Crinetics Pharmaceuticals (NASDAQ:CRNX) Raised to “Buy” at Jefferies Financial Group

Crinetics Pharmaceuticals (NASDAQ:CRNX) was upgraded by investment analysts at Jefferies Financial Group from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday, Marketbeat reports. The firm currently has a $55.00 price objective on the stock. Jefferies Financial Group’s price objective points to a potential upside of 40.31% from the company’s current price.

A number of other equities analysts have also recently commented on the company. Citigroup boosted their price target on Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. HC Wainwright reissued a “buy” rating and set a $81.00 price target on shares of Crinetics Pharmaceuticals in a report on Monday, January 13th. Finally, JMP Securities restated a “market outperform” rating and set a $87.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Monday, December 16th. Eleven investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Crinetics Pharmaceuticals has a consensus rating of “Buy” and an average price target of $72.64.

Crinetics Pharmaceuticals Price Performance

Shares of NASDAQ CRNX opened at $39.20 on Wednesday. Crinetics Pharmaceuticals has a fifty-two week low of $35.51 and a fifty-two week high of $62.53. The stock has a market capitalization of $3.64 billion, a PE ratio of -10.51 and a beta of 0.60. The business has a fifty day moving average price of $51.19 and a two-hundred day moving average price of $52.77.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.96) EPS for the quarter, missing analysts’ consensus estimates of ($0.91) by ($0.05). During the same period in the prior year, the business earned ($1.01) earnings per share. On average, equities analysts expect that Crinetics Pharmaceuticals will post -3.73 EPS for the current year.

Insider Buying and Selling at Crinetics Pharmaceuticals

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

Institutional Investors Weigh In On Crinetics Pharmaceuticals

A number of institutional investors have recently made changes to their positions in CRNX. Values First Advisors Inc. bought a new stake in shares of Crinetics Pharmaceuticals during the 3rd quarter valued at about $84,000. Allspring Global Investments Holdings LLC bought a new stake in shares of Crinetics Pharmaceuticals during the 3rd quarter valued at about $91,000. KBC Group NV boosted its position 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. Amalgamated Bank boosted its position in shares of Crinetics Pharmaceuticals by 20.8% during the 2nd quarter. Amalgamated Bank now owns 2,692 shares of the company’s stock valued at $121,000 after purchasing an additional 464 shares in the last quarter. Finally, Advisors Asset Management Inc. boosted its position in shares of Crinetics Pharmaceuticals by 56.1% during the 3rd quarter. Advisors Asset Management Inc. now owns 2,806 shares of the company’s stock valued at $143,000 after purchasing an additional 1,008 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.