Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Receives $72.64 Average Target Price from Analysts

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) have been given an average rating of “Moderate Buy” by the twelve brokerages that are covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold rating and eleven have issued a buy rating on the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $74.30.

CRNX has been the topic of several research reports. HC Wainwright restated a “buy” rating and issued a $81.00 price target on shares of Crinetics Pharmaceuticals in a research report on Monday, January 13th. Wolfe Research initiated coverage on shares of Crinetics Pharmaceuticals in a research report on Tuesday, February 4th. They issued a “peer perform” rating on the stock. TD Cowen initiated coverage on shares of Crinetics Pharmaceuticals in a research report on Tuesday, February 11th. They issued a “buy” rating on the stock. Jefferies Financial Group upgraded shares of Crinetics Pharmaceuticals from a “hold” rating to a “buy” rating and set a $55.00 price target on the stock in a research report on Wednesday, January 22nd. Finally, JMP Securities restated a “market outperform” rating and issued a $87.00 price target on shares of Crinetics Pharmaceuticals in a research report on Monday, December 16th.

Crinetics Pharmaceuticals Price Performance

Shares of NASDAQ:CRNX opened at $34.42 on Wednesday. Crinetics Pharmaceuticals has a 1-year low of $31.84 and a 1-year high of $62.53. The company has a market capitalization of $3.20 billion, a P/E ratio of -9.23 and a beta of 0.58. The firm’s 50 day simple moving average is $36.22 and its two-hundred day simple moving average is $48.13.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its earnings results on Thursday, February 27th. The company reported ($0.88) EPS for the quarter, topping the consensus estimate of ($0.92) by $0.04. On average, sell-side analysts anticipate that Crinetics Pharmaceuticals will post -3.73 earnings per share for the current fiscal year.

Insider Transactions at Crinetics Pharmaceuticals

In other news, insider Dana Pizzuti sold 2,515 shares of the stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $34.20, for a total transaction of $86,013.00. Following the transaction, the insider now owns 72,233 shares in the company, valued at $2,470,368.60. This trade represents a 3.36 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Richard Scott Struthers sold 17,338 shares of the stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $34.20, for a total value of $592,959.60. Following the transaction, the chief executive officer now owns 329,147 shares in the company, valued at $11,256,827.40. This trade represents a 5.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 32,015 shares of company stock valued at $1,119,263 in the last 90 days. 6.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CRNX. KBC Group NV increased its position in shares of 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 purchasing an additional 407 shares during the last quarter. Martingale Asset Management L P increased its position in shares of Crinetics Pharmaceuticals by 1.9% during the 4th quarter. Martingale Asset Management L P now owns 22,484 shares of the company’s stock worth $1,150,000 after purchasing an additional 410 shares during the last quarter. Mackenzie Financial Corp increased its position in shares of Crinetics Pharmaceuticals by 8.8% during the 4th quarter. Mackenzie Financial Corp now owns 5,422 shares of the company’s stock worth $277,000 after purchasing an additional 440 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Crinetics Pharmaceuticals by 2.5% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 20,633 shares of the company’s stock worth $1,054,000 after purchasing an additional 505 shares during the last quarter. Finally, NEOS Investment Management LLC increased its position in shares of Crinetics Pharmaceuticals by 0.9% during the 4th quarter. NEOS Investment Management LLC now owns 57,933 shares of the company’s stock worth $2,962,000 after purchasing an additional 544 shares during the last quarter. Hedge funds and other institutional investors 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.