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

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) has been assigned an average recommendation of “Moderate Buy” from the eleven ratings firms that are presently covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the company. The average 12-month price target among brokerages that have covered the stock in the last year is $68.55.

Several equities analysts have recently commented on CRNX shares. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $90.00 price target on shares of Crinetics Pharmaceuticals in a research note on Monday, September 16th. 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. JMP Securities reissued a “market outperform” rating and issued a $80.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Friday, September 27th. Oppenheimer restated an “outperform” rating and issued a $73.00 price target (down previously from $74.00) on shares of Crinetics Pharmaceuticals in a research note on Friday, August 9th. Finally, HC Wainwright lifted their target price on Crinetics Pharmaceuticals from $60.00 to $69.00 and gave the company a “buy” rating in a report on Friday, August 9th.

Crinetics Pharmaceuticals Price Performance

CRNX stock opened at $59.09 on Friday. Crinetics Pharmaceuticals has a 1 year low of $25.75 and a 1 year high of $59.80. The firm has a market capitalization of $4.66 billion, a PE ratio of -15.63 and a beta of 0.63. The business has a 50 day simple moving average of $52.73 and a 200-day simple moving average of $49.38.

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

Insider Buying and Selling

In other Crinetics Pharmaceuticals news, insider Dana Pizzuti sold 14,375 shares of the stock in a transaction that occurred on Thursday, October 3rd. The stock was sold at an average price of $54.63, for a total transaction of $785,306.25. Following the completion of the sale, the insider now directly owns 28,507 shares of the company’s stock, valued at approximately $1,557,337.41. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Stephen F. Betz sold 3,000 shares of the stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $53.43, for a total value of $160,290.00. Following the completion of the transaction, the insider now owns 75,611 shares in the company, valued at $4,039,895.73. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Dana Pizzuti sold 14,375 shares of the company’s stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $54.63, for a total transaction of $785,306.25. Following the transaction, the insider now owns 28,507 shares in the company, valued at $1,557,337.41. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 65,466 shares of company stock worth $3,462,956 in the last 90 days. Company insiders own 6.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of CRNX. Janus Henderson Group PLC grew its holdings in Crinetics Pharmaceuticals by 264.1% during the 1st quarter. Janus Henderson Group PLC now owns 1,978,172 shares of the company’s stock valued at $92,526,000 after buying an additional 1,434,909 shares during the last quarter. Artal Group S.A. purchased a new stake in Crinetics Pharmaceuticals during the 1st quarter worth about $65,088,000. Driehaus Capital Management LLC raised its stake in Crinetics Pharmaceuticals by 17.0% in the 2nd quarter. Driehaus Capital Management LLC now owns 6,112,173 shares of the company’s stock valued at $273,764,000 after purchasing an additional 885,876 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in 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 in the last quarter. Finally, Farallon Capital Management LLC boosted its stake in shares of Crinetics Pharmaceuticals by 9,840.0% during the 2nd quarter. Farallon Capital Management LLC now owns 497,000 shares of the company’s stock worth $22,261,000 after purchasing an additional 492,000 shares during the last quarter. 98.51% of the stock is owned by hedge funds and other institutional investors.

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.