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

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) have been given an average recommendation of “Moderate Buy” by the eleven research firms that are currently covering the firm, MarketBeat Ratings 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 1-year price target among brokers that have issued ratings on the stock in the last year is $70.18.

A number of research analysts have recently commented on the company. HC Wainwright upped their price target on Crinetics Pharmaceuticals from $69.00 to $81.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Cantor Fitzgerald reiterated an “overweight” rating and set a $90.00 target price on shares of Crinetics Pharmaceuticals in a research note on Monday, September 16th. JMP Securities restated a “market outperform” rating and issued a $80.00 price target on shares of Crinetics Pharmaceuticals in a research report on Friday, September 27th. Finally, Citigroup boosted their price objective on shares of Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the stock a “buy” rating in a report on Thursday, November 14th.

Insider Buying and Selling

In other news, COO Jeff E. Knight sold 501 shares of the business’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $56.52, for a total value of $28,316.52. Following the sale, the chief operating officer now owns 51,653 shares in the company, valued at approximately $2,919,427.56. The trade was a 0.96 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Stephen F. Betz sold 1,035 shares of the company’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $51.50, for a total transaction of $53,302.50. Following the completion of the sale, the insider now directly owns 68,576 shares in the company, valued at approximately $3,531,664. The trade was a 1.49 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 40,911 shares of company stock valued at $2,144,675 over the last quarter. Corporate insiders own 6.00% of the company’s stock.

Institutional Trading of Crinetics Pharmaceuticals

Hedge funds have recently modified their holdings of the company. AQR Capital Management LLC raised its holdings in shares of Crinetics Pharmaceuticals by 3.3% in the second quarter. AQR Capital Management LLC now owns 7,126 shares of the company’s stock valued at $319,000 after buying an additional 227 shares during the last quarter. US Bancorp DE increased its position in Crinetics Pharmaceuticals by 3.4% in the 3rd quarter. US Bancorp DE now owns 11,488 shares of the company’s stock valued at $587,000 after acquiring an additional 373 shares in the last quarter. KBC Group NV raised its stake in shares of Crinetics Pharmaceuticals by 22.8% in the third 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 last quarter. Amalgamated Bank lifted its position in shares of Crinetics Pharmaceuticals by 20.8% during the second quarter. Amalgamated Bank now owns 2,692 shares of the company’s stock worth $121,000 after purchasing an additional 464 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Crinetics Pharmaceuticals by 2.5% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 20,633 shares of the company’s stock valued at $1,054,000 after purchasing an additional 505 shares during the last quarter. Institutional investors and hedge funds own 98.51% of the company’s stock.

Crinetics Pharmaceuticals Price Performance

Crinetics Pharmaceuticals stock opened at $58.87 on Monday. Crinetics Pharmaceuticals has a fifty-two week low of $32.56 and a fifty-two week high of $62.53. The firm has a fifty day moving average price of $56.45 and a two-hundred day moving average price of $52.12. The firm has a market cap of $5.46 billion, a price-to-earnings ratio of -15.78 and a beta of 0.60.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.96) earnings per share for the quarter, missing the consensus estimate of ($0.91) by ($0.05). During the same period last year, the business earned ($1.01) earnings per share. As a group, sell-side analysts expect that Crinetics Pharmaceuticals will post -3.75 earnings per share for the current 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.