Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Receives $70.18 Average PT from Analysts

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) have been assigned an average recommendation of “Moderate Buy” from the eleven analysts that are presently covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. The average 1-year price target among analysts that have covered the stock in the last year is $70.18.

CRNX has been the topic of a number of research analyst reports. Citigroup boosted their price objective on shares of Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. HC Wainwright upped their price objective on shares of Crinetics Pharmaceuticals from $69.00 to $81.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Cantor Fitzgerald restated an “overweight” rating and set a $90.00 price target on shares of Crinetics Pharmaceuticals in a research note on Monday, September 16th. Finally, JMP Securities reissued a “market outperform” rating and issued a $80.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Friday, September 27th.

Crinetics Pharmaceuticals Stock Performance

Shares of CRNX stock opened at $60.15 on Monday. The stock has a market capitalization of $5.58 billion, a P/E ratio of -16.13 and a beta of 0.60. Crinetics Pharmaceuticals has a fifty-two week low of $32.64 and a fifty-two week high of $62.53. The company has a 50 day moving average price of $56.79 and a 200 day moving average price of $52.30.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its 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 period in the previous year, the firm posted ($1.01) earnings per share. On average, research analysts forecast that Crinetics Pharmaceuticals will post -3.75 EPS for the current fiscal year.

Insider Activity

In other news, insider Dana Pizzuti sold 14,375 shares of the business’s stock in a transaction that occurred on Thursday, October 3rd. The stock was sold at an average price of $54.63, for a total transaction of $785,306.25. Following the sale, the insider now directly owns 28,507 shares in the company, valued at approximately $1,557,337.41. The trade was a 33.52 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, 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 transaction, the chief operating officer now directly owns 51,653 shares of the company’s stock, valued at approximately $2,919,427.56. This trade represents a 0.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 39,876 shares of company stock valued at $2,091,373. 6.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in CRNX. Franklin Resources Inc. grew its stake in shares of Crinetics Pharmaceuticals by 61.4% in the 3rd quarter. Franklin Resources Inc. now owns 1,390,110 shares of the company’s stock valued at $73,815,000 after purchasing an additional 528,688 shares during the period. Geode Capital Management LLC raised its stake in Crinetics Pharmaceuticals by 10.1% during the third quarter. Geode Capital Management LLC now owns 1,848,133 shares of the company’s stock worth $94,458,000 after acquiring an additional 169,746 shares in the last quarter. Barclays PLC lifted its holdings in shares of Crinetics Pharmaceuticals by 75.5% during the third quarter. Barclays PLC now owns 207,712 shares of the company’s stock valued at $10,614,000 after acquiring an additional 89,358 shares during the period. Castleark Management LLC acquired a new stake in shares of Crinetics Pharmaceuticals in the 3rd quarter valued at $3,748,000. Finally, State Street Corp grew its holdings in shares of Crinetics Pharmaceuticals by 0.9% in the 3rd quarter. State Street Corp now owns 2,838,484 shares of the company’s stock worth $145,047,000 after purchasing an additional 25,561 shares during the last quarter. Institutional investors and hedge funds 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.