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

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) have been assigned an average recommendation of “Moderate Buy” from the fourteen ratings firms that are covering the company, Marketbeat reports. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have assigned a buy rating to the company. The average 12 month price target among brokerages that have covered the stock in the last year is $74.4545.

CRNX has been the topic of several research reports. Robert W. Baird lifted their price target 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. JPMorgan Chase & Co. reduced their price objective on shares of Crinetics Pharmaceuticals from $53.00 to $52.00 and set an “overweight” rating on the stock in a research note on Wednesday, September 24th. Leerink Partners upped their price objective on shares of Crinetics Pharmaceuticals from $80.00 to $88.00 and gave the company an “outperform” rating in a research note on Monday, September 29th. JMP Securities increased their target price on shares of Crinetics Pharmaceuticals from $86.00 to $143.00 and gave the stock a “market outperform” rating in a research note on Friday, September 26th. Finally, Oppenheimer raised their price objective on shares of Crinetics Pharmaceuticals from $73.00 to $87.00 and gave the company an “outperform” rating in a research note on Tuesday, September 30th.

Insider Buying and Selling

In other Crinetics Pharmaceuticals news, CEO Richard Scott Struthers sold 4,000 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Friday, September 26th. The shares were 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 in the company, valued at $4,770,000. The trade was a 3.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Dana Pizzuti sold 5,000 shares of the company’s stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $41.81, for a total transaction of $209,050.00. Following the completion of the sale, the insider directly owned 66,270 shares of the company’s stock, valued at $2,770,748.70. This trade represents a 7.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 61,492 shares of company stock worth $2,207,387. Insiders own 6.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Headlands Technologies LLC purchased a new stake in Crinetics Pharmaceuticals during the 2nd quarter valued at about $30,000. Farther Finance Advisors LLC lifted its stake in shares of Crinetics Pharmaceuticals by 523.7% in the 3rd quarter. Farther Finance Advisors LLC now owns 842 shares of the company’s stock worth $35,000 after purchasing an additional 707 shares during the period. Raymond James Financial Inc. bought a new position in shares of Crinetics Pharmaceuticals in the 2nd quarter worth approximately $45,000. Penserra Capital Management LLC bought a new position in shares of Crinetics Pharmaceuticals in the 2nd quarter worth approximately $48,000. Finally, Covestor Ltd lifted its stake in shares of Crinetics Pharmaceuticals by 23,983.3% in the 3rd quarter. Covestor Ltd now owns 1,445 shares of the company’s stock worth $60,000 after purchasing an additional 1,439 shares during the period. 98.51% of the stock is currently owned by institutional investors.

Crinetics Pharmaceuticals Trading Down 1.5%

Crinetics Pharmaceuticals stock opened at $42.85 on Thursday. The company has a market cap of $4.04 billion, a P/E ratio of -10.43 and a beta of 0.25. Crinetics Pharmaceuticals has a 1-year low of $24.10 and a 1-year high of $62.53. The company has a fifty day simple moving average of $38.70 and a 200 day simple moving average of $33.56.

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