Fintel reports that on September 14, 2023, HC Wainwright & Co. reiterated coverage of Crinetics Pharmaceuticals (NASDAQ:CRNX) with a Buy recommendation.
Analyst Price Forecast Suggests 61.62% Upside
As of August 31, 2023, the average one-year price target for Crinetics Pharmaceuticals is 46.13. The forecasts range from a low of 32.32 to a high of $59.85. The average price target represents an increase of 61.62% from its latest reported closing price of 28.54.
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The projected annual revenue for Crinetics Pharmaceuticals is 2MM, a decrease of 62.02%. The projected annual non-GAAP EPS is -3.42.
What is the Fund Sentiment?
There are 329 funds or institutions reporting positions in Crinetics Pharmaceuticals. This is an increase of 9 owner(s) or 2.81% in the last quarter. Average portfolio weight of all funds dedicated to CRNX is 0.23%, an increase of 5.44%. Total shares owned by institutions decreased in the last three months by 2.59% to 59,384K shares. 
The put/call ratio of CRNX is 1.87, indicating a bearish outlook.
What are Other Shareholders Doing?
Driehaus Capital Management holds 5,298K shares representing 9.69% ownership of the company. In it's prior filing, the firm reported owning 5,290K shares, representing an increase of 0.16%. The firm increased its portfolio allocation in CRNX by 1.10% over the last quarter.
Orbimed Advisors holds 3,951K shares representing 7.22% ownership of the company. No change in the last quarter.
Wellington Management Group Llp holds 3,602K shares representing 6.59% ownership of the company. In it's prior filing, the firm reported owning 3,636K shares, representing a decrease of 0.94%. The firm increased its portfolio allocation in CRNX by 6.08% over the last quarter.
Bain Capital Life Sciences Investors holds 2,306K shares representing 4.22% ownership of the company. No change in the last quarter.
Perceptive Advisors holds 1,947K shares representing 3.56% ownership of the company. In it's prior filing, the firm reported owning 3,555K shares, representing a decrease of 82.59%. The firm decreased its portfolio allocation in CRNX by 39.75% over the last quarter.
Crinetics Pharmaceuticals Background Information
(This description is provided by the company.)
Crinetics Pharmaceuticals is a clinical stage pharmaceutical company focused on the discovery, development, and commercialization of novel therapeutics for rare endocrine diseases and endocrine-related tumors. The company's lead product candidate, paltusotine (formerly CRN00808), is an oral selective nonpeptide somatostatin receptor type 2 biased agonist undergoing two Phase 2 clinical trials for the treatment of acromegaly, an orphan disease affecting more than 25,000 people in the United States. Crinetics plans to advance paltusotine into a Phase 3 trial in acromegaly and a Phase 2 trial for the treatment of carcinoid syndrome associated with NETs in 2021. The company is also developing CRN04777, an oral nonpeptide somatostatin receptor type 5 (SST5) agonist for hyperinsulinism, as well as an oral nonpeptide ACTH antagonist for the treatment of Cushing's disease, congenital adrenal hyperplasia and other diseases of excess ACTH. All of the company's drug candidates are new chemical entities resulting from in-house drug discovery efforts and are wholly owned by the company
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