Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Receives Consensus Rating of “Buy” from Analysts

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNXGet Rating) have been given a consensus rating of “Buy” by the eight brokerages that are covering the company, MarketBeat reports. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $37.20.

A number of research firms recently weighed in on CRNX. Cantor Fitzgerald restated an “overweight” rating on shares of Crinetics Pharmaceuticals in a report on Thursday, March 31st. JMP Securities restated a “buy” rating and issued a $45.00 price target on shares of Crinetics Pharmaceuticals in a report on Wednesday, April 6th.

CRNX opened at $17.71 on Friday. The stock has a market cap of $846.27 million, a P/E ratio of -6.32 and a beta of 1.41. The stock’s 50 day simple moving average is $20.77 and its 200 day simple moving average is $22.59. Crinetics Pharmaceuticals has a 1-year low of $15.61 and a 1-year high of $28.95.

Crinetics Pharmaceuticals (NASDAQ:CRNXGet Rating) last released its quarterly earnings results on Wednesday, March 30th. The company reported ($0.68) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.63) by ($0.05). As a group, equities analysts expect that Crinetics Pharmaceuticals will post -2.55 earnings per share for the current fiscal year.

In other Crinetics Pharmaceuticals news, major shareholder Perceptive Advisors Llc purchased 157,515 shares of Crinetics Pharmaceuticals stock in a transaction on Monday, April 18th. The shares were bought at an average price of $22.22 per share, with a total value of $3,499,983.30. Following the purchase, the insider now directly owns 5,321,032 shares in the company, valued at approximately $118,233,331.04. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Stephen F. Betz sold 3,247 shares of the stock in a transaction on Monday, May 2nd. The stock was sold at an average price of $20.10, for a total value of $65,264.70. Following the transaction, the insider now directly owns 107,598 shares in the company, valued at approximately $2,162,719.80. The disclosure for this sale can be found here. In the last ninety days, insiders sold 185,198 shares of company stock worth $4,837,471. 7.40% of the stock is owned by corporate insiders.

Several institutional investors have recently modified their holdings of CRNX. Marshall Wace North America L.P. purchased a new position in shares of Crinetics Pharmaceuticals in the 1st quarter worth $43,000. Royal Bank of Canada raised its position in shares of Crinetics Pharmaceuticals by 62.2% in the 2nd quarter. Royal Bank of Canada now owns 2,897 shares of the company’s stock worth $55,000 after buying an additional 1,111 shares during the period. Bank of America Corp DE raised its position in shares of Crinetics Pharmaceuticals by 6.4% in the 2nd quarter. Bank of America Corp DE now owns 13,109 shares of the company’s stock worth $247,000 after buying an additional 789 shares during the period. Invesco Ltd. purchased a new position in shares of Crinetics Pharmaceuticals in the 2nd quarter worth $258,000. Finally, SG Americas Securities LLC purchased a new position in shares of Crinetics Pharmaceuticals in the 3rd quarter worth $406,000. 92.66% of the stock is currently owned by institutional investors.

Crinetics Pharmaceuticals Company Profile (Get Rating)

Crinetics Pharmaceuticals, Inc, a clinical stage pharmaceutical company, focuses on the discovery, development, and commercialization of therapeutics for rare endocrine diseases and endocrine-related tumors. Its lead product candidate is Paltusotine, an oral selective nonpeptide somatostatin receptor type 2 agonist that has completed phase III clinical trial for the treatment of acromegaly, as well as completed phase II clinical trial to treat carcinoid syndrome and nonfunctional neuroendocrine tumors (NETs).

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Analyst Recommendations for Crinetics Pharmaceuticals (NASDAQ:CRNX)

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