Crinetics Pharmaceuticals (NASDAQ:CRNX) Price Target Raised to $74.00 at Citigroup

Crinetics Pharmaceuticals (NASDAQ:CRNX) had its price objective boosted by Citigroup from $70.00 to $74.00 in a research note published on Thursday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other equities analysts have also weighed in on the stock. Oppenheimer restated an “outperform” rating and set a $73.00 target price (down previously from $74.00) on shares of Crinetics Pharmaceuticals in a report on Friday, August 9th. HC Wainwright upped their price target on Crinetics Pharmaceuticals from $69.00 to $81.00 and gave the stock a “buy” rating in a report on Wednesday. JMP Securities reiterated a “market outperform” rating and set a $80.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Friday, September 27th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $90.00 target price on shares of Crinetics Pharmaceuticals in a research report on Monday, September 16th. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, Crinetics Pharmaceuticals has an average rating of “Moderate Buy” and a consensus target price of $70.18.

Crinetics Pharmaceuticals Price Performance

CRNX stock traded down $3.97 during midday trading on Thursday, hitting $55.69. The stock had a trading volume of 392,300 shares, compared to its average volume of 783,055. Crinetics Pharmaceuticals has a 12-month low of $27.55 and a 12-month high of $62.53. The firm has a market cap of $5.16 billion, a PE ratio of -15.99 and a beta of 0.62. The company’s 50-day moving average price is $54.88 and its 200 day moving average price is $51.15.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its earnings results on Tuesday, November 12th. The company reported ($0.96) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.91) by ($0.05). During the same quarter in the previous year, the firm posted ($1.01) EPS. As a group, sell-side analysts anticipate that Crinetics Pharmaceuticals will post -3.72 EPS for the current year.

Insider Activity at Crinetics Pharmaceuticals

In related news, insider Dana Pizzuti sold 14,375 shares of Crinetics Pharmaceuticals stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $54.63, for a total value of $785,306.25. Following the sale, the insider now directly owns 28,507 shares in the company, valued at $1,557,337.41. This trade represents a 33.52 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Stephen F. Betz sold 1,035 shares of the company’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $51.50, for a total transaction of $53,302.50. Following the completion of the transaction, the insider now owns 68,576 shares of the company’s stock, valued at approximately $3,531,664. This trade represents a 1.49 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 43,410 shares of company stock valued at $2,275,929. Corporate insiders own 6.00% of the company’s stock.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Comerica Bank acquired a new position in Crinetics Pharmaceuticals during the 1st quarter valued at about $33,000. Quest Partners LLC bought a new stake in shares of Crinetics Pharmaceuticals during the 2nd quarter worth $42,000. Values First Advisors Inc. acquired a new stake in Crinetics Pharmaceuticals during the 3rd quarter worth about $84,000. Allspring Global Investments Holdings LLC purchased a new stake in shares of Crinetics Pharmaceuticals in the 3rd quarter valued at approximately $91,000. Finally, KBC Group NV boosted its position in shares of Crinetics Pharmaceuticals by 22.8% in the third quarter. KBC Group NV now owns 2,193 shares of the company’s stock worth $112,000 after buying an additional 407 shares during the period. 98.51% of the stock is currently owned by institutional investors and hedge funds.

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.