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

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) have earned a consensus rating of “Moderate Buy” from the eleven ratings firms that are covering the company, MarketBeat reports. One analyst has rated the stock with a hold rating and ten have issued a buy rating on the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $70.18.

Several brokerages recently commented on CRNX. Citigroup raised their target price on Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. HC Wainwright raised their price objective on shares of Crinetics Pharmaceuticals from $69.00 to $81.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Cantor Fitzgerald reissued an “overweight” rating and issued a $90.00 target price on shares of Crinetics Pharmaceuticals in a research note on Monday, September 16th. Oppenheimer restated an “outperform” rating and set a $73.00 price target (down previously from $74.00) on shares of Crinetics Pharmaceuticals in a research note on Friday, August 9th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $80.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Friday, September 27th.

Crinetics Pharmaceuticals Stock Performance

NASDAQ CRNX opened at $56.07 on Thursday. Crinetics Pharmaceuticals has a twelve month low of $29.72 and a twelve month high of $62.53. The stock has a market cap of $5.20 billion, a PE ratio of -15.03 and a beta of 0.62. The firm has a 50-day simple moving average of $55.20 and a 200 day simple moving average of $51.46.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.96) EPS for the quarter, missing analysts’ consensus estimates of ($0.91) by ($0.05). During the same period in the prior year, the company posted ($1.01) earnings per share. Research analysts forecast that Crinetics Pharmaceuticals will post -3.75 earnings per share for the current fiscal year.

Insider Transactions at Crinetics Pharmaceuticals

In other news, insider Stephen F. Betz sold 3,000 shares of the stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $53.19, for a total transaction of $159,570.00. Following the sale, the insider now directly owns 69,611 shares of the company’s stock, valued at $3,702,609.09. This represents a 4.13 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Marc Wilson sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 26th. The shares were sold at an average price of $51.11, for a total transaction of $1,277,750.00. Following the completion of the sale, the chief financial officer now directly owns 111,092 shares of the company’s stock, valued at approximately $5,677,912.12. This represents a 18.37 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 43,410 shares of company stock worth $2,275,929. Insiders own 6.00% of the company’s stock.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

Several large investors have recently made changes to their positions in CRNX. Comerica Bank bought a new stake in Crinetics Pharmaceuticals during the 1st quarter worth about $33,000. Quest Partners LLC bought a new stake in shares of Crinetics Pharmaceuticals during the second quarter worth approximately $42,000. Values First Advisors Inc. bought a new stake in shares of Crinetics Pharmaceuticals during the third quarter worth approximately $84,000. Allspring Global Investments Holdings LLC acquired a new position in Crinetics Pharmaceuticals in the third quarter valued at approximately $91,000. Finally, KBC Group NV grew its holdings in Crinetics Pharmaceuticals by 22.8% during the 3rd quarter. KBC Group NV now owns 2,193 shares of the company’s stock worth $112,000 after acquiring an additional 407 shares during the period. Institutional investors and hedge funds own 98.51% of the company’s stock.

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.