Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Receives $69.64 Average Price Target from Brokerages

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) has earned an average rating of “Moderate Buy” from the eleven brokerages that are covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating on the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $70.18.

Several equities research analysts have recently weighed in on CRNX shares. HC Wainwright boosted their target price on shares of Crinetics Pharmaceuticals from $69.00 to $81.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Oppenheimer reaffirmed an “outperform” rating and issued a $73.00 price objective (down previously from $74.00) on shares of Crinetics Pharmaceuticals in a report on Friday, August 9th. JMP Securities reaffirmed a “market outperform” rating and set a $80.00 target price on shares of Crinetics Pharmaceuticals in a research note on Friday, September 27th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $90.00 price target on shares of Crinetics Pharmaceuticals in a research note on Monday, September 16th. Finally, Citigroup raised their target price on Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the company a “buy” rating in a research note on Thursday, November 14th.

Insider Transactions at Crinetics Pharmaceuticals

In other news, insider Dana Pizzuti sold 14,375 shares of the business’s stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $54.63, for a total value of $785,306.25. Following the completion of the sale, the insider now owns 28,507 shares of the company’s stock, valued at approximately $1,557,337.41. The trade was a 33.52 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Stephen F. Betz sold 1,035 shares of the stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $51.50, for a total value of $53,302.50. Following the sale, the insider now directly owns 68,576 shares in the company, valued at $3,531,664. This represents a 1.49 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 43,410 shares of company stock valued at $2,275,929 over the last three months. Company insiders own 6.00% of the company’s stock.

Institutional Trading of Crinetics Pharmaceuticals

Institutional investors and hedge funds have recently modified their holdings of the business. Janus Henderson Group PLC raised its holdings in Crinetics Pharmaceuticals by 264.1% in the 1st quarter. Janus Henderson Group PLC now owns 1,978,172 shares of the company’s stock valued at $92,526,000 after buying an additional 1,434,909 shares during the last quarter. Artal Group S.A. acquired a new stake in shares of Crinetics Pharmaceuticals in the 1st quarter valued at about $65,088,000. Driehaus Capital Management LLC lifted its holdings in shares of Crinetics Pharmaceuticals by 17.0% in the 2nd quarter. Driehaus Capital Management LLC now owns 6,112,173 shares of the company’s stock worth $273,764,000 after purchasing an additional 885,876 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Crinetics Pharmaceuticals by 27.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,823,218 shares of the company’s stock worth $178,966,000 after acquiring an additional 814,360 shares in the last quarter. Finally, Farallon Capital Management LLC lifted its holdings in shares of Crinetics Pharmaceuticals by 9,840.0% in the second quarter. Farallon Capital Management LLC now owns 497,000 shares of the company’s stock valued at $22,261,000 after purchasing an additional 492,000 shares in the last quarter. 98.51% of the stock is currently owned by institutional investors.

Crinetics Pharmaceuticals Price Performance

CRNX opened at $53.70 on Thursday. Crinetics Pharmaceuticals has a 12 month low of $29.23 and a 12 month high of $62.53. The stock has a market capitalization of $4.98 billion, a P/E ratio of -14.40 and a beta of 0.62. The business has a 50 day simple moving average of $55.00 and a 200-day simple moving average of $51.37.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.96) earnings per share for the quarter, missing the consensus estimate of ($0.91) by ($0.05). During the same period last year, the firm posted ($1.01) EPS. Research analysts anticipate that Crinetics Pharmaceuticals will post -3.75 EPS for the current year.

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.