Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Receives $73.00 Consensus PT from Analysts

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) have received a consensus recommendation of “Moderate Buy” from the thirteen research firms that are currently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $73.00.

A number of analysts recently issued reports on the company. Jefferies Financial Group raised Crinetics Pharmaceuticals from a “hold” rating to a “buy” rating and set a $55.00 price objective for the company in a research report on Wednesday, January 22nd. Wolfe Research started coverage on shares of Crinetics Pharmaceuticals in a research note on Tuesday, February 4th. They issued a “peer perform” rating on the stock. Stifel Nicolaus started coverage on shares of Crinetics Pharmaceuticals in a research report on Tuesday, March 25th. They set a “buy” rating and a $60.00 price objective for the company. TD Cowen initiated coverage on Crinetics Pharmaceuticals in a research report on Tuesday, February 11th. They issued a “buy” rating on the stock. Finally, HC Wainwright restated a “buy” rating and set a $81.00 price target on shares of Crinetics Pharmaceuticals in a research report on Monday, January 13th.

Crinetics Pharmaceuticals Price Performance

Shares of CRNX stock opened at $29.66 on Friday. The firm’s 50-day moving average is $33.08 and its two-hundred day moving average is $45.29. Crinetics Pharmaceuticals has a 12 month low of $24.10 and a 12 month high of $62.53. The company has a market capitalization of $2.76 billion, a PE ratio of -7.95 and a beta of 0.37.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings data on Thursday, February 27th. The company reported ($0.88) EPS for the quarter, beating analysts’ consensus estimates of ($0.92) by $0.04. Sell-side analysts forecast that Crinetics Pharmaceuticals will post -3.73 EPS for the current year.

Insider Buying and Selling at Crinetics Pharmaceuticals

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

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Martingale Asset Management L P lifted its position in Crinetics Pharmaceuticals by 1.9% in the fourth quarter. Martingale Asset Management L P now owns 22,484 shares of the company’s stock valued at $1,150,000 after acquiring an additional 410 shares during the last quarter. Mackenzie Financial Corp lifted its holdings in shares of Crinetics Pharmaceuticals by 8.8% in the 4th quarter. Mackenzie Financial Corp now owns 5,422 shares of the company’s stock valued at $277,000 after purchasing an additional 440 shares during the last quarter. NEOS Investment Management LLC boosted its position in shares of Crinetics Pharmaceuticals by 0.9% in the 4th quarter. NEOS Investment Management LLC now owns 57,933 shares of the company’s stock valued at $2,962,000 after purchasing an additional 544 shares during the period. Janney Montgomery Scott LLC grew its stake in Crinetics Pharmaceuticals by 13.7% during the 4th quarter. Janney Montgomery Scott LLC now owns 4,975 shares of the company’s stock worth $254,000 after buying an additional 600 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D grew its stake in Crinetics Pharmaceuticals by 1.9% during the 4th quarter. State of New Jersey Common Pension Fund D now owns 38,049 shares of the company’s stock worth $1,945,000 after buying an additional 708 shares during the last quarter. 98.51% of the stock is owned by hedge funds and other 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.