Crinetics Pharmaceuticals (NASDAQ:CRNX) Now Covered by Analysts at TD Cowen

TD Cowen began coverage on shares of Crinetics Pharmaceuticals (NASDAQ:CRNX) in a report published on Tuesday, MarketBeat Ratings reports. The brokerage issued a buy rating on the stock.

CRNX has been the subject of several other reports. HC Wainwright reiterated a “buy” rating and issued a $81.00 target price on shares of Crinetics Pharmaceuticals in a report on Monday, January 13th. Wolfe Research assumed coverage on Crinetics Pharmaceuticals in a report on Tuesday, February 4th. They issued a “peer perform” rating for the company. JMP Securities reissued a “market outperform” rating and set a $87.00 target price on shares of Crinetics Pharmaceuticals in a research note on Monday, December 16th. Citigroup raised their price target on Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Finally, Jefferies Financial Group raised Crinetics Pharmaceuticals from a “hold” rating to a “buy” rating and set a $55.00 price target for the company in a report on Wednesday, January 22nd. One analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $72.64.

Crinetics Pharmaceuticals Stock Performance

Shares of CRNX opened at $34.93 on Tuesday. The firm’s 50-day simple moving average is $46.56 and its 200 day simple moving average is $51.49. Crinetics Pharmaceuticals has a 52 week low of $34.42 and a 52 week high of $62.53. The firm has a market cap of $3.24 billion, a P/E ratio of -9.36 and a beta of 0.56.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.96) EPS for the quarter, missing analysts’ consensus estimates of ($0.91) by ($0.05). During the same period last year, the firm earned ($1.01) EPS. As a group, equities analysts forecast that Crinetics Pharmaceuticals will post -3.73 earnings per share for the current year.

Insider Activity

In related news, COO Jeff E. Knight sold 501 shares of the firm’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $56.52, for a total value of $28,316.52. Following the completion of the sale, the chief operating officer now directly owns 51,653 shares in the company, valued at $2,919,427.56. This trade represents a 0.96 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Dana Pizzuti sold 5,000 shares of the firm’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $39.07, for a total value of $195,350.00. Following the completion of the sale, the insider now owns 31,748 shares of the company’s stock, valued at approximately $1,240,394.36. This represents a 13.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 6.00% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of CRNX. Vanguard Group Inc. increased its position in shares of Crinetics Pharmaceuticals by 44.6% during the fourth quarter. Vanguard Group Inc. now owns 9,089,391 shares of the company’s stock worth $464,741,000 after purchasing an additional 2,801,736 shares in the last quarter. SG Americas Securities LLC lifted its stake in shares of Crinetics Pharmaceuticals by 4,084.6% in the 4th quarter. SG Americas Securities LLC now owns 542,446 shares of the company’s stock valued at $27,735,000 after purchasing an additional 529,483 shares during the last quarter. Franklin Resources Inc. lifted its stake in shares of Crinetics Pharmaceuticals by 61.4% in the 3rd quarter. Franklin Resources Inc. now owns 1,390,110 shares of the company’s stock valued at $73,815,000 after purchasing an additional 528,688 shares during the last quarter. FMR LLC lifted its stake in shares of Crinetics Pharmaceuticals by 8.8% in the 3rd quarter. FMR LLC now owns 4,455,770 shares of the company’s stock valued at $227,690,000 after purchasing an additional 358,975 shares during the last quarter. Finally, Vestal Point Capital LP acquired a new position in shares of Crinetics Pharmaceuticals in the 3rd quarter valued at $10,476,000. 98.51% of the stock is owned by institutional investors and hedge funds.

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.