Crinetics Pharmaceuticals (NASDAQ:CRNX) Upgraded to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Crinetics Pharmaceuticals (NASDAQ:CRNX) from a hold rating to a buy rating in a research report released on Tuesday morning, Zacks.com reports. Zacks Investment Research currently has $27.00 target price on the stock.

According to Zacks, “Crinetics Pharmaceuticals Inc is a clinical stage pharmaceutical company. It focuses on the discovery, development and commercialization of novel therapeutics for rare endocrine diseases and endocrine-related tumors. The company’s product pipeline consists of CRN00808 for the treatment of Acromegaly, CRN02481 for the treatment of Hyperinsulinemias and CRN01941 for the treatment of Neuroendocrine Tumors which are in clinical stage. Crinetics Pharmaceuticals Inc is based in San Diego, United States. “

Several other equities analysts also recently commented on CRNX. Jonestrading restated a buy rating and issued a $45.00 price target on shares of Crinetics Pharmaceuticals in a research note on Thursday, September 16th. JMP Securities began coverage on shares of Crinetics Pharmaceuticals in a research report on Tuesday. They set an outperform rating and a $43.00 price objective for the company. HC Wainwright increased their target price on shares of Crinetics Pharmaceuticals from $30.00 to $35.00 and gave the stock a buy rating in a report on Monday, November 8th. Finally, Evercore ISI began coverage on shares of Crinetics Pharmaceuticals in a report on Tuesday, November 23rd. They issued an outperform rating for the company. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Crinetics Pharmaceuticals currently has an average rating of Buy and a consensus price target of $35.17.

Shares of NASDAQ CRNX opened at $27.32 on Tuesday. The firm has a market capitalization of $1.30 billion, a PE ratio of -9.83 and a beta of 1.37. The firm’s 50 day moving average price is $23.69. Crinetics Pharmaceuticals has a 52-week low of $12.60 and a 52-week high of $28.78.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its quarterly earnings data on Friday, November 5th. The company reported ($0.73) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.72) by ($0.01). As a group, equities research analysts predict that Crinetics Pharmaceuticals will post -2.71 earnings per share for the current fiscal year.

In other news, major shareholder Perceptive Advisors Llc purchased 1,200,000 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Monday, October 25th. The shares were bought at an average cost of $19.80 per share, with a total value of $23,760,000.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Stephen F. Betz sold 3,900 shares of the stock in a transaction on Monday, November 8th. The stock was sold at an average price of $28.42, for a total value of $110,838.00. The disclosure for this sale can be found here. Insiders sold a total of 71,210 shares of company stock valued at $1,830,004 in the last 90 days. 7.40% of the stock is currently owned by corporate insiders.

Large investors have recently made changes to their positions in the company. Marshall Wace North America L.P. bought a new position in shares of Crinetics Pharmaceuticals in the first quarter worth about $43,000. Dimensional Fund Advisors LP grew its holdings in Crinetics Pharmaceuticals by 175.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 65,720 shares of the company’s stock valued at $1,004,000 after buying an additional 41,825 shares in the last quarter. Royal Bank of Canada grew its holdings in Crinetics Pharmaceuticals by 215.0% during the 1st quarter. Royal Bank of Canada now owns 1,786 shares of the company’s stock valued at $27,000 after buying an additional 1,219 shares in the last quarter. Morgan Stanley grew its holdings in Crinetics Pharmaceuticals by 8.1% during the 1st quarter. Morgan Stanley now owns 200,753 shares of the company’s stock valued at $3,068,000 after buying an additional 15,011 shares in the last quarter. Finally, Alliancebernstein L.P. grew its holdings in Crinetics Pharmaceuticals by 10.1% during the 2nd quarter. Alliancebernstein L.P. now owns 29,500 shares of the company’s stock valued at $556,000 after buying an additional 2,700 shares in the last quarter. 85.05% of the stock is currently owned by hedge funds and other institutional investors.

Crinetics Pharmaceuticals Company Profile

Crinetics Pharmaceuticals, Inc operates as a clinical stage pharmaceutical company focused on the discovery, development, and commercialization of novel therapeutics for rare endocrine diseases and endocrine-related tumors. Its product candidate, CRN00808, is an oral nonpeptide somatostatin agonist for the treatment of acromegaly.

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Analyst Recommendations for Crinetics Pharmaceuticals (NASDAQ:CRNX)