Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) have earned a consensus rating of “Moderate Buy” from the ten analysts that are presently covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, eight have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $76.6250.

CRNX has been the subject of a number of recent analyst reports. Wall Street Zen downgraded shares of Crinetics Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Saturday. Lifesci Capital raised Crinetics Pharmaceuticals to a “strong-buy” rating in a research note on Friday, February 13th. Citizens Jmp lowered their price target on Crinetics Pharmaceuticals from $105.00 to $96.00 and set a “market outperform” rating for the company in a report on Monday, March 2nd. The Goldman Sachs Group raised Crinetics Pharmaceuticals from a “neutral” rating to a “buy” rating and set a $67.00 price objective for the company in a research report on Monday, January 12th. Finally, Morgan Stanley boosted their price objective on shares of Crinetics Pharmaceuticals from $77.00 to $80.00 and gave the company an “overweight” rating in a report on Tuesday, January 6th.

Crinetics Pharmaceuticals Stock Performance

Shares of Crinetics Pharmaceuticals stock opened at $33.67 on Friday. The business’s 50 day moving average price is $43.49 and its 200 day moving average price is $43.97. The company has a market cap of $3.53 billion, a price-to-earnings ratio of -6.82 and a beta of 0.23. Crinetics Pharmaceuticals has a one year low of $24.10 and a one year high of $57.99.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its earnings results on Thursday, February 26th. The company reported ($1.29) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.37) by $0.08. Crinetics Pharmaceuticals had a negative return on equity of 41.46% and a negative net margin of 6,046.22%.The business had revenue of $6.16 million during the quarter, compared to the consensus estimate of $4.32 million. During the same period last year, the company earned ($0.88) EPS. The company’s revenue for the quarter was up NaN% on a year-over-year basis. On average, analysts predict that Crinetics Pharmaceuticals will post -3.73 EPS for the current fiscal year.

Insider Buying and Selling at Crinetics Pharmaceuticals

In other news, CEO Richard Scott Struthers sold 21,981 shares of the business’s stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $37.37, for a total value of $821,429.97. Following the sale, the chief executive officer directly owned 404,778 shares of the company’s stock, valued at approximately $15,126,553.86. The trade was a 5.15% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Tobin Schilke sold 6,713 shares of the company’s stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $39.67, for a total transaction of $266,304.71. Following the completion of the transaction, the chief financial officer owned 78,121 shares in the company, valued at approximately $3,099,060.07. This represents a 7.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 59,717 shares of company stock valued at $2,291,939. 4.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Rockefeller Capital Management L.P. boosted its position in shares of Crinetics Pharmaceuticals by 12.5% during the fourth quarter. Rockefeller Capital Management L.P. now owns 4,679 shares of the company’s stock worth $218,000 after buying an additional 521 shares during the period. Invesco Ltd. lifted its stake in Crinetics Pharmaceuticals by 76.8% during the 4th quarter. Invesco Ltd. now owns 158,089 shares of the company’s stock worth $7,359,000 after acquiring an additional 68,696 shares in the last quarter. ADAR1 Capital Management LLC boosted its holdings in Crinetics Pharmaceuticals by 24.6% during the 4th quarter. ADAR1 Capital Management LLC now owns 309,368 shares of the company’s stock valued at $14,401,000 after acquiring an additional 61,000 shares during the period. Virtus Investment Advisers LLC grew its position in Crinetics Pharmaceuticals by 282.7% in the 4th quarter. Virtus Investment Advisers LLC now owns 13,535 shares of the company’s stock valued at $630,000 after acquiring an additional 9,998 shares in the last quarter. Finally, Progeny 3 Inc. acquired a new position in Crinetics Pharmaceuticals in the 4th quarter valued at about $1,117,000. 98.51% of the stock is currently owned by institutional investors and hedge funds.

Crinetics Pharmaceuticals Company Profile

Crinetics Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of novel therapeutics for rare endocrine diseases. The company’s proprietary platform leverages insights into hormone receptor signaling to design small-molecule candidates that address conditions driven by dysregulated hormone activity. Crinetics’ research efforts center on targeting somatostatin, vasopressin and other GPCR-mediated pathways with orally bioavailable molecules intended to improve patient convenience and adherence.

The company’s lead product candidate, paltusotine (formerly CRN04777), is a selective, non-peptide somatostatin receptor type 2 agonist being evaluated for the treatment of acromegaly and carcinoid syndrome diarrhea.