Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Receives $68.86 Average Target Price from Analysts

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) have been given an average rating of “Moderate Buy” by the nine analysts that are currently covering the stock, MarketBeat Ratings reports. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $68.8571.

CRNX has been the topic of several recent analyst reports. The Goldman Sachs Group initiated coverage on Crinetics Pharmaceuticals in a research report on Thursday, July 10th. They set a “neutral” rating and a $36.00 price target on the stock. HC Wainwright reaffirmed a “buy” rating and set a $81.00 price target on shares of Crinetics Pharmaceuticals in a research report on Friday, June 27th. Finally, JMP Securities lowered their price target on Crinetics Pharmaceuticals from $90.00 to $86.00 and set a “market outperform” rating on the stock in a research report on Monday, August 11th.

Crinetics Pharmaceuticals Stock Performance

NASDAQ CRNX opened at $34.00 on Wednesday. The stock has a market capitalization of $3.20 billion, a price-to-earnings ratio of -8.27 and a beta of 0.28. The stock’s 50 day moving average price is $30.93 and its two-hundred day moving average price is $31.37. Crinetics Pharmaceuticals has a 52 week low of $24.10 and a 52 week high of $62.53.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its earnings results on Thursday, August 7th. The company reported ($1.23) EPS for the quarter, missing the consensus estimate of ($1.13) by ($0.10). The business had revenue of $1.03 million during the quarter, compared to analysts’ expectations of $0.52 million. The business’s quarterly revenue was up 158.4% on a year-over-year basis. During the same quarter last year, the firm earned ($0.94) EPS. On average, equities research analysts forecast that Crinetics Pharmaceuticals will post -3.73 EPS for the current year.

Insiders Place Their Bets

In related news, insider Dana Pizzuti sold 30,000 shares of the stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $30.43, for a total value of $912,900.00. Following the sale, the insider owned 66,270 shares in the company, valued at approximately $2,016,596.10. This represents a 31.16% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 4.60% of the company’s stock.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

A number of large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its stake in Crinetics Pharmaceuticals by 2.4% in the 1st quarter. Vanguard Group Inc. now owns 9,311,600 shares of the company’s stock valued at $312,311,000 after acquiring an additional 222,209 shares during the period. Driehaus Capital Management LLC raised its stake in Crinetics Pharmaceuticals by 1.6% in the 1st quarter. Driehaus Capital Management LLC now owns 6,239,902 shares of the company’s stock valued at $209,286,000 after acquiring an additional 98,888 shares during the period. Janus Henderson Group PLC raised its stake in Crinetics Pharmaceuticals by 15.1% in the 4th quarter. Janus Henderson Group PLC now owns 2,795,441 shares of the company’s stock valued at $142,902,000 after acquiring an additional 365,991 shares during the period. Point72 Asset Management L.P. raised its stake in Crinetics Pharmaceuticals by 21.2% in the 4th quarter. Point72 Asset Management L.P. now owns 2,788,939 shares of the company’s stock valued at $142,598,000 after acquiring an additional 488,296 shares during the period. Finally, Geode Capital Management LLC raised its stake in Crinetics Pharmaceuticals by 1.0% in the 2nd quarter. Geode Capital Management LLC now owns 2,213,325 shares of the company’s stock valued at $63,662,000 after acquiring an additional 22,393 shares during the period. 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.