Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Receives $69.64 Consensus PT from Analysts

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) has earned a consensus recommendation of “Moderate Buy” from the eleven ratings firms that are covering the company, MarketBeat reports. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $70.18.

A number of equities research analysts have commented on the stock. Citigroup lifted their target price on shares of Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the stock a “buy” rating in a research report on Thursday. JMP Securities reiterated a “market outperform” rating and set a $80.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Friday, September 27th. HC Wainwright increased their target price on Crinetics Pharmaceuticals from $69.00 to $81.00 and gave the company a “buy” rating in a report on Wednesday. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $90.00 price target on shares of Crinetics Pharmaceuticals in a research report on Monday, September 16th. Finally, Oppenheimer reiterated an “outperform” rating and issued a $73.00 price objective (down previously from $74.00) on shares of Crinetics Pharmaceuticals in a research note on Friday, August 9th.

Crinetics Pharmaceuticals Price Performance

Shares of NASDAQ:CRNX opened at $54.72 on Thursday. Crinetics Pharmaceuticals has a 1 year low of $27.55 and a 1 year high of $62.53. The stock’s fifty day moving average price is $54.97 and its 200-day moving average price is $51.28. The company has a market cap of $5.07 billion, a P/E ratio of -14.67 and a beta of 0.62.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.96) EPS for the quarter, missing analysts’ consensus estimates of ($0.91) by ($0.05). During the same period in the previous year, the company posted ($1.01) EPS. On average, sell-side analysts anticipate that Crinetics Pharmaceuticals will post -3.72 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Stephen F. Betz sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $53.19, for a total value of $159,570.00. Following the transaction, the insider now directly owns 69,611 shares of the company’s stock, valued at approximately $3,702,609.09. The trade was a 4.13 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Dana Pizzuti sold 14,375 shares of the company’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 value of $785,306.25. Following the completion of the transaction, the insider now owns 28,507 shares of the company’s stock, valued at $1,557,337.41. The trade was a 33.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 43,410 shares of company stock valued at $2,275,929. 6.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

Several hedge funds have recently modified their holdings of CRNX. Russell Investments Group Ltd. lifted its position in shares of Crinetics Pharmaceuticals by 366,571.4% in the first quarter. Russell Investments Group Ltd. now owns 51,334 shares of the company’s stock worth $2,403,000 after buying an additional 51,320 shares in the last quarter. Swiss National Bank boosted its position in shares of Crinetics Pharmaceuticals by 21.4% during the 1st quarter. Swiss National Bank now owns 126,500 shares of the company’s stock valued at $5,921,000 after acquiring an additional 22,300 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Crinetics Pharmaceuticals by 2.1% in the first quarter. Vanguard Group Inc. now owns 3,575,076 shares of the company’s stock valued at $167,349,000 after purchasing an additional 72,624 shares in the last quarter. SG Americas Securities LLC increased its position in Crinetics Pharmaceuticals by 1,224.8% in the second quarter. SG Americas Securities LLC now owns 79,051 shares of the company’s stock worth $3,541,000 after purchasing an additional 73,084 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its stake in Crinetics Pharmaceuticals by 27.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,823,218 shares of the company’s stock valued at $178,966,000 after purchasing an additional 814,360 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, 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.