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

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) has been given an average recommendation of “Moderate Buy” by the eleven ratings firms that are currently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a hold recommendation and ten have assigned a buy recommendation to the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $68.55.

CRNX has been the topic of a number of recent analyst reports. Oppenheimer restated an “outperform” rating and set a $73.00 price target (down previously from $74.00) on shares of Crinetics Pharmaceuticals in a report on Friday, August 9th. HC Wainwright boosted their price objective on shares of Crinetics Pharmaceuticals from $60.00 to $69.00 and gave the company a “buy” rating in a research report on Friday, August 9th. JMP Securities reissued a “market outperform” rating and issued a $80.00 target price on shares of Crinetics Pharmaceuticals in a research report on Friday, September 27th. Cantor Fitzgerald reissued an “overweight” rating and issued a $90.00 target price on shares of Crinetics Pharmaceuticals in a research report on Monday, September 16th. Finally, Piper Sandler reissued an “overweight” rating and issued a $97.00 target price on shares of Crinetics Pharmaceuticals in a research report on Tuesday, July 2nd.

Insider Transactions at Crinetics Pharmaceuticals

In other news, insider Stephen F. Betz sold 1,035 shares of the business’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $51.50, for a total value of $53,302.50. Following the completion of the sale, the insider now directly owns 68,576 shares in the company, valued at approximately $3,531,664. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Stephen F. Betz sold 1,035 shares of the company’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $51.50, for a total transaction of $53,302.50. Following the completion of the transaction, the insider now directly owns 68,576 shares in the company, valued at $3,531,664. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Marc Wilson sold 25,000 shares of the company’s stock in a transaction on Thursday, September 26th. The shares were sold at an average price of $51.11, for a total transaction of $1,277,750.00. Following the transaction, the chief financial officer now owns 111,092 shares of the company’s stock, valued at approximately $5,677,912.12. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 43,410 shares of company stock worth $2,275,929. 6.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

Hedge funds have recently made changes to their positions in the business. Comerica Bank acquired a new position in shares of Crinetics Pharmaceuticals in the 1st quarter valued at $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. acquired a new position in shares of Crinetics Pharmaceuticals in the 3rd quarter valued at $84,000. Allspring Global Investments Holdings LLC acquired a new position in shares of Crinetics Pharmaceuticals in the 3rd quarter valued at $91,000. Finally, Amalgamated Bank grew its holdings in shares of Crinetics Pharmaceuticals by 20.8% in the 2nd quarter. Amalgamated Bank now owns 2,692 shares of the company’s stock worth $121,000 after purchasing an additional 464 shares during the last quarter. Institutional investors and hedge funds own 98.51% of the company’s stock.

Crinetics Pharmaceuticals Price Performance

CRNX stock opened at $58.74 on Friday. Crinetics Pharmaceuticals has a 52-week low of $25.75 and a 52-week high of $60.04. The company’s 50 day simple moving average is $53.36 and its 200-day simple moving average is $49.71. The firm has a market capitalization of $4.63 billion, a P/E ratio of -15.54 and a beta of 0.63.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.94) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.86) by ($0.08). The firm had revenue of $0.40 million for the quarter, compared to analyst estimates of $0.47 million. During the same quarter in the prior year, the company earned ($0.94) EPS. Crinetics Pharmaceuticals’s revenue for the quarter was down 59.6% compared to the same quarter last year. Sell-side analysts predict that Crinetics Pharmaceuticals will post -3.72 EPS for the current fiscal year.

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.