Analysts Set Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Target Price at $72.64

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) have been assigned an average recommendation of “Moderate Buy” from the twelve brokerages that are covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $74.30.

Several analysts recently issued reports on the stock. TD Cowen assumed coverage on shares of Crinetics Pharmaceuticals in a research report on Tuesday, February 11th. They set a “buy” rating on the stock. JMP Securities reiterated a “market outperform” rating and set a $87.00 price target on shares of Crinetics Pharmaceuticals in a research report on Monday, December 16th. Jefferies Financial Group raised shares of Crinetics Pharmaceuticals from a “hold” rating to a “buy” rating and set a $55.00 price objective for the company in a research note on Wednesday, January 22nd. HC Wainwright reissued a “buy” rating and issued a $81.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Monday, January 13th. Finally, Wolfe Research started coverage on shares of Crinetics Pharmaceuticals in a research note on Tuesday, February 4th. They issued a “peer perform” rating for the company.

Crinetics Pharmaceuticals Stock Performance

Shares of CRNX opened at $34.42 on Wednesday. Crinetics Pharmaceuticals has a 52 week low of $31.84 and a 52 week high of $62.53. The firm has a market cap of $3.20 billion, a P/E ratio of -9.23 and a beta of 0.58. The firm’s 50-day simple moving average is $36.22 and its 200 day simple moving average is $48.13.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its quarterly earnings results on Thursday, February 27th. The company reported ($0.88) EPS for the quarter, beating analysts’ consensus estimates of ($0.92) by $0.04. As a group, equities analysts forecast that Crinetics Pharmaceuticals will post -3.73 earnings per share for the current year.

Insider Buying and Selling at Crinetics Pharmaceuticals

In other news, CEO Richard Scott Struthers sold 17,338 shares of the firm’s stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $34.20, for a total value of $592,959.60. Following the completion of the sale, the chief executive officer now directly owns 329,147 shares of the company’s stock, valued at approximately $11,256,827.40. This trade represents a 5.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Dana Pizzuti sold 2,515 shares of Crinetics Pharmaceuticals stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $34.20, for a total transaction of $86,013.00. Following the transaction, the insider now directly owns 72,233 shares of the company’s stock, valued at approximately $2,470,368.60. This trade represents a 3.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 32,015 shares of company stock valued at $1,119,263 in the last quarter. Company insiders own 6.00% of the company’s stock.

Institutional Trading of Crinetics Pharmaceuticals

A number of institutional investors and hedge funds have recently bought and sold shares of CRNX. Vanguard Group Inc. grew its stake in shares of Crinetics Pharmaceuticals by 44.6% in the fourth quarter. Vanguard Group Inc. now owns 9,089,391 shares of the company’s stock worth $464,741,000 after acquiring an additional 2,801,736 shares during the period. FMR LLC boosted its holdings in shares of Crinetics Pharmaceuticals by 100.4% in the fourth quarter. FMR LLC now owns 8,928,086 shares of the company’s stock worth $456,493,000 after buying an additional 4,472,316 shares during the last quarter. Wellington Management Group LLP boosted its holdings in shares of Crinetics Pharmaceuticals by 55.9% in the fourth quarter. Wellington Management Group LLP now owns 6,950,567 shares of the company’s stock worth $355,382,000 after buying an additional 2,490,876 shares during the last quarter. Driehaus Capital Management LLC boosted its holdings in shares of Crinetics Pharmaceuticals by 4.3% in the fourth quarter. Driehaus Capital Management LLC now owns 6,141,014 shares of the company’s stock worth $313,990,000 after buying an additional 255,766 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its holdings in shares of Crinetics Pharmaceuticals by 9.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,414,505 shares of the company’s stock worth $276,844,000 after buying an additional 469,748 shares during the last quarter. 98.51% of the stock is currently owned by institutional investors.

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.