Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) have earned a consensus recommendation of “Moderate Buy” from the twelve ratings firms that are presently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a hold rating and eleven have issued a buy rating on the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $64.75.

Several brokerages have recently issued reports on CRNX. HC Wainwright lifted their target price on Crinetics Pharmaceuticals from $60.00 to $69.00 and gave the stock a “buy” rating in a report on Friday, August 9th. Morgan Stanley lifted their price objective on Crinetics Pharmaceuticals from $50.00 to $70.00 and gave the stock an “overweight” rating in a research note on Thursday, May 23rd. Oppenheimer reiterated an “outperform” rating and set a $73.00 target price (down from $74.00) on shares of Crinetics Pharmaceuticals in a research report on Friday, August 9th. JPMorgan Chase & Co. boosted their price target on shares of Crinetics Pharmaceuticals from $47.00 to $54.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 9th. Finally, Piper Sandler restated an “overweight” rating and set a $97.00 price target on shares of Crinetics Pharmaceuticals in a report on Tuesday, July 2nd.

Crinetics Pharmaceuticals Trading Up 0.7 %

Shares of CRNX stock opened at $53.06 on Friday. Crinetics Pharmaceuticals has a 12 month low of $15.76 and a 12 month high of $55.78. The stock has a market cap of $4.18 billion, a P/E ratio of -14.04 and a beta of 0.68. The company has a 50 day simple moving average of $50.63 and a two-hundred day simple moving average of $46.60.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its earnings results on Thursday, August 8th. The company reported ($0.94) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.86) by ($0.08). The company had revenue of $0.40 million for the quarter, compared to analysts’ expectations of $0.47 million. The business’s revenue was down 59.6% compared to the same quarter last year. During the same period last year, the company posted ($0.94) EPS. As a group, equities analysts forecast that Crinetics Pharmaceuticals will post -3.54 earnings per share for the current year.

Insiders Place Their Bets

In other Crinetics Pharmaceuticals news, CFO Marc Wilson sold 32,129 shares of the company’s stock in a transaction on 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 in the company, valued at $4,844,722.12. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, CFO Marc Wilson sold 32,129 shares of the firm’s stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $43.61, for a total value of $1,401,145.69. Following the sale, the chief financial officer now directly owns 111,092 shares in the company, valued at approximately $4,844,722.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Stephen F. Betz sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $43.86, for a total transaction of $131,580.00. Following the transaction, the insider now owns 83,643 shares of the company’s stock, valued at approximately $3,668,581.98. The disclosure for this sale can be found here. Insiders have sold a total of 170,016 shares of company stock worth $8,337,942 in the last three months. Corporate insiders own 6.00% of the company’s stock.

Institutional Trading of Crinetics Pharmaceuticals

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Comerica Bank purchased a new position in shares of Crinetics Pharmaceuticals in the first quarter worth about $33,000. Quest Partners LLC acquired a new position in Crinetics Pharmaceuticals during the second quarter valued at $42,000. Quarry LP acquired a new stake in Crinetics Pharmaceuticals during the 4th quarter worth about $36,000. AJOVista LLC acquired a new stake in Crinetics Pharmaceuticals during the 4th quarter worth about $58,000. Finally, Amalgamated Bank boosted its stake in shares of Crinetics Pharmaceuticals by 20.8% in the second quarter. Amalgamated Bank now owns 2,692 shares of the company’s stock worth $121,000 after buying an additional 464 shares during the last quarter. Institutional investors and hedge funds 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.