Brokerages Set Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Price Target at $76.13

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) have received an average rating of “Moderate Buy” from the ten analysts that are covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, eight have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $76.1250.

CRNX has been the topic of several research reports. Wall Street Zen raised shares of Crinetics Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 17th. Citizens Jmp reiterated a “market outperform” rating and issued a $95.00 price objective on shares of Crinetics Pharmaceuticals in a report on Thursday, June 11th. Oppenheimer decreased their target price on shares of Crinetics Pharmaceuticals from $87.00 to $84.00 and set an “outperform” rating on the stock in a research note on Monday, May 11th. HC Wainwright restated a “buy” rating and set a $81.00 target price on shares of Crinetics Pharmaceuticals in a report on Monday. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a report on Monday, April 20th.

Crinetics Pharmaceuticals Stock Performance

NASDAQ CRNX opened at $35.87 on Friday. The business has a fifty day moving average price of $37.16 and a 200 day moving average price of $42.34. The company has a market cap of $3.78 billion, a P/E ratio of -6.99 and a beta of 0.24. Crinetics Pharmaceuticals has a one year low of $25.83 and a one year high of $57.99.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its earnings results on Thursday, May 7th. The company reported ($1.23) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.22) by ($0.01). The business had revenue of $10.73 million for the quarter, compared to analyst estimates of $8.51 million. Crinetics Pharmaceuticals had a negative return on equity of 43.96% and a negative net margin of 2,747.18%.The company’s revenue for the quarter was up 2873.4% compared to the same quarter last year. During the same period last year, the firm earned ($1.04) EPS. As a group, sell-side analysts predict that Crinetics Pharmaceuticals will post -4.85 EPS for the current fiscal year.

Insider Transactions at Crinetics Pharmaceuticals

In other news, Director Stephanie Okey sold 6,900 shares of the stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $35.67, for a total transaction of $246,123.00. Following the sale, the director owned 6,400 shares of the company’s stock, valued at approximately $228,288. This represents a 51.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Jeff E. Knight sold 85,163 shares of the firm’s stock in a transaction that occurred on Wednesday, April 8th. The shares were sold at an average price of $40.10, for a total transaction of $3,415,036.30. Following the completion of the transaction, the insider directly owned 105,289 shares of the company’s stock, valued at approximately $4,222,088.90. The trade was a 44.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 3.80% of the company’s stock.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CRNX. Parkman Healthcare Partners LLC increased its position in shares of Crinetics Pharmaceuticals by 0.4% during the third quarter. Parkman Healthcare Partners LLC now owns 73,725 shares of the company’s stock worth $3,071,000 after acquiring an additional 313 shares during the period. Parallel Advisors LLC boosted its holdings in Crinetics Pharmaceuticals by 34.6% in the fourth quarter. Parallel Advisors LLC now owns 1,225 shares of the company’s stock valued at $57,000 after purchasing an additional 315 shares during the period. PNC Financial Services Group Inc. boosted its holdings in Crinetics Pharmaceuticals by 5.8% in the third quarter. PNC Financial Services Group Inc. now owns 5,952 shares of the company’s stock valued at $248,000 after purchasing an additional 327 shares during the period. Smartleaf Asset Management LLC grew its stake in Crinetics Pharmaceuticals by 107.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 639 shares of the company’s stock worth $30,000 after purchasing an additional 331 shares in the last quarter. Finally, Brooklyn Investment Group grew its stake in Crinetics Pharmaceuticals by 6.3% during the 4th quarter. Brooklyn Investment Group now owns 5,890 shares of the company’s stock worth $280,000 after purchasing an additional 348 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.