Analysts Set Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Target Price at $76.63

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) have earned an average recommendation of “Moderate Buy” from the ten analysts that are presently covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, eight have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $76.6250.

CRNX has been the topic of a number of research analyst reports. Lifesci Capital raised shares of Crinetics Pharmaceuticals to a “strong-buy” rating in a report on Friday, February 13th. Wall Street Zen lowered Crinetics Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Saturday. Citizens Jmp lowered their price target on Crinetics Pharmaceuticals from $105.00 to $96.00 and set a “market outperform” rating for the company in a research report on Monday, March 2nd. Morgan Stanley boosted their price target on Crinetics Pharmaceuticals from $77.00 to $80.00 and gave the company an “overweight” rating in a research note on Tuesday, January 6th. Finally, The Goldman Sachs Group raised Crinetics Pharmaceuticals from a “neutral” rating to a “buy” rating and set a $67.00 price objective on the stock in a report on Monday, January 12th.

Crinetics Pharmaceuticals Stock Up 6.0%

Shares of Crinetics Pharmaceuticals stock opened at $36.32 on Friday. The company has a 50 day moving average price of $42.67 and a 200 day moving average price of $44.06. The firm has a market capitalization of $3.80 billion, a P/E ratio of -7.35 and a beta of 0.23. Crinetics Pharmaceuticals has a 52 week low of $24.10 and a 52 week high of $57.99.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its earnings results on Thursday, February 26th. The company reported ($1.29) earnings per share for the quarter, topping the consensus estimate of ($1.37) by $0.08. The company had revenue of $6.16 million for the quarter, compared to the consensus estimate of $4.32 million. Crinetics Pharmaceuticals had a negative net margin of 6,046.22% and a negative return on equity of 41.46%. Crinetics Pharmaceuticals’s revenue was up NaN% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.88) EPS. As a group, research analysts anticipate that Crinetics Pharmaceuticals will post -3.73 earnings per share for the current fiscal year.

Insider Transactions at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, COO Jeff E. Knight sold 9,911 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $37.37, for a total transaction of $370,374.07. Following the completion of the sale, the chief operating officer directly owned 112,018 shares in the company, valued at approximately $4,186,112.66. The trade was a 8.13% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Tobin Schilke sold 6,713 shares of the company’s stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $39.67, for a total transaction of $266,304.71. Following the completion of the sale, the chief financial officer directly owned 78,121 shares in the company, valued at $3,099,060.07. This trade represents a 7.91% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 59,717 shares of company stock valued at $2,291,939 over the last quarter. Company insiders own 6.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Wellington Management Group LLP grew its holdings in Crinetics Pharmaceuticals by 44.3% during the third quarter. Wellington Management Group LLP now owns 8,381,991 shares of the company’s stock worth $349,110,000 after acquiring an additional 2,574,683 shares during the period. Baker BROS. Advisors LP raised its position in Crinetics Pharmaceuticals by 488.9% during the fourth quarter. Baker BROS. Advisors LP now owns 1,648,869 shares of the company’s stock valued at $76,755,000 after acquiring an additional 1,368,869 shares in the last quarter. Farallon Capital Management LLC lifted its holdings in Crinetics Pharmaceuticals by 20.2% in the fourth quarter. Farallon Capital Management LLC now owns 6,933,098 shares of the company’s stock valued at $322,736,000 after acquiring an additional 1,163,000 shares during the period. JPMorgan Chase & Co. lifted its holdings in Crinetics Pharmaceuticals by 279.2% in the third quarter. JPMorgan Chase & Co. now owns 1,258,722 shares of the company’s stock valued at $52,426,000 after acquiring an additional 926,765 shares during the period. Finally, GW&K Investment Management LLC boosted its position in Crinetics Pharmaceuticals by 73.6% in the 4th quarter. GW&K Investment Management LLC now owns 1,476,325 shares of the company’s stock worth $68,723,000 after purchasing an additional 625,779 shares in the last quarter. Hedge funds and other institutional investors own 98.51% of the company’s stock.

About Crinetics Pharmaceuticals

Crinetics Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of novel therapeutics for rare endocrine diseases. The company’s proprietary platform leverages insights into hormone receptor signaling to design small-molecule candidates that address conditions driven by dysregulated hormone activity. Crinetics’ research efforts center on targeting somatostatin, vasopressin and other GPCR-mediated pathways with orally bioavailable molecules intended to improve patient convenience and adherence.

The company’s lead product candidate, paltusotine (formerly CRN04777), is a selective, non-peptide somatostatin receptor type 2 agonist being evaluated for the treatment of acromegaly and carcinoid syndrome diarrhea.