Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Given Consensus Rating of “Moderate Buy” by Brokerages

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) has earned an average rating of “Moderate Buy” from the eleven analysts that are covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $68.55.

Several research analysts have issued reports on CRNX shares. Oppenheimer reaffirmed an “outperform” rating and issued a $73.00 price target (down previously from $74.00) on shares of Crinetics Pharmaceuticals in a report on Friday, August 9th. Piper Sandler reissued an “overweight” rating and set a $97.00 target price on shares of Crinetics Pharmaceuticals in a research note on Tuesday, July 2nd. Cantor Fitzgerald reissued an “overweight” rating and set a $90.00 target price on shares of Crinetics Pharmaceuticals in a research note on Monday, September 16th. JPMorgan Chase & Co. boosted 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, JMP Securities reissued a “market outperform” rating and set a $80.00 target price on shares of Crinetics Pharmaceuticals in a research note on Tuesday, June 4th.

Insider Buying and Selling at Crinetics Pharmaceuticals

In related news, insider Dana Pizzuti sold 14,375 shares of Crinetics Pharmaceuticals stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $44.87, for a total transaction of $645,006.25. Following the completion of the sale, the insider now owns 28,507 shares of the company’s stock, valued at approximately $1,279,109.09. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Crinetics Pharmaceuticals news, insider Dana Pizzuti sold 14,375 shares of Crinetics Pharmaceuticals stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $44.87, for a total value of $645,006.25. Following the completion of the sale, the insider now owns 28,507 shares in the company, valued at approximately $1,279,109.09. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Marc Wilson sold 32,129 shares of Crinetics Pharmaceuticals 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 sale, the chief financial officer now owns 111,092 shares of the company’s stock, valued at approximately $4,844,722.12. The disclosure for this sale can be found here. In the last three months, insiders have sold 142,595 shares of company stock worth $7,112,902. Insiders own 6.00% of the company’s stock.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

A number of institutional investors have recently added to or reduced their stakes in the stock. Driehaus Capital Management LLC grew its holdings in Crinetics Pharmaceuticals by 17.0% during the 2nd quarter. Driehaus Capital Management LLC now owns 6,112,173 shares of the company’s stock worth $273,764,000 after acquiring an additional 885,876 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Crinetics Pharmaceuticals by 27.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,823,218 shares of the company’s stock valued at $178,966,000 after purchasing an additional 814,360 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Crinetics Pharmaceuticals by 2.1% in the 1st quarter. Vanguard Group Inc. now owns 3,575,076 shares of the company’s stock valued at $167,349,000 after purchasing an additional 72,624 shares during the last quarter. Jennison Associates LLC boosted its stake in shares of Crinetics Pharmaceuticals by 10.6% in the 1st quarter. Jennison Associates LLC now owns 2,817,854 shares of the company’s stock valued at $131,904,000 after purchasing an additional 270,171 shares during the last quarter. Finally, First Light Asset Management LLC boosted its stake in shares of Crinetics Pharmaceuticals by 25.5% in the 4th quarter. First Light Asset Management LLC now owns 1,987,772 shares of the company’s stock valued at $70,725,000 after purchasing an additional 404,443 shares during the last quarter. 98.51% of the stock is currently owned by institutional investors and hedge funds.

Crinetics Pharmaceuticals Price Performance

Shares of Crinetics Pharmaceuticals stock opened at $49.82 on Wednesday. Crinetics Pharmaceuticals has a 1-year low of $25.35 and a 1-year high of $55.78. The business has a 50-day moving average of $52.23 and a 200-day moving average of $48.16. The company has a market capitalization of $3.93 billion, a PE ratio of -13.18 and a beta of 0.63.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its earnings results on Thursday, August 8th. The company reported ($0.94) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.86) by ($0.08). The business had revenue of $0.40 million for the quarter, compared to analysts’ expectations of $0.47 million. During the same quarter in the prior year, the company earned ($0.94) earnings per share. The firm’s revenue was down 59.6% compared to the same quarter last year. On average, equities analysts expect that Crinetics Pharmaceuticals will post -3.72 earnings per share 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.