Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Receives $74.40 Average PT from Analysts

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) have been given an average rating of “Buy” by the ten ratings firms that are currently covering the company, Marketbeat.com reports. Ten investment analysts have rated the stock with a buy rating. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $74.40.

CRNX has been the subject of a number of research analyst reports. HC Wainwright lifted their price target on shares of Crinetics Pharmaceuticals from $69.00 to $81.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Citigroup raised their price objective on shares of Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Cantor Fitzgerald restated an “overweight” rating and issued a $90.00 target price on shares of Crinetics Pharmaceuticals in a research note on Monday, September 16th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $87.00 price target on shares of Crinetics Pharmaceuticals in a research note on Monday, December 16th.

Insiders Place Their Bets

In other news, COO Jeff E. Knight sold 501 shares of the stock in a transaction that occurred on Friday, November 22nd. The stock was 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 in the company, valued at approximately $2,919,427.56. This represents a 0.96 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 6.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. AQR Capital Management LLC boosted its holdings in shares of Crinetics Pharmaceuticals by 3.3% during the second quarter. AQR Capital Management LLC now owns 7,126 shares of the company’s stock valued at $319,000 after acquiring an additional 227 shares during the period. US Bancorp DE lifted its position in Crinetics Pharmaceuticals by 3.4% in the 3rd quarter. US Bancorp DE now owns 11,488 shares of the company’s stock valued at $587,000 after purchasing an additional 373 shares during the last quarter. KBC Group NV boosted 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 valued at $112,000 after purchasing an additional 407 shares during the period. Amalgamated Bank boosted its stake in Crinetics Pharmaceuticals by 20.8% during the 2nd quarter. Amalgamated Bank now owns 2,692 shares of the company’s stock valued at $121,000 after purchasing an additional 464 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. grew its position in Crinetics Pharmaceuticals by 2.5% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 20,633 shares of the company’s stock worth $1,054,000 after purchasing an additional 505 shares during the last quarter. 98.51% of the stock is currently owned by institutional investors.

Crinetics Pharmaceuticals Stock Performance

Shares of NASDAQ CRNX opened at $53.15 on Friday. Crinetics Pharmaceuticals has a 1 year low of $33.67 and a 1 year high of $62.53. The stock’s 50-day simple moving average is $55.92 and its 200-day simple moving average is $53.22. The firm has a market cap of $4.93 billion, a price-to-earnings ratio of -14.25 and a beta of 0.60.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.96) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.91) by ($0.05). During the same quarter in the previous year, the business posted ($1.01) earnings per share. As a group, research analysts predict 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.