Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Receives $74.45 Consensus PT from Brokerages

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) have received an average rating of “Moderate Buy” from the fourteen brokerages that are presently covering the company, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $74.4545.

Several equities research analysts have recently issued reports on CRNX shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a research report on Saturday, September 27th. Robert W. Baird raised their target price on Crinetics Pharmaceuticals from $58.00 to $62.00 and gave the company an “outperform” rating in a research report on Friday, September 26th. JPMorgan Chase & Co. decreased their target price on Crinetics Pharmaceuticals from $53.00 to $52.00 and set an “overweight” rating for the company in a research report on Wednesday, September 24th. Leerink Partners raised their target price on Crinetics Pharmaceuticals from $80.00 to $88.00 and gave the company an “outperform” rating in a research report on Monday, September 29th. Finally, Oppenheimer raised their target price on Crinetics Pharmaceuticals from $73.00 to $87.00 and gave the company an “outperform” rating in a research report on Tuesday, September 30th.

Crinetics Pharmaceuticals Trading Up 2.0%

Shares of NASDAQ:CRNX opened at $42.50 on Friday. The stock’s fifty day simple moving average is $33.38 and its two-hundred day simple moving average is $31.82. Crinetics Pharmaceuticals has a 1-year low of $24.10 and a 1-year high of $62.53. The stock has a market cap of $4.00 billion, a PE ratio of -10.34 and a beta of 0.33.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings data on Thursday, August 7th. The company reported ($1.23) earnings per share 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 analyst estimates of $0.52 million. During the same quarter in the previous year, the business posted ($0.94) EPS. The company’s quarterly revenue was up 158.4% on a year-over-year basis. On average, sell-side analysts forecast that Crinetics Pharmaceuticals will post -3.73 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Dana Pizzuti sold 5,000 shares of the stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $41.81, for a total transaction of $209,050.00. Following the completion of the transaction, the insider owned 66,270 shares in the company, valued at approximately $2,770,748.70. This represents a 7.02% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Richard Scott Struthers sold 4,000 shares of the stock in a transaction on Friday, September 26th. The stock was sold at an average price of $45.00, for a total value of $180,000.00. Following the transaction, the chief executive officer owned 106,000 shares of the company’s stock, valued at $4,770,000. The trade was a 3.64% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 61,492 shares of company stock valued at $2,207,387 in the last ninety days. 6.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in Crinetics Pharmaceuticals by 2.4% during the 1st quarter. Vanguard Group Inc. now owns 9,311,600 shares of the company’s stock worth $312,311,000 after purchasing an additional 222,209 shares in the last quarter. Driehaus Capital Management LLC lifted its holdings in Crinetics Pharmaceuticals by 1.6% during the 1st quarter. Driehaus Capital Management LLC now owns 6,239,902 shares of the company’s stock worth $209,286,000 after purchasing an additional 98,888 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Crinetics Pharmaceuticals by 1.0% during the 2nd quarter. Geode Capital Management LLC now owns 2,213,325 shares of the company’s stock worth $63,662,000 after purchasing an additional 22,393 shares in the last quarter. Paradigm Biocapital Advisors LP lifted its holdings in Crinetics Pharmaceuticals by 1.9% during the 1st quarter. Paradigm Biocapital Advisors LP now owns 1,946,168 shares of the company’s stock worth $65,274,000 after purchasing an additional 35,407 shares in the last quarter. Finally, Siren L.L.C. lifted its holdings in Crinetics Pharmaceuticals by 4.9% during the 1st quarter. Siren L.L.C. now owns 1,688,611 shares of the company’s stock worth $56,636,000 after purchasing an additional 78,959 shares in the last quarter. Institutional investors own 98.51% of the company’s stock.

Crinetics Pharmaceuticals Company Profile

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.