Wolfe Research Begins Coverage on Crinetics Pharmaceuticals (NASDAQ:CRNX)

Wolfe Research assumed coverage on shares of Crinetics Pharmaceuticals (NASDAQ:CRNX) in a research report issued to clients and investors on Tuesday, MarketBeat Ratings reports. The brokerage set a “peer perform” rating on the stock.

Several other brokerages have also issued reports on CRNX. JMP Securities reaffirmed a “market outperform” rating and issued a $87.00 target price on shares of Crinetics Pharmaceuticals in a research note on Monday, December 16th. Citigroup upped their price objective on shares of Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Jefferies Financial Group upgraded shares of Crinetics Pharmaceuticals from a “hold” rating to a “buy” rating and set a $55.00 target price on the stock in a research report on Wednesday, January 22nd. Finally, HC Wainwright restated a “buy” rating and set a $81.00 price target on shares of Crinetics Pharmaceuticals in a research report on Monday, January 13th. One equities research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $72.64.

Crinetics Pharmaceuticals Stock Performance

Crinetics Pharmaceuticals stock opened at $39.30 on Tuesday. Crinetics Pharmaceuticals has a fifty-two week low of $35.51 and a fifty-two week high of $62.53. The firm’s fifty day moving average price is $48.19 and its 200-day moving average price is $51.98. The stock has a market cap of $3.64 billion, a P/E ratio of -10.54 and a beta of 0.56.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.96) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.91) by ($0.05). During the same quarter last year, the firm posted ($1.01) earnings per share. On average, analysts predict that Crinetics Pharmaceuticals will post -3.73 earnings per share for the current year.

Insider Activity at Crinetics Pharmaceuticals

In other news, insider Dana Pizzuti sold 5,000 shares of the firm’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $39.07, for a total transaction of $195,350.00. Following the completion of the transaction, the insider now directly owns 31,748 shares in the company, valued at $1,240,394.36. This trade represents a 13.61 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Jeff E. Knight sold 501 shares of Crinetics Pharmaceuticals stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $56.52, for a total transaction of $28,316.52. Following the completion of the transaction, the chief operating officer now directly owns 51,653 shares of the company’s stock, valued at $2,919,427.56. This trade represents a 0.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 6.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

A number of institutional investors have recently made changes to their positions in the company. AQR Capital Management LLC lifted its position in Crinetics Pharmaceuticals by 3.3% in the 2nd quarter. AQR Capital Management LLC now owns 7,126 shares of the company’s stock valued at $319,000 after acquiring an additional 227 shares in the last quarter. US Bancorp DE raised its stake in shares of Crinetics Pharmaceuticals by 3.4% in the third quarter. US Bancorp DE now owns 11,488 shares of the company’s stock worth $587,000 after purchasing an additional 373 shares during the last quarter. KBC Group NV lifted its holdings in shares of Crinetics Pharmaceuticals by 22.8% during the third quarter. KBC Group NV now owns 2,193 shares of the company’s stock valued at $112,000 after purchasing an additional 407 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Crinetics Pharmaceuticals by 2.5% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 20,633 shares of the company’s stock valued at $1,054,000 after buying an additional 505 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in Crinetics Pharmaceuticals by 23.0% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,895 shares of the company’s stock worth $147,000 after buying an additional 541 shares in the last quarter. Hedge funds and other institutional investors 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.