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

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) has been assigned a consensus rating of “Moderate Buy” from the fourteen brokerages that are currently covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and eleven have issued a buy recommendation on the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $77.5455.

A number of analysts have recently weighed in on the stock. Citizens Jmp reduced their target price on shares of Crinetics Pharmaceuticals from $143.00 to $108.00 and set a “market outperform” rating on the stock in a research report on Friday, November 7th. JMP Securities boosted their price objective on shares of Crinetics Pharmaceuticals from $86.00 to $143.00 and gave the stock a “market outperform” rating in a research note on Friday, September 26th. The Goldman Sachs Group upped their price objective on shares of Crinetics Pharmaceuticals from $35.00 to $40.00 and gave the stock a “neutral” rating in a report on Friday, September 26th. JPMorgan Chase & Co. lowered their target price on shares of Crinetics Pharmaceuticals from $53.00 to $52.00 and set an “overweight” rating for the company in a report on Wednesday, September 24th. Finally, Morgan Stanley boosted their price target on Crinetics Pharmaceuticals from $65.00 to $77.00 and gave the stock an “overweight” rating in a research report on Monday, September 29th.

Insiders Place Their Bets

In other news, Director Matthew K. Fust sold 16,000 shares of the stock in a transaction on Friday, September 26th. The stock was sold at an average price of $44.75, for a total value of $716,000.00. Following the sale, the director directly owned 22,836 shares of the company’s stock, valued at approximately $1,021,911. This represents a 41.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Richard Scott Struthers sold 4,000 shares of Crinetics Pharmaceuticals stock in a transaction dated Friday, September 26th. The stock was sold at an average price of $45.00, for a total value of $180,000.00. Following the completion of the transaction, the chief executive officer directly owned 106,000 shares of the company’s stock, valued at approximately $4,770,000. This represents a 3.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 30,000 shares of company stock valued at $1,318,350. 4.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

A number of institutional investors have recently made changes to their positions in CRNX. JPMorgan Chase & Co. increased its position in shares of Crinetics Pharmaceuticals by 279.2% during the third quarter. JPMorgan Chase & Co. now owns 1,258,722 shares of the company’s stock valued at $52,426,000 after acquiring an additional 926,765 shares in the last quarter. CIBC Bancorp USA Inc. purchased a new stake in Crinetics Pharmaceuticals during the 3rd quarter valued at $401,000. CANADA LIFE ASSURANCE Co boosted its stake in Crinetics Pharmaceuticals by 17.4% during the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 22,561 shares of the company’s stock valued at $981,000 after purchasing an additional 3,342 shares during the last quarter. Dark Forest Capital Management LP bought a new stake in shares of Crinetics Pharmaceuticals in the 3rd quarter worth $213,000. Finally, Paradigm Biocapital Advisors LP raised its stake in shares of Crinetics Pharmaceuticals by 8.8% in the third quarter. Paradigm Biocapital Advisors LP now owns 2,550,774 shares of the company’s stock worth $106,240,000 after purchasing an additional 207,221 shares during the last quarter. Hedge funds and other institutional investors own 98.51% of the company’s stock.

Crinetics Pharmaceuticals Stock Down 5.3%

CRNX opened at $45.14 on Friday. The stock has a market cap of $4.28 billion, a PE ratio of -9.96 and a beta of 0.20. The business has a 50 day moving average of $44.25 and a 200-day moving average of $36.63. Crinetics Pharmaceuticals has a 52 week low of $24.10 and a 52 week high of $54.78.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings results on Thursday, November 6th. The company reported ($1.38) earnings per share for the quarter, missing the consensus estimate of ($1.27) by ($0.11). The company had revenue of $0.14 million during the quarter, compared to the consensus estimate of $0.39 million. During the same quarter last year, the firm posted ($0.96) earnings per share. Equities analysts anticipate that Crinetics Pharmaceuticals will post -3.73 EPS for the current year.

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.