Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Receives $54.00 Average Target Price from Brokerages

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) have been assigned an average rating of “Moderate Buy” from the eleven ratings firms that are covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a hold recommendation and ten have issued a buy recommendation on the company. The average 12 month target price among brokers that have covered the stock in the last year is $54.00.

CRNX has been the topic of a number of research analyst reports. Robert W. Baird boosted their price objective on shares of Crinetics Pharmaceuticals from $45.00 to $52.00 and gave the stock an “outperform” rating in a report on Thursday, February 29th. Oppenheimer boosted their price target on Crinetics Pharmaceuticals from $54.00 to $55.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 20th. Morgan Stanley started coverage on Crinetics Pharmaceuticals in a research note on Tuesday, January 16th. They issued an “overweight” rating and a $50.00 price objective for the company. Jonestrading lifted their price objective on Crinetics Pharmaceuticals from $52.00 to $56.00 and gave the stock a “buy” rating in a report on Wednesday, March 20th. Finally, HC Wainwright reissued a “buy” rating and issued a $50.00 target price on shares of Crinetics Pharmaceuticals in a report on Tuesday, March 19th.

Insider Transactions at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, CEO Richard Scott Struthers sold 40,951 shares of the business’s stock in a transaction dated Thursday, April 4th. The shares were sold at an average price of $49.17, for a total transaction of $2,013,560.67. Following the sale, the chief executive officer now directly owns 237,835 shares in the company, valued at approximately $11,694,346.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Richard Scott Struthers sold 40,951 shares of the firm’s stock in a transaction dated Thursday, April 4th. The shares were sold at an average price of $49.17, for a total transaction of $2,013,560.67. Following the completion of the transaction, the chief executive officer now owns 237,835 shares in the company, valued at approximately $11,694,346.95. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Dana Pizzuti sold 15,089 shares of the firm’s stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $44.06, for a total value of $664,821.34. Following the completion of the sale, the insider now directly owns 27,786 shares of the company’s stock, valued at approximately $1,224,251.16. The disclosure for this sale can be found here. Over the last three months, insiders sold 187,216 shares of company stock worth $8,509,397. Company insiders own 7.00% 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. China Universal Asset Management Co. Ltd. grew its stake in Crinetics Pharmaceuticals by 73.1% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 13,364 shares of the company’s stock valued at $626,000 after buying an additional 5,643 shares during the last quarter. HighMark Wealth Management LLC grew its position in shares of Crinetics Pharmaceuticals by 305.1% in the first quarter. HighMark Wealth Management LLC now owns 17,215 shares of the company’s stock valued at $806,000 after purchasing an additional 12,965 shares during the last quarter. Hennion & Walsh Asset Management Inc. increased its stake in shares of Crinetics Pharmaceuticals by 2.5% in the first quarter. Hennion & Walsh Asset Management Inc. now owns 38,087 shares of the company’s stock worth $1,783,000 after purchasing an additional 927 shares during the period. Vanguard Group Inc. lifted its position in shares of Crinetics Pharmaceuticals by 2.8% during the 4th quarter. Vanguard Group Inc. now owns 3,502,452 shares of the company’s stock worth $124,617,000 after purchasing an additional 95,417 shares during the last quarter. Finally, Fisher Asset Management LLC boosted its stake in Crinetics Pharmaceuticals by 719.3% during the 4th quarter. Fisher Asset Management LLC now owns 441,295 shares of the company’s stock valued at $15,701,000 after purchasing an additional 387,435 shares during the period. Institutional investors own 98.51% of the company’s stock.

Crinetics Pharmaceuticals Stock Down 0.4 %

NASDAQ CRNX opened at $43.82 on Friday. The firm has a market cap of $3.45 billion, a P/E ratio of -11.84 and a beta of 0.63. Crinetics Pharmaceuticals has a 52-week low of $15.76 and a 52-week high of $49.58. The business’s 50-day moving average price is $43.12 and its 200 day moving average price is $36.93.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its earnings results on Wednesday, February 28th. The company reported ($0.90) EPS for the quarter, missing the consensus estimate of ($0.89) by ($0.01). Crinetics Pharmaceuticals had a negative return on equity of 52.93% and a negative net margin of 4,223.27%. The company’s revenue for the quarter was down 100.0% on a year-over-year basis. During the same quarter last year, the firm posted ($0.84) earnings per share. As a group, analysts anticipate that Crinetics Pharmaceuticals will post -3.34 earnings per share for the current year.

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.