Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Receives $72.64 Average Target Price from Brokerages

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) have earned an average rating of “Moderate Buy” from the thirteen brokerages that are covering the company, MarketBeat.com reports. One analyst has rated the stock with a hold recommendation and twelve have given a buy recommendation to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $72.64.

CRNX has been the subject of a number of recent analyst reports. 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. Citigroup raised their price objective on shares of Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Wolfe Research initiated coverage on shares of Crinetics Pharmaceuticals in a research note on Tuesday, February 4th. They issued a “peer perform” rating for the company. HC Wainwright reaffirmed a “buy” rating and issued a $81.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Monday, January 13th. Finally, TD Cowen initiated coverage on shares of Crinetics Pharmaceuticals in a research note on Tuesday, February 11th. They issued a “buy” rating for the company.

Crinetics Pharmaceuticals Stock Performance

Shares of NASDAQ:CRNX opened at $34.62 on Friday. The stock has a market capitalization of $3.21 billion, a price-to-earnings ratio of -9.28 and a beta of 0.56. Crinetics Pharmaceuticals has a 1-year low of $34.07 and a 1-year high of $62.53. The company has a 50 day moving average price of $42.77 and a 200 day moving average price of $50.51.

Insider Buying and Selling at Crinetics Pharmaceuticals

In other news, insider Dana Pizzuti sold 5,000 shares of the firm’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $39.07, for a total transaction of $195,350.00. Following the transaction, the insider now owns 31,748 shares in the company, valued at approximately $1,240,394.36. This trade represents a 13.61 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 6.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. US Bancorp DE raised its holdings in shares of Crinetics Pharmaceuticals by 3.4% during the 3rd quarter. US Bancorp DE now owns 11,488 shares of the company’s stock valued at $587,000 after purchasing an additional 373 shares in the last quarter. KBC Group NV raised its holdings in shares of Crinetics Pharmaceuticals by 22.8% during the 3rd quarter. KBC Group NV now owns 2,193 shares of the company’s stock valued at $112,000 after purchasing an additional 407 shares in the last quarter. Martingale Asset Management L P raised its holdings in shares of Crinetics Pharmaceuticals by 1.9% during the 4th quarter. Martingale Asset Management L P now owns 22,484 shares of the company’s stock valued at $1,150,000 after purchasing an additional 410 shares in the last quarter. Mackenzie Financial Corp raised its holdings in shares of Crinetics Pharmaceuticals by 8.8% during 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 in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Crinetics Pharmaceuticals by 2.5% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 20,633 shares of the company’s stock valued at $1,054,000 after purchasing an additional 505 shares in the last quarter. 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.