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

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) have earned a consensus recommendation of “Moderate Buy” from the ten analysts that are presently covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, eight have assigned a buy rating and one has issued a strong buy rating on the company. The average twelve-month price target among analysts that have covered the stock in the last year is $76.1250.

CRNX has been the subject of a number of analyst reports. Wall Street Zen upgraded shares of Crinetics Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research note on Sunday. Oppenheimer dropped their price target on Crinetics Pharmaceuticals from $87.00 to $84.00 and set an “outperform” rating for the company in a report on Monday, May 11th. Weiss Ratings restated a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a research report on Monday, April 20th. Lifesci Capital upgraded shares of Crinetics Pharmaceuticals to a “strong-buy” rating in a research report on Friday, February 13th. Finally, Citizens Jmp dropped their price objective on Crinetics Pharmaceuticals from $97.00 to $95.00 and set a “market outperform” rating for the company in a report on Friday, May 8th.

Insiders Place Their Bets

In other Crinetics Pharmaceuticals news, CEO Richard Scott Struthers sold 21,981 shares of the stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $37.37, for a total transaction of $821,429.97. Following the completion of the transaction, the chief executive officer owned 404,778 shares in the company, valued at approximately $15,126,553.86. This represents a 5.15% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Tobin Schilke sold 6,713 shares of the stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $39.67, for a total value of $266,304.71. Following the transaction, the chief financial officer owned 78,121 shares of the company’s stock, valued at approximately $3,099,060.07. This trade represents a 7.91% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 142,380 shares of company stock worth $5,569,475 over the last 90 days. 3.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

Large investors have recently added to or reduced their stakes in the company. Smartleaf Asset Management LLC boosted its stake in shares of Crinetics Pharmaceuticals by 107.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 639 shares of the company’s stock worth $30,000 after buying an additional 331 shares during the last quarter. Headlands Technologies LLC acquired a new stake in Crinetics Pharmaceuticals during the second quarter worth approximately $30,000. Raymond James Financial Inc. acquired a new stake in Crinetics Pharmaceuticals during the second quarter worth approximately $45,000. Parallel Advisors LLC increased its holdings in shares of Crinetics Pharmaceuticals by 34.6% during the fourth quarter. Parallel Advisors LLC now owns 1,225 shares of the company’s stock worth $57,000 after purchasing an additional 315 shares during the period. Finally, Covestor Ltd increased its holdings in shares of Crinetics Pharmaceuticals by 23,983.3% during the third quarter. Covestor Ltd now owns 1,445 shares of the company’s stock worth $60,000 after purchasing an additional 1,439 shares during the period. Institutional investors own 98.51% of the company’s stock.

Crinetics Pharmaceuticals Price Performance

Crinetics Pharmaceuticals stock opened at $36.77 on Monday. The company has a market capitalization of $3.88 billion, a price-to-earnings ratio of -7.17 and a beta of 0.28. Crinetics Pharmaceuticals has a one year low of $25.83 and a one year high of $57.99. The company’s fifty day moving average price is $37.91 and its two-hundred day moving average price is $43.70.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its earnings results on Thursday, May 7th. The company reported ($1.23) earnings per share for the quarter, missing the consensus estimate of ($1.22) by ($0.01). Crinetics Pharmaceuticals had a negative net margin of 2,747.18% and a negative return on equity of 43.96%. The company had revenue of $10.73 million during the quarter, compared to the consensus estimate of $8.51 million. During the same quarter in the previous year, the business posted ($1.04) EPS. The firm’s quarterly revenue was up 2873.4% on a year-over-year basis. As a group, sell-side analysts anticipate that Crinetics Pharmaceuticals will post -4.82 earnings per share for the current year.

Crinetics Pharmaceuticals Company Profile

Crinetics Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of novel therapeutics for rare endocrine diseases. The company’s proprietary platform leverages insights into hormone receptor signaling to design small-molecule candidates that address conditions driven by dysregulated hormone activity. Crinetics’ research efforts center on targeting somatostatin, vasopressin and other GPCR-mediated pathways with orally bioavailable molecules intended to improve patient convenience and adherence.

The company’s lead product candidate, paltusotine (formerly CRN04777), is a selective, non-peptide somatostatin receptor type 2 agonist being evaluated for the treatment of acromegaly and carcinoid syndrome diarrhea.