Crinetics Pharmaceuticals (NASDAQ:CRNX) Shares Gap Up on Analyst Upgrade

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)’s share price gapped up before the market opened on Wednesday after Morgan Stanley raised their price target on the stock from $77.00 to $80.00. The stock had previously closed at $45.95, but opened at $51.24. Morgan Stanley currently has an overweight rating on the stock. Crinetics Pharmaceuticals shares last traded at $52.6320, with a volume of 989,688 shares traded.

Other analysts also recently issued research reports about the company. Citizens Jmp cut their price objective on Crinetics Pharmaceuticals from $143.00 to $108.00 and set a “market outperform” rating on the stock in a report on Friday, November 7th. Wall Street Zen upgraded shares of Crinetics Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Saturday. JPMorgan Chase & Co. decreased their price objective on shares of Crinetics Pharmaceuticals from $53.00 to $52.00 and set an “overweight” rating for the company in a research note on Wednesday, September 24th. JMP Securities boosted their target price on shares of Crinetics Pharmaceuticals from $86.00 to $143.00 and gave the company a “market outperform” rating in a research note on Friday, September 26th. Finally, The Goldman Sachs Group increased their target price on Crinetics Pharmaceuticals from $35.00 to $40.00 and gave the company a “neutral” rating in a report on Friday, September 26th. Eleven research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $77.82.

Insiders Place Their Bets

In related news, insider Dana Pizzuti sold 5,000 shares of Crinetics Pharmaceuticals stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $42.66, for a total transaction of $213,300.00. Following the completion of the sale, the insider owned 66,270 shares of the company’s stock, valued at approximately $2,827,078.20. This trade represents a 7.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 6.00% of the company’s stock.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

A number of hedge funds and other institutional investors have recently made changes to their positions in CRNX. Headlands Technologies LLC bought a new position in shares of Crinetics Pharmaceuticals in the second quarter valued at approximately $30,000. Farther Finance Advisors LLC grew its stake in Crinetics Pharmaceuticals by 523.7% in the 3rd quarter. Farther Finance Advisors LLC now owns 842 shares of the company’s stock valued at $35,000 after buying an additional 707 shares during the last quarter. Raymond James Financial Inc. bought a new position in Crinetics Pharmaceuticals in the 2nd quarter worth $45,000. Penserra Capital Management LLC acquired a new position in Crinetics Pharmaceuticals during the 2nd quarter worth $48,000. Finally, Covestor Ltd boosted its holdings in Crinetics Pharmaceuticals by 23,983.3% during the third quarter. Covestor Ltd now owns 1,445 shares of the company’s stock valued at $60,000 after acquiring an additional 1,439 shares during the period. 98.51% of the stock is owned by hedge funds and other institutional investors.

Crinetics Pharmaceuticals Stock Up 14.5%

The company has a 50-day moving average price of $45.55 and a 200-day moving average price of $38.15. The company has a market capitalization of $4.99 billion, a price-to-earnings ratio of -11.73 and a beta of 0.20.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its earnings results on Thursday, November 6th. The company reported ($1.38) earnings per share for the quarter, missing the consensus estimate of ($1.27) by ($0.11). The company had revenue of $0.14 million during the quarter, compared to analysts’ expectations of $0.39 million. During the same period last year, the firm posted ($0.96) EPS. Equities analysts expect that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS for the current fiscal year.

Crinetics Pharmaceuticals Company Profile

Crinetics Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of novel therapeutics for rare endocrine diseases. The company’s proprietary platform leverages insights into hormone receptor signaling to design small-molecule candidates that address conditions driven by dysregulated hormone activity. Crinetics’ research efforts center on targeting somatostatin, vasopressin and other GPCR-mediated pathways with orally bioavailable molecules intended to improve patient convenience and adherence.

The company’s lead product candidate, paltusotine (formerly CRN04777), is a selective, non-peptide somatostatin receptor type 2 agonist being evaluated for the treatment of acromegaly and carcinoid syndrome diarrhea.