Cantor Fitzgerald Reaffirms "Overweight" Rating for Crinetics Pharmaceuticals (NASDAQ:CRNX)

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report)'s stock had its "overweight" rating restated by Cantor Fitzgerald in a report released on Monday, Benzinga reports. They presently have a $90.00 price objective on the stock. Cantor Fitzgerald's target price would suggest a potential upside of 66.85% from the company's previous close.

Several other analysts also recently weighed in on the stock. HC Wainwright lifted their price objective on shares of Crinetics Pharmaceuticals from $60.00 to $69.00 and gave the company a "buy" rating in a research report on Friday, August 9th. Oppenheimer reiterated an "outperform" rating and issued a $73.00 price objective (down from $74.00) on shares of Crinetics Pharmaceuticals in a research report on Friday, August 9th. JMP Securities reiterated a "market outperform" rating and issued a $80.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Tuesday, June 4th. JPMorgan Chase & Co. boosted their price target on shares of Crinetics Pharmaceuticals from $47.00 to $54.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 9th. Finally, Piper Sandler restated an "overweight" rating and set a $97.00 price target on shares of Crinetics Pharmaceuticals in a research report on Tuesday, July 2nd. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $68.55.

Crinetics Pharmaceuticals Stock Performance

Shares of Crinetics Pharmaceuticals stock traded up $0.14 during trading hours on Monday, reaching $53.94. The company's stock had a trading volume of 528,418 shares, compared to its average volume of 784,516. The company's 50 day simple moving average is $52.09 and its 200 day simple moving average is $47.70. Crinetics Pharmaceuticals has a one year low of $25.35 and a one year high of $55.78. The stock has a market cap of $4.32 billion, a P/E ratio of -14.32 and a beta of 0.63.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.94) earnings per share for the quarter, missing the consensus estimate of ($0.86) by ($0.08). The company had revenue of $0.40 million for the quarter, compared to analysts' expectations of $0.47 million. The firm's revenue was down 59.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.94) EPS. On average, sell-side analysts predict that Crinetics Pharmaceuticals will post -3.72 earnings per share for the current fiscal year.

Insider Transactions at Crinetics Pharmaceuticals

In other news, CFO Marc Wilson sold 32,129 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $43.61, for a total value of $1,401,145.69. Following the transaction, the chief financial officer now owns 111,092 shares of the company's stock, valued at approximately $4,844,722.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CFO Marc Wilson sold 32,129 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $43.61, for a total value of $1,401,145.69. Following the transaction, the chief financial officer now owns 111,092 shares of the company's stock, valued at approximately $4,844,722.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Dana Pizzuti sold 9,500 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of $45.73, for a total transaction of $434,435.00. Following the completion of the transaction, the insider now directly owns 27,786 shares in the company, valued at approximately $1,270,653.78. The disclosure for this sale can be found here. Insiders have sold 168,051 shares of company stock valued at $8,259,664 in the last quarter. Insiders own 6.00% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Russell Investments Group Ltd. boosted its holdings in shares of Crinetics Pharmaceuticals by 366,571.4% during the first quarter. Russell Investments Group Ltd. now owns 51,334 shares of the company's stock worth $2,403,000 after purchasing an additional 51,320 shares during the period. Swiss National Bank boosted its holdings in shares of Crinetics Pharmaceuticals by 21.4% during the first quarter. Swiss National Bank now owns 126,500 shares of the company's stock worth $5,921,000 after purchasing an additional 22,300 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Crinetics Pharmaceuticals by 2.1% during the first 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 period. First Light Asset Management LLC boosted its holdings in shares of Crinetics Pharmaceuticals by 25.5% during the fourth quarter. First Light Asset Management LLC now owns 1,987,772 shares of the company's stock worth $70,725,000 after purchasing an additional 404,443 shares during the period. Finally, SG Americas Securities LLC boosted its holdings in shares of Crinetics Pharmaceuticals by 1,224.8% during the second quarter. SG Americas Securities LLC now owns 79,051 shares of the company's stock worth $3,541,000 after purchasing an additional 73,084 shares during the period. 98.51% of the stock is 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.