Crinetics Pharmaceuticals (NASDAQ:CRNX) Given New $81.00 Price Target at HC Wainwright

Crinetics Pharmaceuticals (NASDAQ:CRNX) had its target price lifted by HC Wainwright from $69.00 to $81.00 in a research note released on Wednesday morning,Benzinga reports. The firm currently has a buy rating on the stock. HC Wainwright also issued estimates for Crinetics Pharmaceuticals’ Q4 2024 earnings at ($0.87) EPS, FY2024 earnings at ($3.70) EPS, Q1 2025 earnings at ($0.88) EPS, Q2 2025 earnings at ($0.88) EPS, Q3 2025 earnings at ($0.95) EPS, Q4 2025 earnings at ($0.95) EPS, FY2025 earnings at ($3.65) EPS, FY2026 earnings at ($4.00) EPS, FY2027 earnings at ($1.95) EPS and FY2028 earnings at $2.59 EPS.

Several other analysts have also recently weighed in on CRNX. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $90.00 price target on shares of Crinetics Pharmaceuticals in a report on Monday, September 16th. Oppenheimer reaffirmed an “outperform” rating and issued a $73.00 target price (down from $74.00) on shares of Crinetics Pharmaceuticals in a research note on Friday, August 9th. Finally, JMP Securities reissued a “market outperform” rating and issued a $80.00 price target on shares of Crinetics Pharmaceuticals in a research note on Friday, September 27th. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $70.18.

Crinetics Pharmaceuticals Trading Down 8.3 %

Shares of NASDAQ:CRNX opened at $54.72 on Wednesday. The company has a 50 day moving average of $54.97 and a 200 day moving average of $51.28. The stock has a market cap of $5.07 billion, a P/E ratio of -14.67 and a beta of 0.62. Crinetics Pharmaceuticals has a 12 month low of $27.55 and a 12 month high of $62.53.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.96) 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. On average, equities analysts forecast that Crinetics Pharmaceuticals will post -3.72 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Marc Wilson sold 25,000 shares of the business’s stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $51.11, for a total value of $1,277,750.00. Following the completion of the sale, the chief financial officer now owns 111,092 shares of the company’s stock, valued at approximately $5,677,912.12. The trade was a 18.37 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Stephen F. Betz sold 1,035 shares of the firm’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $51.50, for a total value of $53,302.50. Following the transaction, the insider now owns 68,576 shares in the company, valued at approximately $3,531,664. The trade was a 1.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 43,410 shares of company stock valued at $2,275,929. Corporate insiders own 6.00% of the company’s stock.

Institutional Trading of Crinetics Pharmaceuticals

Institutional investors have recently made changes to their positions in the stock. Geode Capital Management LLC increased its stake in shares of Crinetics Pharmaceuticals by 10.1% in the third quarter. Geode Capital Management LLC now owns 1,848,133 shares of the company’s stock worth $94,458,000 after buying an additional 169,746 shares during the period. Barclays PLC grew its holdings in Crinetics Pharmaceuticals by 75.5% in the 3rd quarter. Barclays PLC now owns 207,712 shares of the company’s stock worth $10,614,000 after acquiring an additional 89,358 shares during the last quarter. Castleark Management LLC bought a new position in shares of Crinetics Pharmaceuticals during the third quarter valued at about $3,748,000. State Street Corp boosted its holdings in shares of Crinetics Pharmaceuticals by 0.9% during the third quarter. State Street Corp now owns 2,838,484 shares of the company’s stock worth $145,047,000 after purchasing an additional 25,561 shares during the period. Finally, Cinctive Capital Management LP bought a new stake in shares of Crinetics Pharmaceuticals in the third quarter worth about $2,527,000. Hedge funds and other institutional investors own 98.51% of the company’s stock.

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.