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

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) has been assigned a consensus recommendation of “Moderate Buy” from the fourteen analysts that are presently covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and eleven have assigned a buy recommendation to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $74.4545.

CRNX has been the subject of several recent research reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a report on Saturday, September 27th. HC Wainwright reaffirmed a “buy” rating and set a $81.00 target price on shares of Crinetics Pharmaceuticals in a report on Friday, June 27th. Robert W. Baird lifted their target price on shares of Crinetics Pharmaceuticals from $58.00 to $62.00 and gave the company an “outperform” rating in a report on Friday, September 26th. Morgan Stanley boosted their price target on shares of Crinetics Pharmaceuticals from $65.00 to $77.00 and gave the stock an “overweight” rating in a report on Monday, September 29th. Finally, JPMorgan Chase & Co. cut their price target on shares of Crinetics Pharmaceuticals from $53.00 to $52.00 and set an “overweight” rating for the company in a report on Wednesday, September 24th.

Insider Buying and Selling

In related news, Director Matthew K. Fust sold 16,000 shares of the business’s stock in a transaction on Friday, September 26th. The shares were sold at an average price of $44.75, for a total value of $716,000.00. Following the completion of the sale, the director owned 22,836 shares of the company’s stock, valued at approximately $1,021,911. The trade was a 41.20% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Richard Scott Struthers sold 4,000 shares of the business’s stock in a transaction on Friday, September 26th. The stock was sold at an average price of $45.00, for a total transaction of $180,000.00. Following the completion of the sale, the chief executive officer directly owned 106,000 shares of the company’s stock, valued at approximately $4,770,000. The trade was a 3.64% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 61,492 shares of company stock valued at $2,207,387. 4.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

A number of large investors have recently modified their holdings of the business. Praxis Investment Management Inc. purchased a new stake in shares of Crinetics Pharmaceuticals during the third quarter worth $242,000. Osaic Holdings Inc. grew its holdings in shares of Crinetics Pharmaceuticals by 126.1% during the second quarter. Osaic Holdings Inc. now owns 2,478 shares of the company’s stock worth $75,000 after buying an additional 1,382 shares in the last quarter. Headlands Technologies LLC purchased a new stake in shares of Crinetics Pharmaceuticals during the second quarter worth $30,000. Tower Research Capital LLC TRC grew its holdings in shares of Crinetics Pharmaceuticals by 2,295.5% during the second quarter. Tower Research Capital LLC TRC now owns 12,768 shares of the company’s stock worth $367,000 after buying an additional 12,235 shares in the last quarter. Finally, Exome Asset Management LLC grew its holdings in shares of Crinetics Pharmaceuticals by 22.2% during the second quarter. Exome Asset Management LLC now owns 62,700 shares of the company’s stock worth $1,803,000 after buying an additional 11,405 shares in the last quarter. Hedge funds and other institutional investors own 98.51% of the company’s stock.

Crinetics Pharmaceuticals Price Performance

NASDAQ:CRNX opened at $40.86 on Friday. The firm has a market cap of $3.85 billion, a price-to-earnings ratio of -9.94 and a beta of 0.33. The company has a 50 day moving average price of $32.88 and a 200-day moving average price of $31.72. Crinetics Pharmaceuticals has a 1-year low of $24.10 and a 1-year high of $62.53.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its earnings results on Thursday, August 7th. The company reported ($1.23) earnings per share for the quarter, missing the consensus estimate of ($1.13) by ($0.10). The firm had revenue of $1.03 million for the quarter, compared to analysts’ expectations of $0.52 million. Crinetics Pharmaceuticals’s quarterly revenue was up 158.4% on a year-over-year basis. During the same period last year, the business posted ($0.94) earnings per share. On average, sell-side analysts anticipate that Crinetics Pharmaceuticals will post -3.73 earnings per share for the current fiscal year.

Crinetics Pharmaceuticals Company Profile

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.