Crinetics Pharmaceuticals (NASDAQ:CRNX) Coverage Initiated at Stifel Nicolaus

Analysts at Stifel Nicolaus began coverage on shares of Crinetics Pharmaceuticals (NASDAQ:CRNX) in a report released on Tuesday, MarketBeat Ratings reports. The firm set a “buy” rating and a $60.00 price target on the stock. Stifel Nicolaus’ price target would suggest a potential upside of 73.86% from the stock’s previous close.

CRNX has been the topic of a number of other research reports. HC Wainwright reissued a “buy” rating and issued a $81.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Monday, January 13th. Jefferies Financial Group upgraded shares of Crinetics Pharmaceuticals from a “hold” rating to a “buy” rating and set a $55.00 target price on the stock in a report on Wednesday, January 22nd. TD Cowen started coverage on Crinetics Pharmaceuticals in a report on Tuesday, February 11th. They issued a “buy” rating on the stock. Wolfe Research initiated coverage on Crinetics Pharmaceuticals in a report on Tuesday, February 4th. They issued a “peer perform” rating on the stock. Finally, JMP Securities reiterated a “market outperform” rating and issued a $87.00 price target on shares of Crinetics Pharmaceuticals in a research report on Monday, December 16th. One investment analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $73.00.

Crinetics Pharmaceuticals Stock Performance

Crinetics Pharmaceuticals stock opened at $34.51 on Tuesday. The company has a 50-day simple moving average of $36.10 and a 200-day simple moving average of $47.77. The firm has a market capitalization of $3.21 billion, a P/E ratio of -9.25 and a beta of 0.58. Crinetics Pharmaceuticals has a one year low of $31.84 and a one year high of $62.53.

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

Insider Transactions at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, insider Dana Pizzuti sold 2,515 shares of the firm’s stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $34.20, for a total value of $86,013.00. Following the sale, the insider now owns 72,233 shares of the company’s stock, valued at $2,470,368.60. This trade represents a 3.36 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 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 completion of the sale, the chief executive officer now directly owns 329,147 shares of the company’s stock, valued at $11,256,827.40. This represents a 5.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 32,015 shares of company stock worth $1,119,263. 6.00% of the stock is owned by insiders.

Institutional Trading of Crinetics Pharmaceuticals

Hedge funds have recently modified their holdings of the company. Martingale Asset Management L P lifted its holdings 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 acquiring an additional 410 shares during the period. Mackenzie Financial Corp boosted its stake in Crinetics Pharmaceuticals by 8.8% in the 4th quarter. Mackenzie Financial Corp now owns 5,422 shares of the company’s stock valued at $277,000 after buying an additional 440 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its stake in 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 worth $1,054,000 after acquiring an additional 505 shares in the last quarter. NEOS Investment Management LLC grew its holdings in shares of Crinetics Pharmaceuticals by 0.9% in 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. Finally, Swiss National Bank lifted its holdings in Crinetics Pharmaceuticals by 0.5% during the 3rd quarter. Swiss National Bank now owns 130,900 shares of the company’s stock valued at $6,689,000 after purchasing an additional 600 shares during the last quarter. 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.