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

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) have received a consensus rating of “Moderate Buy” from the eleven ratings firms that are covering the stock, Marketbeat 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 12 month price objective among brokerages that have issued ratings on the stock in the last year is $70.18.

Several brokerages have recently issued reports on CRNX. JMP Securities reiterated a “market outperform” rating and set a $80.00 price target on shares of Crinetics Pharmaceuticals in a research report on Friday, September 27th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $90.00 price target on shares of Crinetics Pharmaceuticals in a research report on Monday, September 16th. HC Wainwright raised their price objective on shares of Crinetics Pharmaceuticals from $69.00 to $81.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Finally, Citigroup boosted their target price on shares of Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the stock a “buy” rating in a report on Thursday, November 14th.

Insider Transactions at Crinetics Pharmaceuticals

In related news, CFO Marc Wilson sold 25,000 shares of the stock in a transaction on Thursday, September 26th. The stock was sold at an average price of $51.11, for a total transaction of $1,277,750.00. Following the completion of the sale, the chief financial officer now directly owns 111,092 shares in the company, valued at approximately $5,677,912.12. This trade represents a 18.37 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Stephen F. Betz sold 1,035 shares of Crinetics Pharmaceuticals stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $51.50, for a total value of $53,302.50. Following the sale, the insider now directly owns 68,576 shares of the company’s stock, valued at approximately $3,531,664. The trade was a 1.49 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 40,911 shares of company stock valued at $2,144,675 over the last quarter. Company 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 the company. Comerica Bank acquired a new stake in shares of Crinetics Pharmaceuticals in the 1st quarter valued at $33,000. Quest Partners LLC acquired a new stake in shares of Crinetics Pharmaceuticals in the second quarter worth about $42,000. Values First Advisors Inc. bought a new stake in shares of Crinetics Pharmaceuticals during the 3rd quarter worth about $84,000. Allspring Global Investments Holdings LLC acquired a new position in shares of Crinetics Pharmaceuticals during the 3rd quarter valued at about $91,000. Finally, KBC Group NV raised its stake in shares of Crinetics Pharmaceuticals by 22.8% in the 3rd quarter. KBC Group NV now owns 2,193 shares of the company’s stock valued at $112,000 after acquiring an additional 407 shares in the last quarter. 98.51% of the stock is owned by hedge funds and other institutional investors.

Crinetics Pharmaceuticals Stock Performance

NASDAQ:CRNX opened at $58.87 on Monday. The stock has a market cap of $5.46 billion, a price-to-earnings ratio of -15.78 and a beta of 0.60. Crinetics Pharmaceuticals has a 1 year low of $32.56 and a 1 year high of $62.53. The business has a fifty day moving average of $56.45 and a 200-day moving average of $52.12.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its earnings results on Tuesday, November 12th. The company reported ($0.96) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.91) by ($0.05). During the same quarter in the previous year, the company posted ($1.01) EPS. On average, equities research analysts predict that Crinetics Pharmaceuticals will post -3.75 EPS for the current year.

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.