Brokerages Set Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Price Target at $64.08

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) has earned an average rating of “Moderate Buy” from the twelve research firms that are currently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a hold recommendation and eleven have issued a buy recommendation on the company. The average 1-year target price among brokerages that have covered the stock in the last year is $64.75.

Several research firms recently weighed in on CRNX. Morgan Stanley raised their price objective on Crinetics Pharmaceuticals from $50.00 to $70.00 and gave the company an “overweight” rating in a research note on Thursday, May 23rd. Robert W. Baird raised their price objective on Crinetics Pharmaceuticals from $52.00 to $62.00 and gave the company an “outperform” rating in a research note on Thursday, May 23rd. HC Wainwright raised their price objective on Crinetics Pharmaceuticals from $60.00 to $69.00 and gave the company a “buy” rating in a research note on Friday. JMP Securities reaffirmed a “market outperform” rating and issued a $80.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Tuesday, June 4th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $97.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Tuesday, July 2nd.

Crinetics Pharmaceuticals Stock Performance

CRNX opened at $49.57 on Tuesday. The firm has a market cap of $3.91 billion, a P/E ratio of -13.11 and a beta of 0.68. Crinetics Pharmaceuticals has a 52-week low of $15.76 and a 52-week high of $55.78. The business’s fifty day moving average is $48.58 and its 200-day moving average is $45.23.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its earnings results on Thursday, August 8th. The company reported ($0.94) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.86) by ($0.08). The firm had revenue of $0.40 million during the quarter, compared to the consensus estimate of $0.47 million. The business’s quarterly revenue was down 59.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.94) earnings per share. On average, research analysts predict that Crinetics Pharmaceuticals will post -3.54 earnings per share for the current fiscal year.

Insider Transactions at Crinetics Pharmaceuticals

In other news, CFO Marc Wilson sold 32,129 shares of the firm’s stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $43.61, for a total transaction of $1,401,145.69. Following the completion of the transaction, the chief financial officer now directly owns 111,092 shares in the company, valued at $4,844,722.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Crinetics Pharmaceuticals news, CFO Marc Wilson sold 32,129 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $43.61, for a total value of $1,401,145.69. Following the completion of the sale, the chief financial officer now directly owns 111,092 shares in the company, valued at $4,844,722.12. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Stephen F. Betz sold 3,000 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $43.86, for a total value of $131,580.00. Following the completion of the sale, the insider now owns 83,643 shares of the company’s stock, valued at $3,668,581.98. The disclosure for this sale can be found here. Insiders sold 170,016 shares of company stock worth $8,320,842 over the last ninety days. 6.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

Hedge funds have recently added to or reduced their stakes in the business. Resolute Capital Asset Partners LLC increased its holdings in shares of Crinetics Pharmaceuticals by 50.0% during the second quarter. Resolute Capital Asset Partners LLC now owns 30,000 shares of the company’s stock valued at $1,344,000 after acquiring an additional 10,000 shares in the last quarter. Hsbc Holdings PLC increased its holdings in shares of Crinetics Pharmaceuticals by 59.2% during the second quarter. Hsbc Holdings PLC now owns 10,948 shares of the company’s stock valued at $478,000 after acquiring an additional 4,072 shares in the last quarter. Amalgamated Bank increased its holdings in shares of Crinetics Pharmaceuticals by 20.8% during the second quarter. Amalgamated Bank now owns 2,692 shares of the company’s stock valued at $121,000 after acquiring an additional 464 shares in the last quarter. Envestnet Asset Management Inc. increased its holdings in shares of Crinetics Pharmaceuticals by 23.5% during the second quarter. Envestnet Asset Management Inc. now owns 51,791 shares of the company’s stock valued at $2,320,000 after acquiring an additional 9,859 shares in the last quarter. Finally, Federated Hermes Inc. increased its holdings in shares of Crinetics Pharmaceuticals by 353.5% during the second quarter. Federated Hermes Inc. now owns 15,768 shares of the company’s stock valued at $706,000 after acquiring an additional 12,291 shares in the last quarter. 98.51% of the stock is currently owned by institutional investors.

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.