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

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) has been given an average rating of “Buy” by the ten brokerages that are presently covering the company, MarketBeat.com reports. Ten research analysts have rated the stock with a buy rating. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $74.40.

CRNX has been the subject of several research analyst reports. Citigroup increased their target price on Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. JMP Securities reiterated a “market outperform” rating and set a $87.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Monday, December 16th. HC Wainwright upped their target price on shares of Crinetics Pharmaceuticals from $69.00 to $81.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $90.00 target price on shares of Crinetics Pharmaceuticals in a research note on Monday, September 16th.

Crinetics Pharmaceuticals Trading Up 0.8 %

Crinetics Pharmaceuticals stock opened at $51.55 on Friday. Crinetics Pharmaceuticals has a 12-month low of $33.67 and a 12-month high of $62.53. The firm has a market capitalization of $4.78 billion, a price-to-earnings ratio of -13.82 and a beta of 0.60. The firm has a 50 day moving average of $56.02 and a 200 day moving average of $53.04.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted 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 period last year, the company posted ($1.01) EPS. On average, analysts predict that Crinetics Pharmaceuticals will post -3.75 EPS for the current year.

Insider Activity

In related news, COO Jeff E. Knight sold 501 shares of the firm’s stock in a transaction on Friday, November 22nd. The stock was 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 directly owns 51,653 shares in the company, valued at $2,919,427.56. This trade represents a 0.96 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 6.00% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Quest Partners LLC purchased a new stake in shares of Crinetics Pharmaceuticals during the second quarter valued at $42,000. Values First Advisors Inc. bought a new stake in Crinetics Pharmaceuticals during the 3rd quarter valued at about $84,000. Allspring Global Investments Holdings LLC purchased a new stake in Crinetics Pharmaceuticals in the 3rd quarter valued at about $91,000. KBC Group NV boosted its position in 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 buying an additional 407 shares during the period. Finally, Amalgamated Bank grew its stake in Crinetics Pharmaceuticals by 20.8% in the 2nd quarter. Amalgamated Bank now owns 2,692 shares of the company’s stock worth $121,000 after acquiring an additional 464 shares in the last quarter. Hedge funds and other institutional investors own 98.51% of the company’s stock.

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.