Brokerages Set Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Price Target at $74.40

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) has been assigned a consensus recommendation of “Buy” from the ten ratings firms that are currently covering the company, MarketBeat reports. Ten research analysts have rated the stock with a buy rating. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $74.40.

CRNX has been the subject of a number of recent research reports. Citigroup increased their price objective on shares of Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the company a “buy” rating in a report on Thursday, November 14th. HC Wainwright lifted their price objective on Crinetics Pharmaceuticals from $69.00 to $81.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Cantor Fitzgerald restated an “overweight” rating and issued a $90.00 target price on shares of Crinetics Pharmaceuticals in a report on Monday, September 16th. Finally, JMP Securities reiterated a “market outperform” rating and set a $87.00 price target on shares of Crinetics Pharmaceuticals in a report on Monday, December 16th.

Crinetics Pharmaceuticals Price Performance

Shares of NASDAQ:CRNX opened at $48.50 on Friday. Crinetics Pharmaceuticals has a 1 year low of $35.24 and a 1 year high of $62.53. The firm has a market capitalization of $4.50 billion, a PE ratio of -13.00 and a beta of 0.60. The business’s 50 day moving average price is $55.36 and its 200-day moving average price is $53.22.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its earnings results on Tuesday, November 12th. The company reported ($0.96) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.91) by ($0.05). During the same period last year, the firm earned ($1.01) EPS. As a group, analysts expect that Crinetics Pharmaceuticals will post -3.75 earnings per share for the current year.

Insider Activity

In other news, COO Jeff E. Knight sold 501 shares of Crinetics Pharmaceuticals stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $56.52, for a total value of $28,316.52. Following the completion of the sale, the chief operating officer now directly owns 51,653 shares of the company’s stock, valued at approximately $2,919,427.56. The trade was a 0.96 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 6.00% of the company’s stock.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

Institutional investors have recently bought and sold shares of the company. Barclays PLC boosted its stake in shares of Crinetics Pharmaceuticals by 75.5% in the third quarter. Barclays PLC now owns 207,712 shares of the company’s stock valued at $10,614,000 after purchasing an additional 89,358 shares during the period. Franklin Resources Inc. boosted its position in Crinetics Pharmaceuticals by 61.4% in the 3rd quarter. Franklin Resources Inc. now owns 1,390,110 shares of the company’s stock valued at $73,815,000 after buying an additional 528,688 shares during the period. Driehaus Capital Management LLC grew its stake in shares of Crinetics Pharmaceuticals by 17.0% in the second quarter. Driehaus Capital Management LLC now owns 6,112,173 shares of the company’s stock worth $273,764,000 after acquiring an additional 885,876 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Crinetics Pharmaceuticals by 10.1% during the third quarter. Geode Capital Management LLC now owns 1,848,133 shares of the company’s stock worth $94,458,000 after acquiring an additional 169,746 shares during the period. Finally, Jennison Associates LLC raised its stake in shares of Crinetics Pharmaceuticals by 0.5% in the third quarter. Jennison Associates LLC now owns 2,793,614 shares of the company’s stock valued at $142,754,000 after acquiring an additional 13,470 shares in the last quarter. 98.51% of the stock is owned by institutional investors and hedge funds.

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.