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

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) have been given an average rating of “Moderate Buy” by the eleven ratings firms that are covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a hold recommendation and ten have assigned a buy recommendation to the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $69.64.

CRNX has been the subject of several research reports. Oppenheimer reissued an “outperform” rating and set a $73.00 price target (down from $74.00) on shares of Crinetics Pharmaceuticals in a report on Friday, August 9th. Cantor Fitzgerald reiterated an “overweight” rating and set a $90.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Monday, September 16th. HC Wainwright boosted their target price on shares of Crinetics Pharmaceuticals from $69.00 to $81.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $80.00 price target on shares of Crinetics Pharmaceuticals in a research report on Friday, September 27th.

Insiders Place Their Bets

In related news, insider Stephen F. Betz sold 1,035 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $51.50, for a total value of $53,302.50. Following the transaction, the insider now directly owns 68,576 shares of the company’s stock, valued at $3,531,664. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, insider Stephen F. Betz sold 1,035 shares of the company’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $51.50, for a total transaction of $53,302.50. Following the completion of the sale, the insider now directly owns 68,576 shares in the company, valued at $3,531,664. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Dana Pizzuti sold 14,375 shares of the firm’s stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $54.63, for a total value of $785,306.25. Following the completion of the sale, the insider now directly owns 28,507 shares in the company, valued at $1,557,337.41. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 43,410 shares of company stock worth $2,275,929 over the last ninety days. Corporate insiders own 6.00% of the company’s stock.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

Institutional investors have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. increased its holdings in Crinetics Pharmaceuticals by 366,571.4% in the 1st quarter. Russell Investments Group Ltd. now owns 51,334 shares of the company’s stock worth $2,403,000 after purchasing an additional 51,320 shares in the last quarter. Swiss National Bank grew its holdings in shares of Crinetics Pharmaceuticals by 21.4% during the first quarter. Swiss National Bank now owns 126,500 shares of the company’s stock worth $5,921,000 after purchasing an additional 22,300 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Crinetics Pharmaceuticals by 2.1% in the first quarter. Vanguard Group Inc. now owns 3,575,076 shares of the company’s stock valued at $167,349,000 after buying an additional 72,624 shares during the period. SG Americas Securities LLC raised its holdings in Crinetics Pharmaceuticals by 1,224.8% in the 2nd quarter. SG Americas Securities LLC now owns 79,051 shares of the company’s stock valued at $3,541,000 after buying an additional 73,084 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its position in Crinetics Pharmaceuticals by 27.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,823,218 shares of the company’s stock worth $178,966,000 after buying an additional 814,360 shares during the period. 98.51% of the stock is currently owned by institutional investors and hedge funds.

Crinetics Pharmaceuticals Price Performance

Shares of CRNX opened at $58.92 on Thursday. The company’s 50-day moving average is $54.71 and its 200-day moving average is $51.09. The firm has a market capitalization of $4.72 billion, a PE ratio of -15.80 and a beta of 0.62. Crinetics Pharmaceuticals has a fifty-two week low of $27.55 and a fifty-two week high of $62.00.

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 the consensus estimate of ($0.91) by ($0.05). During the same quarter in the previous year, the company earned ($1.01) EPS. Analysts predict that Crinetics Pharmaceuticals will post -3.72 earnings per share for the current fiscal year.

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.