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

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) have been assigned an average rating of “Moderate Buy” from the twelve analysts that are presently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a hold recommendation and eleven have given a buy recommendation to the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $64.08.

A number of equities research analysts have recently weighed in on CRNX shares. HC Wainwright reiterated a “buy” rating and issued a $60.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Friday, June 28th. Morgan Stanley boosted their price objective on shares of Crinetics Pharmaceuticals from $50.00 to $70.00 and gave the company an “overweight” rating in a research report on Thursday, May 23rd. Robert W. Baird lifted their price objective on Crinetics Pharmaceuticals from $52.00 to $62.00 and gave the company an “outperform” rating in a research report on Thursday, May 23rd. Cantor Fitzgerald reiterated an “overweight” rating and issued a $65.00 price objective on shares of Crinetics Pharmaceuticals in a report on Tuesday, May 14th. Finally, JPMorgan Chase & Co. upped their target price on shares of Crinetics Pharmaceuticals from $47.00 to $54.00 and gave the stock an “overweight” rating in a research report on Tuesday.

Crinetics Pharmaceuticals Price Performance

Shares of CRNX stock opened at $52.81 on Friday. The business has a 50-day moving average of $46.88 and a 200 day moving average of $42.68. The stock has a market capitalization of $4.16 billion, a PE ratio of -13.97 and a beta of 0.68. Crinetics Pharmaceuticals has a 1-year low of $15.76 and a 1-year high of $53.70.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its quarterly earnings results on Thursday, May 9th. The company reported ($0.93) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.84) by ($0.09). The business had revenue of $0.64 million for the quarter, compared to analyst estimates of $0.20 million. The firm’s revenue was down 76.1% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.85) earnings per share. Analysts anticipate that Crinetics Pharmaceuticals will post -3.53 EPS for the current year.

Insider Buying and Selling at Crinetics Pharmaceuticals

In other news, insider Dana Pizzuti sold 14,375 shares of the business’s stock in a transaction on Monday, April 15th. The stock was sold at an average price of $44.47, for a total value of $639,256.25. Following the completion of the transaction, the insider now owns 27,786 shares in the company, valued at $1,235,643.42. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO Marc Wilson sold 32,129 shares of the firm’s stock in a transaction on Friday, June 28th. The stock was sold at an average price of $43.61, for a total value of $1,401,145.69. Following the transaction, the chief financial officer now directly owns 111,092 shares in the company, valued at approximately $4,844,722.12. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Dana Pizzuti sold 14,375 shares of the company’s stock in a transaction on Monday, April 15th. The shares were sold at an average price of $44.47, for a total value of $639,256.25. Following the sale, the insider now owns 27,786 shares of the company’s stock, valued at approximately $1,235,643.42. The disclosure for this sale can be found here. In the last three months, insiders have sold 217,783 shares of company stock worth $10,223,642. Insiders own 6.00% of the company’s stock.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

A number of large investors have recently made changes to their positions in CRNX. Comerica Bank purchased a new position in shares of Crinetics Pharmaceuticals in the first quarter worth approximately $33,000. Quarry LP purchased a new position in shares of Crinetics Pharmaceuticals during the 4th quarter worth $36,000. AJOVista LLC bought a new stake in shares of Crinetics Pharmaceuticals during the 4th quarter valued at $58,000. HighMark Wealth Management LLC bought a new stake in shares of Crinetics Pharmaceuticals during the 4th quarter valued at $151,000. Finally, Oppenheimer Asset Management Inc. bought a new position in Crinetics Pharmaceuticals in the 1st quarter worth $200,000. 98.51% of the stock is currently owned by institutional investors.

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.