Analysts Set Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Price Target at $68.86

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) have been assigned an average rating of “Moderate Buy” from the nine research firms that are covering the company, MarketBeat reports. Two analysts have rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average 1-year price objective among analysts that have covered the stock in the last year is $68.8571.

Several equities analysts have recently issued reports on the stock. The Goldman Sachs Group began coverage on shares of Crinetics Pharmaceuticals in a research note on Thursday, July 10th. They issued a “neutral” rating and a $36.00 price objective on the stock. HC Wainwright restated a “buy” rating and issued a $81.00 price target on shares of Crinetics Pharmaceuticals in a research report on Friday, June 27th. Finally, JMP Securities dropped their price target on Crinetics Pharmaceuticals from $90.00 to $86.00 and set a “market outperform” rating on the stock in a report on Monday, August 11th.

Crinetics Pharmaceuticals Stock Performance

CRNX opened at $29.09 on Friday. The company has a market capitalization of $2.74 billion, a PE ratio of -7.08 and a beta of 0.33. The stock’s fifty day moving average is $30.09 and its 200-day moving average is $31.80. Crinetics Pharmaceuticals has a one year low of $24.10 and a one year high of $62.53.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its earnings results on Thursday, August 7th. The company reported ($1.23) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.13) by ($0.10). The company had revenue of $1.03 million during the quarter, compared to analysts’ expectations of $0.52 million. During the same quarter in the prior year, the firm posted ($0.94) earnings per share. The firm’s revenue for the quarter was up 158.4% compared to the same quarter last year. On average, equities research analysts forecast that Crinetics Pharmaceuticals will post -3.73 EPS for the current fiscal year.

Insider Activity at Crinetics Pharmaceuticals

In related news, insider Stephen F. Betz sold 97,483 shares of the stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $32.23, for a total value of $3,141,877.09. Following the completion of the transaction, the insider owned 99,713 shares in the company, valued at $3,213,749.99. This trade represents a 49.43% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 4.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Crinetics Pharmaceuticals

Large investors have recently added to or reduced their stakes in the company. State of Wyoming purchased a new position in shares of Crinetics Pharmaceuticals during the fourth quarter valued at $50,000. Headlands Technologies LLC purchased a new position in Crinetics Pharmaceuticals during the 2nd quarter valued at about $30,000. Raymond James Financial Inc. acquired a new position in shares of Crinetics Pharmaceuticals in the 2nd quarter valued at about $45,000. Penserra Capital Management LLC purchased a new stake in shares of Crinetics Pharmaceuticals in the second quarter worth approximately $48,000. Finally, GF Fund Management CO. LTD. acquired a new stake in shares of Crinetics Pharmaceuticals during the fourth quarter worth approximately $100,000. 98.51% of the stock is owned by institutional investors and hedge funds.

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.