Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Given Consensus Rating of “Moderate Buy” by Brokerages

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) has earned a consensus recommendation of “Moderate Buy” from the ten ratings firms that are covering the company, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, eight have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $76.6250.

Several research analysts recently issued reports on the stock. Wall Street Zen lowered shares of Crinetics Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Saturday, March 28th. Weiss Ratings reissued a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a research report on Monday. Citizens Jmp dropped their price target on shares of Crinetics Pharmaceuticals from $105.00 to $96.00 and set a “market outperform” rating for the company in a research report on Monday, March 2nd. Morgan Stanley increased their price target on shares of Crinetics Pharmaceuticals from $77.00 to $80.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 6th. Finally, The Goldman Sachs Group raised shares of Crinetics Pharmaceuticals from a “neutral” rating to a “buy” rating and set a $67.00 price target for the company in a research report on Monday, January 12th.

Crinetics Pharmaceuticals Stock Up 0.5%

NASDAQ:CRNX opened at $39.10 on Thursday. Crinetics Pharmaceuticals has a 12-month low of $25.83 and a 12-month high of $57.99. The firm has a market capitalization of $4.09 billion, a PE ratio of -7.91 and a beta of 0.30. The firm has a 50-day moving average price of $39.12 and a 200 day moving average price of $44.14.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its quarterly earnings results on Thursday, February 26th. The company reported ($1.29) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.37) by $0.08. Crinetics Pharmaceuticals had a negative net margin of 6,046.22% and a negative return on equity of 41.46%. The firm had revenue of $6.16 million during the quarter, compared to analyst estimates of $4.32 million. During the same quarter in the prior year, the business posted ($0.88) earnings per share. The company’s quarterly revenue was up NaN% compared to the same quarter last year. On average, research analysts expect that Crinetics Pharmaceuticals will post -4.9 EPS for the current year.

Insider Transactions at Crinetics Pharmaceuticals

In related news, Director Coelho Rogerio Vivaldi sold 5,000 shares of the stock in a transaction dated Thursday, March 12th. The shares were sold at an average price of $36.15, for a total value of $180,750.00. Following the completion of the transaction, the director owned 16,300 shares of the company’s stock, valued at $589,245. This represents a 23.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Jeff E. Knight sold 85,163 shares of the company’s stock in a transaction dated Wednesday, April 8th. The stock was sold at an average price of $40.10, for a total transaction of $3,415,036.30. Following the sale, the insider directly owned 105,289 shares in the company, valued at $4,222,088.90. This represents a 44.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 142,380 shares of company stock valued at $5,569,475. Corporate insiders own 4.60% of the company’s stock.

Institutional Trading of Crinetics Pharmaceuticals

Several large investors have recently added to or reduced their stakes in CRNX. Wellington Management Group LLP grew its stake in Crinetics Pharmaceuticals by 44.3% during the third quarter. Wellington Management Group LLP now owns 8,381,991 shares of the company’s stock worth $349,110,000 after buying an additional 2,574,683 shares during the last quarter. Baker BROS. Advisors LP grew its stake in Crinetics Pharmaceuticals by 488.9% during the fourth quarter. Baker BROS. Advisors LP now owns 1,648,869 shares of the company’s stock worth $76,755,000 after buying an additional 1,368,869 shares during the last quarter. Farallon Capital Management LLC grew its stake in Crinetics Pharmaceuticals by 20.2% during the fourth quarter. Farallon Capital Management LLC now owns 6,933,098 shares of the company’s stock worth $322,736,000 after buying an additional 1,163,000 shares during the last quarter. JPMorgan Chase & Co. grew its stake in Crinetics Pharmaceuticals by 279.2% during the third quarter. JPMorgan Chase & Co. now owns 1,258,722 shares of the company’s stock worth $52,426,000 after buying an additional 926,765 shares during the last quarter. Finally, GW&K Investment Management LLC grew its stake in Crinetics Pharmaceuticals by 73.6% during the fourth quarter. GW&K Investment Management LLC now owns 1,476,325 shares of the company’s stock worth $68,723,000 after buying an additional 625,779 shares during the last quarter. 98.51% of the stock is owned by institutional investors.

About Crinetics Pharmaceuticals

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.