Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) have earned a consensus recommendation of “Moderate Buy” from the eleven brokerages that are covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a hold recommendation and ten have issued a buy recommendation on the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $68.55.

Several research firms have commented on CRNX. JMP Securities reaffirmed a “market outperform” rating and set a $80.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Friday, September 27th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $90.00 target price on shares of Crinetics Pharmaceuticals in a research note on Monday, September 16th. JPMorgan Chase & Co. boosted their price objective on Crinetics Pharmaceuticals from $47.00 to $54.00 and gave the company an “overweight” rating in a report on Tuesday, July 9th. Piper Sandler reissued an “overweight” rating and set a $97.00 target price on shares of Crinetics Pharmaceuticals in a research note on Tuesday, July 2nd. Finally, Oppenheimer reaffirmed an “outperform” rating and issued a $73.00 price target (down previously from $74.00) on shares of Crinetics Pharmaceuticals in a research note on Friday, August 9th.

Crinetics Pharmaceuticals Price Performance

NASDAQ:CRNX opened at $59.09 on Friday. The company has a market cap of $4.66 billion, a price-to-earnings ratio of -15.63 and a beta of 0.63. Crinetics Pharmaceuticals has a 1 year low of $25.75 and a 1 year high of $59.80. The stock’s 50 day simple moving average is $52.73 and its two-hundred day simple moving average is $49.38.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its earnings results on Thursday, August 8th. The company reported ($0.94) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.86) by ($0.08). The firm had revenue of $0.40 million for the quarter, compared to analysts’ expectations of $0.47 million. The company’s quarterly revenue was down 59.6% on a year-over-year basis. During the same quarter last year, the company earned ($0.94) EPS. As a group, analysts anticipate that Crinetics Pharmaceuticals will post -3.72 EPS for the current year.

Insider Activity

In other Crinetics Pharmaceuticals news, insider Stephen F. Betz sold 3,000 shares of the firm’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $53.43, for a total value of $160,290.00. Following the completion of the transaction, the insider now owns 75,611 shares of the company’s stock, valued at approximately $4,039,895.73. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Crinetics Pharmaceuticals news, insider Stephen F. Betz sold 3,000 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $53.43, for a total transaction of $160,290.00. Following the completion of the sale, the insider now directly owns 75,611 shares in the company, valued at approximately $4,039,895.73. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Dana Pizzuti sold 14,375 shares of the business’s stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $54.63, for a total transaction of $785,306.25. Following the transaction, the insider now owns 28,507 shares of the company’s stock, valued at $1,557,337.41. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 65,466 shares of company stock worth $3,462,956 over the last 90 days. 6.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

Hedge funds and other institutional investors have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC acquired a new stake in Crinetics Pharmaceuticals in the 3rd quarter valued at $91,000. Creative Planning grew its position in shares of Crinetics Pharmaceuticals by 52.4% in the third quarter. Creative Planning now owns 19,808 shares of the company’s stock valued at $1,012,000 after purchasing an additional 6,811 shares during the period. Handelsbanken Fonder AB raised its position in shares of Crinetics Pharmaceuticals by 15.9% during the 3rd quarter. Handelsbanken Fonder AB now owns 19,000 shares of the company’s stock worth $971,000 after purchasing an additional 2,600 shares during the last quarter. Senator Investment Group LP acquired a new stake in Crinetics Pharmaceuticals in the 2nd quarter worth about $6,047,000. Finally, Algert Global LLC raised its holdings in shares of Crinetics Pharmaceuticals by 19.0% during the second quarter. Algert Global LLC now owns 41,707 shares of the company’s stock valued at $1,868,000 after acquiring an additional 6,667 shares during the last quarter. Institutional investors and hedge funds own 98.51% of the company’s stock.

About Crinetics Pharmaceuticals

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.