Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Given Average Rating of “Moderate Buy” by Brokerages

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) have been given an average recommendation of “Moderate Buy” by the eleven ratings firms that are covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a hold recommendation and ten have assigned a buy recommendation to the company. The average 12 month price target among analysts that have covered the stock in the last year is $54.00.

Several equities analysts have recently weighed in on the company. Morgan Stanley assumed coverage on Crinetics Pharmaceuticals in a report on Tuesday, January 16th. They set an “overweight” rating and a $50.00 price target for the company. Robert W. Baird lifted their price objective on Crinetics Pharmaceuticals from $45.00 to $52.00 and gave the stock an “outperform” rating in a report on Thursday, February 29th. Cantor Fitzgerald increased their target price on Crinetics Pharmaceuticals from $50.00 to $65.00 and gave the company an “overweight” rating in a report on Monday, March 4th. JMP Securities reissued a “market outperform” rating and issued a $80.00 target price on shares of Crinetics Pharmaceuticals in a research report on Thursday, March 28th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $50.00 price target on shares of Crinetics Pharmaceuticals in a research report on Tuesday, March 19th.

Crinetics Pharmaceuticals Stock Performance

Shares of CRNX opened at $42.12 on Friday. The firm’s 50-day simple moving average is $43.00 and its two-hundred day simple moving average is $36.67. Crinetics Pharmaceuticals has a fifty-two week low of $15.76 and a fifty-two week high of $49.58. The stock has a market cap of $2.93 billion, a PE ratio of -11.38 and a beta of 0.63.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its quarterly earnings results on Wednesday, February 28th. The company reported ($0.90) earnings per share for the quarter, missing the consensus estimate of ($0.89) by ($0.01). Crinetics Pharmaceuticals had a negative return on equity of 52.93% and a negative net margin of 4,223.27%. During the same period in the previous year, the company posted ($0.84) earnings per share. The company’s quarterly revenue was down 100.0% compared to the same quarter last year. Equities research analysts predict that Crinetics Pharmaceuticals will post -3.34 EPS for the current year.

Insider Activity at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, CEO Richard Scott Struthers sold 40,951 shares of the company’s stock in a transaction that occurred on Thursday, April 4th. The shares were sold at an average price of $49.17, for a total value of $2,013,560.67. Following the completion of the transaction, the chief executive officer now directly owns 237,835 shares in the company, valued at $11,694,346.95. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CEO Richard Scott Struthers sold 40,951 shares of the business’s stock in a transaction dated Thursday, April 4th. The stock was sold at an average price of $49.17, for a total value of $2,013,560.67. Following the transaction, the chief executive officer now directly owns 237,835 shares in the company, valued at $11,694,346.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Stephanie Okey sold 17,500 shares of the company’s stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $46.38, for a total value of $811,650.00. Following the completion of the transaction, the director now directly owns 6,000 shares of the company’s stock, valued at approximately $278,280. The disclosure for this sale can be found here. In the last ninety days, insiders sold 187,216 shares of company stock worth $8,509,397. 7.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

Several institutional investors and hedge funds have recently modified their holdings of CRNX. Wellington Management Group LLP boosted its position in shares of Crinetics Pharmaceuticals by 1.1% during the third quarter. Wellington Management Group LLP now owns 3,640,235 shares of the company’s stock worth $108,261,000 after acquiring an additional 38,523 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Crinetics Pharmaceuticals by 2.8% during the 4th quarter. Vanguard Group Inc. now owns 3,502,452 shares of the company’s stock valued at $124,617,000 after purchasing an additional 95,417 shares during the last quarter. Jennison Associates LLC grew its position in shares of Crinetics Pharmaceuticals by 77.7% during the fourth quarter. Jennison Associates LLC now owns 2,547,683 shares of the company’s stock valued at $90,647,000 after purchasing an additional 1,113,992 shares in the last quarter. FMR LLC increased its holdings in shares of Crinetics Pharmaceuticals by 97.7% in the third quarter. FMR LLC now owns 2,140,861 shares of the company’s stock worth $63,669,000 after purchasing an additional 1,057,947 shares during the last quarter. Finally, First Light Asset Management LLC increased its holdings in shares of Crinetics Pharmaceuticals by 25.5% in the fourth quarter. First Light Asset Management LLC now owns 1,987,772 shares of the company’s stock worth $70,725,000 after purchasing an additional 404,443 shares during the last quarter. 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.