Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Receives Consensus Rating of “Buy” from Brokerages

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) has received a consensus rating of “Buy” from the eleven brokerages that are presently covering the firm, Marketbeat Ratings reports. Eleven research analysts have rated the stock with a buy recommendation. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $72.64.

A number of analysts have recently weighed in on the stock. Citigroup increased their target price on shares of Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. JMP Securities reiterated a “market outperform” rating and issued a $87.00 price objective on shares of Crinetics Pharmaceuticals in a report on Monday, December 16th. HC Wainwright reissued a “buy” rating and set a $81.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Monday, January 13th. Finally, Jefferies Financial Group upgraded shares of Crinetics Pharmaceuticals from a “hold” rating to a “buy” rating and set a $55.00 target price for the company in a report on Wednesday, January 22nd.

Crinetics Pharmaceuticals Trading Down 3.7 %

NASDAQ CRNX opened at $38.79 on Tuesday. The stock has a 50-day moving average of $48.89 and a 200-day moving average of $52.16. The firm has a market cap of $3.60 billion, a PE ratio of -10.40 and a beta of 0.60. Crinetics Pharmaceuticals has a 1-year low of $35.51 and a 1-year high of $62.53.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its earnings results on Tuesday, November 12th. The company reported ($0.96) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.91) by ($0.05). During the same period in the previous year, the company posted ($1.01) EPS. As a group, equities research analysts forecast that Crinetics Pharmaceuticals will post -3.73 earnings per share for the current fiscal year.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Crinetics Pharmaceuticals

A number of large investors have recently added to or reduced their stakes in the stock. Barclays PLC boosted its stake in shares of Crinetics Pharmaceuticals by 75.5% in the 3rd quarter. Barclays PLC now owns 207,712 shares of the company’s stock worth $10,614,000 after buying an additional 89,358 shares during the last quarter. Franklin Resources Inc. lifted its stake in shares of Crinetics Pharmaceuticals by 61.4% in the 3rd quarter. Franklin Resources Inc. now owns 1,390,110 shares of the company’s stock worth $73,815,000 after purchasing an additional 528,688 shares during the period. Geode Capital Management LLC grew its position in Crinetics Pharmaceuticals by 10.1% during the third quarter. Geode Capital Management LLC now owns 1,848,133 shares of the company’s stock valued at $94,458,000 after buying an additional 169,746 shares during the period. Jennison Associates LLC increased its holdings in Crinetics Pharmaceuticals by 0.5% during the third quarter. Jennison Associates LLC now owns 2,793,614 shares of the company’s stock valued at $142,754,000 after buying an additional 13,470 shares during the last quarter. Finally, Fisher Asset Management LLC raised its position in Crinetics Pharmaceuticals by 8.4% in the third quarter. Fisher Asset Management LLC now owns 482,099 shares of the company’s stock worth $24,635,000 after acquiring an additional 37,429 shares during the period. 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.