Morgan Stanley Increases Crinetics Pharmaceuticals (NASDAQ:CRNX) Price Target to $70.00

Crinetics Pharmaceuticals (NASDAQ:CRNX) had its price objective increased by Morgan Stanley from $50.00 to $70.00 in a report issued on Thursday, Benzinga reports. The firm currently has an overweight rating on the stock.

A number of other brokerages have also commented on CRNX. Citigroup started coverage on Crinetics Pharmaceuticals in a research report on Wednesday, March 6th. They issued a buy rating and a $68.00 target price on the stock. 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 research note on Thursday, February 29th. Oppenheimer boosted their target price on shares of Crinetics Pharmaceuticals from $54.00 to $55.00 and gave the company an outperform rating in a research report on Wednesday, March 20th. Cantor Fitzgerald reaffirmed an overweight rating and set a $65.00 price target on shares of Crinetics Pharmaceuticals in a research report on Tuesday, May 14th. Finally, HC Wainwright reiterated a buy rating and set a $60.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Thursday. One research analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $60.92.

Crinetics Pharmaceuticals Trading Down 2.4 %

NASDAQ:CRNX opened at $47.47 on Thursday. The company has a market capitalization of $3.74 billion, a P/E ratio of -12.56 and a beta of 0.63. Crinetics Pharmaceuticals has a 12 month low of $15.76 and a 12 month high of $53.70. The firm has a fifty day simple moving average of $46.17 and a 200-day simple moving average of $39.54.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings results on Thursday, May 9th. The company reported ($0.93) EPS for the quarter, missing analysts’ consensus estimates of ($0.84) by ($0.09). The firm had revenue of $0.64 million for the quarter, compared to analyst estimates of $0.20 million. Crinetics Pharmaceuticals had a negative return on equity of 42.50% and a negative net margin of 4,223.27%. The business’s revenue was down 76.1% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.85) EPS. Equities analysts forecast that Crinetics Pharmaceuticals will post -3.53 EPS for the current year.

Insider Buying and Selling at Crinetics Pharmaceuticals

In related news, insider Stephen F. Betz sold 3,000 shares of Crinetics Pharmaceuticals stock in a transaction on Friday, May 10th. The shares were sold at an average price of $49.43, for a total value of $148,290.00. Following the sale, the insider now owns 89,643 shares of the company’s stock, valued at approximately $4,431,053.49. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CFO Marc Wilson sold 6,942 shares of the company’s stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $42.91, for a total transaction of $297,881.22. Following the completion of the transaction, the chief financial officer now owns 110,630 shares in the company, valued at approximately $4,747,133.30. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Stephen F. Betz sold 3,000 shares of the firm’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $49.43, for a total transaction of $148,290.00. Following the completion of the transaction, the insider now directly owns 89,643 shares in the company, valued at $4,431,053.49. The disclosure for this sale can be found here. Over the last three months, insiders have sold 297,664 shares of company stock valued at $13,965,618. Company insiders own 7.00% 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 CRNX. Comerica Bank purchased a new stake in shares of Crinetics Pharmaceuticals during the first quarter worth approximately $33,000. Quarry LP purchased a new stake in shares of Crinetics Pharmaceuticals during the fourth quarter worth $36,000. AJOVista LLC acquired a new stake in shares of Crinetics Pharmaceuticals in the fourth quarter valued at about $58,000. HighMark Wealth Management LLC purchased a new position in shares of Crinetics Pharmaceuticals in the fourth quarter worth about $151,000. Finally, Amalgamated Bank boosted its position in Crinetics Pharmaceuticals by 10.4% during the third quarter. Amalgamated Bank now owns 6,298 shares of the company’s stock worth $187,000 after acquiring an additional 592 shares during the last quarter. Hedge funds and other institutional investors 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.