Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Receives Average Rating of “Moderate Buy” from Analysts

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) has been given a consensus rating of “Moderate Buy” by the eleven analysts that are presently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $68.55.

CRNX has been the topic of several analyst reports. HC Wainwright boosted their price target on shares of Crinetics Pharmaceuticals from $60.00 to $69.00 and gave the stock a “buy” rating in a report on Friday, August 9th. JMP Securities reaffirmed a “market outperform” rating and issued a $80.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Friday, September 27th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $90.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Monday, September 16th. Oppenheimer reaffirmed an “outperform” rating and issued a $73.00 price objective (down previously from $74.00) on shares of Crinetics Pharmaceuticals in a research report on Friday, August 9th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $97.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Tuesday, July 2nd.

Insider Activity

In other news, insider Stephen F. Betz sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 10th. The shares were sold at an average price of $48.55, for a total value of $145,650.00. Following the sale, the insider now owns 78,611 shares of the company’s stock, valued at $3,816,564.05. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, insider Stephen F. Betz sold 3,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 10th. The shares were sold at an average price of $48.55, for a total transaction of $145,650.00. Following the sale, the insider now owns 78,611 shares of the company’s stock, valued at approximately $3,816,564.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider James Hassard sold 15,000 shares of the company’s stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $44.08, for a total transaction of $661,200.00. Following the sale, the insider now directly owns 29,259 shares in the company, valued at approximately $1,289,736.72. The disclosure for this sale can be found here. Insiders have sold a total of 121,091 shares of company stock valued at $6,344,500 over the last quarter. Company insiders own 6.00% of the company’s stock.

Institutional Trading of Crinetics Pharmaceuticals

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Senator Investment Group LP bought a new stake in Crinetics Pharmaceuticals during the 2nd quarter worth approximately $6,047,000. Creative Planning grew its stake in Crinetics Pharmaceuticals by 20.6% in the 2nd quarter. Creative Planning now owns 12,997 shares of the company’s stock worth $582,000 after buying an additional 2,224 shares in the last quarter. Algert Global LLC grew its stake in Crinetics Pharmaceuticals by 19.0% in the 2nd quarter. Algert Global LLC now owns 41,707 shares of the company’s stock worth $1,868,000 after buying an additional 6,667 shares in the last quarter. Driehaus Capital Management LLC grew its stake in Crinetics Pharmaceuticals by 17.0% in the 2nd quarter. Driehaus Capital Management LLC now owns 6,112,173 shares of the company’s stock worth $273,764,000 after buying an additional 885,876 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its stake in Crinetics Pharmaceuticals by 21.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 131,063 shares of the company’s stock worth $5,870,000 after buying an additional 23,398 shares in the last quarter. Institutional investors own 98.51% of the company’s stock.

Crinetics Pharmaceuticals Stock Performance

Crinetics Pharmaceuticals stock opened at $51.92 on Wednesday. Crinetics Pharmaceuticals has a fifty-two week low of $25.35 and a fifty-two week high of $55.78. The stock has a market cap of $4.09 billion, a PE ratio of -13.74 and a beta of 0.63. The firm’s 50-day simple moving average is $52.03 and its 200 day simple moving average is $48.45.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.94) earnings per share for the quarter, missing the consensus estimate of ($0.86) by ($0.08). The company had revenue of $0.40 million for the quarter, compared to analyst estimates of $0.47 million. During the same quarter in the previous year, the business posted ($0.94) EPS. The business’s revenue was down 59.6% compared to the same quarter last year. As a group, analysts predict that Crinetics Pharmaceuticals will post -3.72 EPS for the current fiscal year.

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.