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

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) has earned a consensus rating of “Moderate Buy” from the twelve analysts that are currently covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a hold rating and eleven have issued a buy rating on the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $64.08.

A number of research analysts have commented on the company. Oppenheimer boosted their price objective on Crinetics Pharmaceuticals from $55.00 to $74.00 and gave the stock an “outperform” rating in a research note on Tuesday, June 4th. Robert W. Baird increased their price objective on shares of Crinetics Pharmaceuticals from $52.00 to $62.00 and gave the company an “outperform” rating in a research report on Thursday, May 23rd. Morgan Stanley lifted their price objective on shares of Crinetics Pharmaceuticals from $50.00 to $70.00 and gave the company an “overweight” rating in a research note on Thursday, May 23rd. JPMorgan Chase & Co. upped their target price on shares of Crinetics Pharmaceuticals from $47.00 to $54.00 and gave the company an “overweight” rating in a research note on Tuesday, July 9th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $97.00 price target on shares of Crinetics Pharmaceuticals in a research note on Tuesday, July 2nd.

Insider Transactions at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, CEO Richard Scott Struthers sold 107,448 shares of the business’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $49.40, for a total transaction of $5,307,931.20. Following the completion of the sale, the chief executive officer now owns 257,485 shares in the company, valued at $12,719,759. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Crinetics Pharmaceuticals news, insider Stephen F. Betz sold 3,000 shares of the firm’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $49.43, for a total value of $148,290.00. Following the transaction, the insider now owns 89,643 shares of the company’s stock, valued at $4,431,053.49. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Richard Scott Struthers sold 107,448 shares of the company’s stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $49.40, for a total value of $5,307,931.20. Following the transaction, the chief executive officer now directly owns 257,485 shares of the company’s stock, valued at $12,719,759. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 206,408 shares of company stock valued at $9,730,035. Insiders own 6.00% of the company’s stock.

Institutional Trading of Crinetics Pharmaceuticals

Hedge funds have recently made changes to their positions in the stock. Comerica Bank acquired a new stake in Crinetics Pharmaceuticals in the first quarter worth $33,000. Quarry LP acquired a new stake in shares of Crinetics Pharmaceuticals in the 4th quarter worth about $36,000. AJOVista LLC bought a new stake in Crinetics Pharmaceuticals in the 4th quarter valued at about $58,000. HighMark Wealth Management LLC bought a new stake in Crinetics Pharmaceuticals in the 4th quarter valued at about $151,000. Finally, Oppenheimer Asset Management Inc. bought a new position in Crinetics Pharmaceuticals in the 1st quarter worth about $200,000. Institutional investors own 98.51% of the company’s stock.

Crinetics Pharmaceuticals Stock Up 1.6 %

Shares of CRNX stock opened at $54.98 on Friday. Crinetics Pharmaceuticals has a fifty-two week low of $15.76 and a fifty-two week high of $55.77. The firm’s 50 day moving average price is $47.30 and its two-hundred day moving average price is $43.16. The stock has a market cap of $4.34 billion, a price-to-earnings ratio of -14.54 and a beta of 0.68.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its earnings results on Thursday, May 9th. The company reported ($0.93) EPS for the quarter, missing analysts’ consensus estimates of ($0.84) by ($0.09). The firm had revenue of $0.64 million for the quarter, compared to analyst estimates of $0.20 million. During the same quarter in the previous year, the company posted ($0.85) earnings per share. The company’s revenue for the quarter was down 76.1% on a year-over-year basis. On average, equities analysts forecast that Crinetics Pharmaceuticals will post -3.54 EPS for the current fiscal year.

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.