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

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) have been assigned an average recommendation of “Buy” from the eleven ratings firms that are presently covering the company, MarketBeat Ratings reports. Eleven equities research analysts have rated the stock with a buy recommendation. The average 1-year price objective among brokers that have covered the stock in the last year is $72.64.

A number of analysts recently issued reports on the stock. Jefferies Financial Group raised shares of Crinetics Pharmaceuticals from a “hold” rating to a “buy” rating and set a $55.00 target price for the company in a research report on Wednesday, January 22nd. HC Wainwright reissued a “buy” rating and issued a $81.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Monday, January 13th. Citigroup lifted their target price on shares of Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $87.00 price target on shares of Crinetics Pharmaceuticals in a report on Monday, December 16th.

Crinetics Pharmaceuticals Stock Down 1.5 %

NASDAQ:CRNX opened at $38.21 on Tuesday. The company has a market cap of $3.54 billion, a P/E ratio of -10.24 and a beta of 0.60. The firm’s 50 day moving average is $50.56 and its two-hundred day moving average is $52.67. Crinetics Pharmaceuticals has a fifty-two week low of $35.51 and a fifty-two week high of $62.53.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its earnings results on Tuesday, November 12th. The company reported ($0.96) earnings per share for the quarter, missing the consensus estimate of ($0.91) by ($0.05). During the same period last year, the firm earned ($1.01) earnings per share. Research analysts forecast that Crinetics Pharmaceuticals will post -3.73 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, COO Jeff E. Knight sold 501 shares of Crinetics Pharmaceuticals stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $56.52, for a total value of $28,316.52. Following the completion of the sale, the chief operating officer now owns 51,653 shares in the company, valued at approximately $2,919,427.56. The trade was a 0.96 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 6.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in CRNX. SG Americas Securities LLC lifted its position in shares of Crinetics Pharmaceuticals by 4,084.6% during the fourth quarter. SG Americas Securities LLC now owns 542,446 shares of the company’s stock worth $27,735,000 after purchasing an additional 529,483 shares during the last quarter. Franklin Resources Inc. raised its stake in Crinetics Pharmaceuticals by 61.4% during the third quarter. Franklin Resources Inc. now owns 1,390,110 shares of the company’s stock valued at $73,815,000 after buying an additional 528,688 shares in the last quarter. FMR LLC lifted its holdings in Crinetics Pharmaceuticals by 8.8% during the 3rd quarter. FMR LLC now owns 4,455,770 shares of the company’s stock worth $227,690,000 after buying an additional 358,975 shares during the last quarter. Vestal Point Capital LP acquired a new position in shares of Crinetics Pharmaceuticals in the 3rd quarter worth approximately $10,476,000. Finally, Geode Capital Management LLC increased its holdings in shares of Crinetics Pharmaceuticals by 10.1% in the 3rd quarter. Geode Capital Management LLC now owns 1,848,133 shares of the company’s stock valued at $94,458,000 after acquiring an additional 169,746 shares during the last quarter. 98.51% of the stock is owned by institutional investors and hedge funds.

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.