharmaceuticals in a report on Tuesday, January 16th. They issued an "overweight" rating and a $50.00 price target for the company. Finally, Robert W. Baird increased their price objective on shares of Crinetics Pharmaceuticals from $45.00 to $52.00 and gave the stock an "outperform" rating in a report on Thursday, February 29th. One investment analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, Crinetics Pharmaceuticals presently has a consensus rating of "Moderate Buy" and an average price target of $58.42.

Crinetics Pharmaceuticals Price Performance

NASDAQ:CRNX traded up $1.45 during trading hours on Tuesday, reaching $49.38. 540,599 shares of the company traded hands, compared to its average volume of 784,307. Crinetics Pharmaceuticals has a 1-year low of $15.76 and a 1-year high of $51.29. The stock has a market cap of $3.89 billion, a P/E ratio of -13.06 and a beta of 0.63. The firm's 50-day moving average is $44.59 and its 200-day moving average is $38.23.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last posted its quarterly earnings data on Thursday, May 9th. The company reported ($0.93) EPS for the quarter, missing analysts' consensus estimates of ($0.84) by ($0.09). The company had revenue of $0.64 million for the quarter, compared to analyst estimates of $0.20 million. Crinetics Pharmaceuticals had a negative net margin of 4,223.27% and a negative return on equity of 42.50%. The firm's revenue was down 76.1% on a year-over-year basis. During the same period in the previous year, the business earned ($0.85) EPS. As a group, research analysts predict that Crinetics Pharmaceuticals will post -3.34 earnings per share for the current year.

Insider Activity at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, insider Dana Pizzuti sold 15,089 shares of the business's stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $44.06, for a total transaction of $664,821.34. Following the transaction, the insider now owns 27,786 shares in the company, valued at $1,224,251.16. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CFO Marc Wilson sold 6,942 shares of the firm's stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $42.91, for a total transaction of $297,881.22. Following the completion of the sale, the chief financial officer now directly owns 110,630 shares in the company, valued at $4,747,133.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Dana Pizzuti sold 15,089 shares of the business's stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $44.06, for a total value of $664,821.34. Following the completion of the transaction, the insider now owns 27,786 shares in the company, valued at approximately $1,224,251.16. The disclosure for this sale can be found here. In the last three months, insiders sold 294,664 shares of company stock worth $13,817,328. Corporate insiders own 7.00% of the company's stock.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

Several hedge funds and other institutional investors have recently bought and sold shares of CRNX. Decheng Capital LLC acquired a new stake in shares of Crinetics Pharmaceuticals during the first quarter worth approximately $7,394,000. Vanguard Group Inc. increased its position in shares of Crinetics Pharmaceuticals by 2.1% in the 1st quarter. Vanguard Group Inc. now owns 3,575,076 shares of the company's stock worth $167,349,000 after purchasing an additional 72,624 shares during the last quarter. Lord Abbett & CO. LLC raised its stake in shares of Crinetics Pharmaceuticals by 24.1% in the 1st quarter. Lord Abbett & CO. LLC now owns 964,568 shares of the company's stock valued at $45,152,000 after purchasing an additional 187,280 shares in the last quarter. ProShare Advisors LLC lifted its position in shares of Crinetics Pharmaceuticals by 11.0% during the first quarter. ProShare Advisors LLC now owns 16,731 shares of the company's stock worth $783,000 after purchasing an additional 1,655 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its holdings in Crinetics Pharmaceuticals by 366,571.4% in the first quarter. Russell Investments Group Ltd. now owns 51,334 shares of the company's stock valued at $2,403,000 after buying an additional 51,320 shares during the last quarter. 98.51% of the stock is currently owned by hedge funds and other 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.