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

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) has been given a consensus recommendation of “Moderate Buy” by the twelve research firms that are currently covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a hold recommendation and eleven have assigned a buy recommendation to the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $74.30.

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

Insider Activity 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 5,000 shares of the stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $39.07, for a total value of $195,350.00. Following the completion of the sale, the insider now directly owns 31,748 shares of the company’s stock, valued at $1,240,394.36. The trade was a 13.61 % 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 over the last three months. 6.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

Several large investors have recently modified their holdings of the company. KBC Group NV boosted its holdings in shares of Crinetics Pharmaceuticals by 22.8% in the third quarter. KBC Group NV now owns 2,193 shares of the company’s stock valued at $112,000 after acquiring an additional 407 shares during the period. Martingale Asset Management L P raised its stake in shares of Crinetics Pharmaceuticals by 1.9% during the fourth quarter. Martingale Asset Management L P now owns 22,484 shares of the company’s stock worth $1,150,000 after purchasing an additional 410 shares during the last quarter. Mackenzie Financial Corp raised its stake in shares of Crinetics Pharmaceuticals by 8.8% during the fourth quarter. Mackenzie Financial Corp now owns 5,422 shares of the company’s stock worth $277,000 after purchasing an additional 440 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Crinetics Pharmaceuticals by 2.5% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 20,633 shares of the company’s stock worth $1,054,000 after purchasing an additional 505 shares during the last quarter. Finally, NEOS Investment Management LLC raised its stake in shares of Crinetics Pharmaceuticals by 0.9% during the fourth quarter. NEOS Investment Management LLC now owns 57,933 shares of the company’s stock worth $2,962,000 after purchasing an additional 544 shares during the last quarter. 98.51% of the stock is owned by institutional investors and hedge funds.

Crinetics Pharmaceuticals Price Performance

Shares of NASDAQ:CRNX opened at $34.42 on Wednesday. The firm has a market capitalization of $3.20 billion, a PE ratio of -9.23 and a beta of 0.58. The firm’s 50-day moving average is $36.22 and its two-hundred day moving average is $48.07. Crinetics Pharmaceuticals has a 1 year low of $31.84 and a 1 year high of $62.53.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings results on Thursday, February 27th. The company reported ($0.88) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.92) by $0.04. Analysts expect that Crinetics Pharmaceuticals will post -3.73 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.