Crinetics Pharmaceuticals (NASDAQ:CRNX) Research Coverage Started at TD Cowen

TD Cowen initiated coverage on shares of Crinetics Pharmaceuticals (NASDAQ:CRNX) in a research note issued to investors on Tuesday morning, MarketBeat reports. The firm issued a buy rating on the stock.

Other analysts have also recently issued research reports about the stock. 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 report on Thursday, November 14th. HC Wainwright restated a “buy” rating and issued a $81.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Monday, January 13th. Jefferies Financial Group upgraded shares of Crinetics Pharmaceuticals from a “hold” rating to a “buy” rating and set a $55.00 price objective for the company in a research report on Wednesday, January 22nd. JMP Securities restated a “market outperform” rating and issued a $87.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Monday, December 16th. Finally, Wolfe Research assumed coverage on shares of Crinetics Pharmaceuticals in a research report on Tuesday, February 4th. They issued a “peer perform” rating for the company. One investment analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, Crinetics Pharmaceuticals presently has a consensus rating of “Moderate Buy” and a consensus price target of $72.64.

Crinetics Pharmaceuticals Stock Performance

Shares of Crinetics Pharmaceuticals stock opened at $35.26 on Tuesday. The firm has a fifty day moving average of $45.67 and a two-hundred day moving average of $51.26. The stock has a market capitalization of $3.27 billion, a price-to-earnings ratio of -9.45 and a beta of 0.56. Crinetics Pharmaceuticals has a 52 week low of $34.07 and a 52 week high of $62.53.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.96) EPS for the quarter, missing analysts’ consensus estimates of ($0.91) by ($0.05). During the same quarter last year, the company posted ($1.01) EPS. As a group, research analysts forecast that Crinetics Pharmaceuticals will post -3.73 EPS for the current fiscal year.

Insider Transactions at Crinetics Pharmaceuticals

In other news, COO Jeff E. Knight sold 501 shares of the stock in a transaction dated Friday, November 22nd. The shares were 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 in the company, valued at $2,919,427.56. This represents a 0.96 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Dana Pizzuti sold 5,000 shares of the stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $39.07, for a total transaction of $195,350.00. Following the transaction, the insider now owns 31,748 shares of the company’s stock, valued at approximately $1,240,394.36. This represents a 13.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 6.00% of the company’s stock.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

Hedge funds have recently bought and sold shares of the company. Venturi Wealth Management LLC acquired a new stake in Crinetics Pharmaceuticals in the 4th quarter valued at about $41,000. Headlands Technologies LLC acquired a new stake in Crinetics Pharmaceuticals in the 4th quarter valued at about $52,000. Harvest Fund Management Co. Ltd acquired a new stake in Crinetics Pharmaceuticals in the 4th quarter valued at about $66,000. Values First Advisors Inc. acquired a new stake in Crinetics Pharmaceuticals in the 3rd quarter valued at about $84,000. Finally, Allspring Global Investments Holdings LLC acquired a new stake in Crinetics Pharmaceuticals in the 3rd quarter valued at about $91,000. 98.51% of the stock is currently owned by institutional investors and hedge funds.

Crinetics Pharmaceuticals Company Profile

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.