Clinical-stage pharmaceutical company Crinetics Pharmaceuticals Inc. (CRNX) has seen a key corporate insider snap up shares recently.
Regulations require corporate insiders to make their trading activity public, and their actions could signal to investors that now is the time to get in on the action.
In the last 12 days, corporate insider Perceptive Advisors LLC, which owns a more than 10% stake in the company, has bought $5 million worth of Crinetics shares. (See Crinetics stock analysis on TipRanks)
On March 31, H. C. Wainwright analyst Douglas Tsao reiterated a Buy rating on the stock with a $30 price target (81.3% upside potential).
For Crinetics’ three programs under development, paltusotine, CRN04777, and CRN04894, Tsao estimates probabilities of success of 65%, 20%, and 35%, respectively, while valuing the stock.
Tsao views the PATHFINDER development program favorably as it “sets up paltusotine for a broad label to treat most acromegaly patients as a first-line therapy.” Crinetics intends to use the results from this program to seek registration in the US as well as in Europe.
Additionally, Crinetics is also expecting Phase 1 data for CRN04777 and CRN04894 this year. Tsao remains bullish on these two programs based on data from the earlier animal studies.
The other analyst covering the stock, Leerink Partners’ Joseph Schwartz, also has a Buy rating on the stock with a $33 price target.
The two ratings add up to a Moderate Buy consensus rating alongside an average analyst price target of $31.50, implying 90.3% upside potential.
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