TD Cowen Begins Coverage on Crinetics Pharmaceuticals (NASDAQ:CRNX)

Analysts at TD Cowen started coverage on shares of Crinetics Pharmaceuticals (NASDAQ:CRNX) in a research note issued on Tuesday, MarketBeat.com reports. The firm set a “buy” rating on the stock.

CRNX has been the subject of a number of other reports. Wolfe Research started coverage on shares of Crinetics Pharmaceuticals in a report on Tuesday, February 4th. They set a “peer perform” rating for the company. Citigroup upped their price objective on shares of Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. JMP Securities reissued a “market outperform” rating and issued a $87.00 target price on shares of Crinetics Pharmaceuticals in a research note on Monday, December 16th. Jefferies Financial Group raised Crinetics Pharmaceuticals from a “hold” rating to a “buy” rating and set a $55.00 price target for the company in a research report on Wednesday, January 22nd. Finally, HC Wainwright reiterated a “buy” rating and issued a $81.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Monday, January 13th. One analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, Crinetics Pharmaceuticals currently has an average rating of “Moderate Buy” and an average target price of $72.64.

Crinetics Pharmaceuticals Price Performance

Shares of CRNX stock opened at $35.21 on Tuesday. The business has a 50-day moving average of $46.12 and a 200 day moving average of $51.37. Crinetics Pharmaceuticals has a 1-year low of $34.07 and a 1-year high of $62.53. The stock has a market capitalization of $3.27 billion, a PE ratio of -9.44 and a beta of 0.56.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.96) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.91) by ($0.05). During the same quarter in the previous year, the firm earned ($1.01) earnings per share. Analysts anticipate that Crinetics Pharmaceuticals will post -3.73 EPS for the current year.

Insider Activity at Crinetics Pharmaceuticals

In other news, insider Dana Pizzuti sold 5,000 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $39.07, for a total transaction of $195,350.00. Following the completion of the transaction, the insider now directly owns 31,748 shares in the company, valued at approximately $1,240,394.36. This trade represents a 13.61 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Jeff E. Knight sold 501 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $56.52, for a total value of $28,316.52. Following the completion of the sale, the chief operating officer now directly owns 51,653 shares in the company, valued at approximately $2,919,427.56. This represents a 0.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 6.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in shares of Crinetics Pharmaceuticals by 44.6% in the fourth quarter. Vanguard Group Inc. now owns 9,089,391 shares of the company’s stock worth $464,741,000 after acquiring an additional 2,801,736 shares during the last quarter. Wellington Management Group LLP grew its position in Crinetics Pharmaceuticals by 55.9% during the 4th quarter. Wellington Management Group LLP now owns 6,950,567 shares of the company’s stock valued at $355,382,000 after purchasing an additional 2,490,876 shares during the last quarter. FMR LLC increased its stake in Crinetics Pharmaceuticals by 8.8% during the 3rd quarter. FMR LLC now owns 4,455,770 shares of the company’s stock valued at $227,690,000 after purchasing an additional 358,975 shares in the last quarter. State Street Corp raised its holdings in Crinetics Pharmaceuticals by 0.9% in the third quarter. State Street Corp now owns 2,838,484 shares of the company’s stock worth $145,047,000 after buying an additional 25,561 shares during the last quarter. Finally, Jennison Associates LLC lifted its stake in shares of Crinetics Pharmaceuticals by 0.5% in the third quarter. Jennison Associates LLC now owns 2,793,614 shares of the company’s stock worth $142,754,000 after buying an additional 13,470 shares in 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.