Crinetics Pharmaceuticals (NASDAQ:CRNX) Now Covered by Wolfe Research

Wolfe Research assumed coverage on shares of Crinetics Pharmaceuticals (NASDAQ:CRNX) in a report issued on Tuesday,Briefing.com Automated Import reports. The firm set a “peer perform” rating on the stock.

A number of other research analysts have also recently commented on CRNX. Citigroup raised their target price on Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. HC Wainwright restated a “buy” rating and set a $81.00 target price on shares of Crinetics Pharmaceuticals in a report on Monday, January 13th. JMP Securities reiterated a “market outperform” rating and issued a $87.00 price target on shares of Crinetics Pharmaceuticals in a research note on Monday, December 16th. Finally, Jefferies Financial Group raised shares of Crinetics Pharmaceuticals from a “hold” rating to a “buy” rating and set a $55.00 price objective on the stock in a research note on Wednesday, January 22nd. One investment analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, Crinetics Pharmaceuticals has a consensus rating of “Moderate Buy” and an average price target of $72.64.

Crinetics Pharmaceuticals Stock Performance

Shares of CRNX stock opened at $38.79 on Tuesday. The firm has a market cap of $3.60 billion, a P/E ratio of -10.40 and a beta of 0.56. The business’s 50 day moving average price is $48.89 and its 200-day moving average price is $52.16. Crinetics Pharmaceuticals has a fifty-two week low of $35.51 and a fifty-two week high of $62.53.

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

Insider Activity

In other Crinetics Pharmaceuticals news, COO Jeff E. Knight sold 501 shares of the business’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $56.52, for a total transaction 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 position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 6.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Venturi Wealth Management LLC purchased a new stake in Crinetics Pharmaceuticals in the 4th quarter worth approximately $41,000. Values First Advisors Inc. bought a new stake in Crinetics Pharmaceuticals in the third quarter worth $84,000. Allspring Global Investments Holdings LLC purchased a new position in shares of Crinetics Pharmaceuticals during the 3rd quarter worth about $91,000. KBC Group NV grew its stake in Crinetics Pharmaceuticals by 22.8% in the third quarter. KBC Group NV now owns 2,193 shares of the company’s stock worth $112,000 after purchasing an additional 407 shares in the last quarter. Finally, Advisors Asset Management Inc. raised its position in 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. 98.51% of the stock is currently owned by institutional investors.

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.