Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Receives $74.40 Consensus Target Price from Brokerages

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) have been given an average rating of “Buy” by the ten brokerages that are covering the stock, MarketBeat reports. Ten equities research analysts have rated the stock with a buy recommendation. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $74.40.

A number of research analysts have weighed in on CRNX shares. Cantor Fitzgerald reissued an “overweight” rating and set a $90.00 price target on shares of Crinetics Pharmaceuticals in a research note on Monday, September 16th. HC Wainwright increased their target price on Crinetics Pharmaceuticals from $69.00 to $81.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. JMP Securities restated a “market outperform” rating and issued a $87.00 price target on shares of Crinetics Pharmaceuticals in a report on Monday, December 16th. Finally, 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.

Insider Buying and Selling

In related news, COO Jeff E. Knight sold 501 shares of Crinetics Pharmaceuticals stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $56.52, for a total transaction of $28,316.52. Following the transaction, the chief operating officer now owns 51,653 shares in the company, valued at approximately $2,919,427.56. The trade was a 0.96 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 6.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Quest Partners LLC purchased a new stake in shares of Crinetics Pharmaceuticals in the second quarter worth about $42,000. Values First Advisors Inc. purchased a new position in Crinetics Pharmaceuticals in the 3rd quarter worth approximately $84,000. Allspring Global Investments Holdings LLC acquired a new stake in Crinetics Pharmaceuticals in the third quarter valued at approximately $91,000. KBC Group NV grew its position in Crinetics Pharmaceuticals by 22.8% in the third quarter. KBC Group NV now owns 2,193 shares of the company’s stock valued at $112,000 after acquiring an additional 407 shares in the last quarter. Finally, Amalgamated Bank raised its stake in shares of Crinetics Pharmaceuticals by 20.8% during the second quarter. Amalgamated Bank now owns 2,692 shares of the company’s stock valued at $121,000 after purchasing an additional 464 shares during the period. 98.51% of the stock is owned by hedge funds and other institutional investors.

Crinetics Pharmaceuticals Trading Up 3.1 %

Shares of CRNX stock opened at $53.15 on Friday. The company has a market capitalization of $4.93 billion, a price-to-earnings ratio of -14.25 and a beta of 0.60. The firm has a 50-day moving average price of $55.92 and a 200 day moving average price of $53.22. Crinetics Pharmaceuticals has a twelve month low of $33.67 and a twelve month high of $62.53.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its quarterly earnings data 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 business earned ($1.01) EPS. As a group, research analysts predict that Crinetics Pharmaceuticals will post -3.75 earnings per share for the current 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.