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

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) has earned an average recommendation of “Moderate Buy” from the thirteen analysts that are covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a hold recommendation and twelve have issued a buy recommendation on the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $72.64.

Several brokerages have weighed in on CRNX. 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. Wolfe Research assumed coverage on shares of Crinetics Pharmaceuticals in a research report on Tuesday, February 4th. They issued a “peer perform” rating on the stock. TD Cowen assumed coverage on shares of Crinetics Pharmaceuticals in a research report on Tuesday, February 11th. They issued a “buy” rating on the stock. JMP Securities reiterated a “market outperform” rating and issued a $87.00 price target on shares of Crinetics Pharmaceuticals in a research report on Monday, December 16th. Finally, HC Wainwright reiterated a “buy” rating and issued a $81.00 price target on shares of Crinetics Pharmaceuticals in a research report on Monday, January 13th.

Crinetics Pharmaceuticals Stock Performance

Shares of NASDAQ:CRNX opened at $34.18 on Wednesday. Crinetics Pharmaceuticals has a one year low of $31.84 and a one year high of $62.53. The company has a 50-day simple moving average of $36.90 and a 200-day simple moving average of $48.46. The stock has a market capitalization of $3.18 billion, a price-to-earnings ratio of -9.16 and a beta of 0.58.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings results on Thursday, February 27th. The company reported ($0.88) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.92) by $0.04. As a group, research analysts forecast that Crinetics Pharmaceuticals will post -3.73 EPS for the current fiscal year.

Insider Activity at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, insider Dana Pizzuti sold 5,000 shares of the stock in a transaction that occurred on Monday, February 3rd. The shares were 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 $1,240,394.36. This trade represents a 13.61 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 6.00% of the company’s stock.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

A number of large investors have recently bought and sold shares of the stock. KBC Group NV raised its stake in Crinetics Pharmaceuticals by 22.8% during the third quarter. KBC Group NV now owns 2,193 shares of the company’s stock worth $112,000 after purchasing an additional 407 shares during the period. Martingale Asset Management L P raised its stake in Crinetics Pharmaceuticals by 1.9% during the fourth quarter. Martingale Asset Management L P now owns 22,484 shares of the company’s stock worth $1,150,000 after purchasing an additional 410 shares during the period. Mackenzie Financial Corp raised its stake in Crinetics Pharmaceuticals by 8.8% during the fourth quarter. Mackenzie Financial Corp now owns 5,422 shares of the company’s stock worth $277,000 after purchasing an additional 440 shares during the period. Connor Clark & Lunn Investment Management Ltd. raised its stake in 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 worth $1,054,000 after purchasing an additional 505 shares during the period. Finally, NEOS Investment Management LLC raised its stake in Crinetics Pharmaceuticals by 0.9% during the fourth quarter. NEOS Investment Management LLC now owns 57,933 shares of the company’s stock worth $2,962,000 after purchasing an additional 544 shares during the period. 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.