Brokerages Set Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) PT at $70.18

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) has earned an average rating of “Moderate Buy” from the eleven ratings firms that are currently covering the firm, MarketBeat reports. One analyst has rated the stock with a hold recommendation and ten have assigned a buy recommendation to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $70.18.

CRNX has been the subject of several recent analyst reports. JMP Securities restated a “market outperform” rating and set a $80.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Friday, September 27th. Citigroup raised their target price on Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. HC Wainwright boosted their price target 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. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $90.00 price target on shares of Crinetics Pharmaceuticals in a research report on Monday, September 16th.

Crinetics Pharmaceuticals Trading Up 5.2 %

CRNX stock opened at $60.15 on Monday. The business’s 50-day moving average price is $56.79 and its two-hundred day moving average price is $52.30. Crinetics Pharmaceuticals has a 1-year low of $32.64 and a 1-year high of $62.53. The firm has a market cap of $5.58 billion, a PE ratio of -16.13 and a beta of 0.60.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its earnings results on Tuesday, November 12th. The company reported ($0.96) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.91) by ($0.05). During the same quarter last year, the business earned ($1.01) earnings per share. On average, analysts forecast that Crinetics Pharmaceuticals will post -3.75 earnings per share for the current year.

Insider Buying and Selling

In other Crinetics Pharmaceuticals news, insider Dana Pizzuti sold 14,375 shares of the firm’s stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $54.63, for a total value of $785,306.25. Following the transaction, the insider now directly owns 28,507 shares of the company’s stock, valued at approximately $1,557,337.41. This trade represents a 33.52 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Jeff E. Knight sold 501 shares of the business’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $56.52, for a total transaction of $28,316.52. Following the sale, the chief operating officer now directly owns 51,653 shares of the company’s stock, valued at approximately $2,919,427.56. The trade was a 0.96 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 39,876 shares of company stock valued at $2,091,373 over the last ninety days. 6.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in CRNX. Comerica Bank purchased a new position in Crinetics Pharmaceuticals in the first quarter worth $33,000. Quest Partners LLC acquired a new position in shares of Crinetics Pharmaceuticals in the 2nd quarter valued at $42,000. Values First Advisors Inc. purchased a new stake in shares of Crinetics Pharmaceuticals during the 3rd quarter worth about $84,000. Allspring Global Investments Holdings LLC purchased a new position in shares of Crinetics Pharmaceuticals during the 3rd quarter valued at approximately $91,000. Finally, KBC Group NV increased its stake in Crinetics Pharmaceuticals by 22.8% during the 3rd quarter. KBC Group NV now owns 2,193 shares of the company’s stock worth $112,000 after buying an additional 407 shares in 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.