Brokerages Set Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Target Price at $74.78

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) has been assigned an average rating of “Moderate Buy” from the eleven ratings firms that are presently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, nine have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $74.7778.

Several research analysts recently weighed in on CRNX shares. Morgan Stanley raised their target price on Crinetics Pharmaceuticals from $77.00 to $80.00 and gave the company an “overweight” rating in a research note on Tuesday, January 6th. Citizens Jmp cut their price target on shares of Crinetics Pharmaceuticals from $105.00 to $96.00 and set a “market outperform” rating for the company in a report on Monday, March 2nd. Weiss Ratings restated a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a research report on Wednesday, January 21st. Lifesci Capital raised shares of Crinetics Pharmaceuticals to a “strong-buy” rating in a research note on Friday, February 13th. Finally, The Goldman Sachs Group upgraded shares of Crinetics Pharmaceuticals from a “neutral” rating to a “buy” rating and set a $67.00 target price on the stock in a report on Monday, January 12th.

Insiders Place Their Bets

In other Crinetics Pharmaceuticals news, CFO Tobin Schilke sold 6,713 shares of the business’s stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $39.67, for a total transaction of $266,304.71. Following the sale, the chief financial officer owned 78,121 shares in the company, valued at approximately $3,099,060.07. The trade was a 7.91% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Stephanie Okey sold 3,000 shares of the company’s stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $39.67, for a total transaction of $119,010.00. Following the sale, the director directly owned 13,300 shares of the company’s stock, valued at $527,611. This represents a 18.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 12,213 shares of company stock worth $522,815. 4.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

A number of large investors have recently made changes to their positions in CRNX. Parkman Healthcare Partners LLC grew its holdings in shares of Crinetics Pharmaceuticals by 0.4% during the 3rd quarter. Parkman Healthcare Partners LLC now owns 73,725 shares of the company’s stock valued at $3,071,000 after acquiring an additional 313 shares in the last quarter. Parallel Advisors LLC raised its holdings in shares of Crinetics Pharmaceuticals by 34.6% during the fourth quarter. Parallel Advisors LLC now owns 1,225 shares of the company’s stock worth $57,000 after acquiring an additional 315 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in Crinetics Pharmaceuticals by 5.8% during the third quarter. PNC Financial Services Group Inc. now owns 5,952 shares of the company’s stock valued at $248,000 after purchasing an additional 327 shares during the last quarter. Smartleaf Asset Management LLC boosted its position in Crinetics Pharmaceuticals by 107.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 639 shares of the company’s stock valued at $30,000 after purchasing an additional 331 shares during the last quarter. Finally, Brooklyn Investment Group grew its stake in Crinetics Pharmaceuticals by 6.3% in the fourth quarter. Brooklyn Investment Group now owns 5,890 shares of the company’s stock valued at $280,000 after purchasing an additional 348 shares in the last quarter. Institutional investors and hedge funds own 98.51% of the company’s stock.

Crinetics Pharmaceuticals Price Performance

CRNX opened at $38.23 on Wednesday. The business has a 50 day moving average price of $47.92 and a two-hundred day moving average price of $43.44. The company has a market capitalization of $4.00 billion, a price-to-earnings ratio of -7.74 and a beta of 0.23. Crinetics Pharmaceuticals has a 1-year low of $24.10 and a 1-year high of $57.99.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings results on Thursday, February 26th. The company reported ($1.29) earnings per share (EPS) for the quarter, beating the consensus estimate 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%.During the same quarter in the previous year, the firm posted ($0.88) EPS. The company’s revenue was up NaN% compared to the same quarter last year. Equities analysts expect that Crinetics Pharmaceuticals will post -3.73 EPS for the current fiscal year.

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.