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

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) have earned a consensus recommendation of “Moderate Buy” from the eleven ratings firms that are covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, nine have given a buy rating and one has issued a strong buy rating on the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $74.7778.

CRNX has been the topic of a number of research reports. Wall Street Zen upgraded shares of Crinetics Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Saturday, February 28th. The Goldman Sachs Group upgraded shares of Crinetics Pharmaceuticals from a “neutral” rating to a “buy” rating and set a $67.00 target price for the company in a report on Monday, January 12th. Morgan Stanley lifted 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. Lifesci Capital raised Crinetics Pharmaceuticals to a “strong-buy” rating in a report on Friday, February 13th. Finally, Citizens Jmp cut their price objective on 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.

Crinetics Pharmaceuticals Stock Down 2.3%

Shares of CRNX stock opened at $37.35 on Wednesday. The stock has a 50-day simple moving average of $47.54 and a 200 day simple moving average of $43.75. The stock has a market capitalization of $3.91 billion, a P/E ratio of -7.56 and a beta of 0.23. Crinetics Pharmaceuticals has a fifty-two week low of $24.10 and a fifty-two week high of $57.99.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings results on Thursday, February 26th. The company reported ($1.29) 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%. During the same period in the previous year, the firm earned ($0.88) EPS. The company’s revenue for the quarter was up NaN% compared to the same quarter last year. On average, sell-side analysts anticipate that Crinetics Pharmaceuticals will post -3.73 earnings per share for the current year.

Insider Transactions at Crinetics Pharmaceuticals

In related news, Director Stephanie Okey sold 3,000 shares of Crinetics Pharmaceuticals stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $39.67, for a total value of $119,010.00. Following the transaction, the director owned 13,300 shares of the company’s stock, valued at approximately $527,611. This trade represents a 18.40% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Isabel Kalofonos sold 2,500 shares of the business’s stock in a transaction dated Monday, January 5th. The stock was sold at an average price of $55.00, for a total value of $137,500.00. Following the sale, the insider owned 834 shares in the company, valued at approximately $45,870. The trade was a 74.99% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 12,213 shares of company stock valued at $522,815 over the last three months. Company insiders own 6.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Smartleaf Asset Management LLC raised its holdings in shares of Crinetics Pharmaceuticals by 107.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 639 shares of the company’s stock valued at $30,000 after acquiring an additional 331 shares during the period. Farther Finance Advisors LLC boosted its stake in 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. Headlands Technologies LLC acquired a new position in Crinetics Pharmaceuticals in the 2nd quarter worth approximately $30,000. Parallel Advisors LLC grew its position in Crinetics Pharmaceuticals by 34.6% during the 4th quarter. Parallel Advisors LLC now owns 1,225 shares of the company’s stock worth $57,000 after purchasing an additional 315 shares in the last quarter. Finally, Covestor Ltd raised its stake in Crinetics Pharmaceuticals by 23,983.3% during the 3rd quarter. Covestor Ltd now owns 1,445 shares of the company’s stock valued at $60,000 after purchasing an additional 1,439 shares during the period. 98.51% of the stock is currently owned by institutional investors and hedge funds.

Crinetics Pharmaceuticals Company Profile

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.