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

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) have been given a consensus recommendation of “Moderate Buy” by the fourteen ratings firms that are presently covering the company, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and twelve have issued a buy rating on the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $80.00.

CRNX has been the topic of a number of recent analyst reports. JMP Securities increased their price target on Crinetics Pharmaceuticals from $86.00 to $143.00 and gave the stock a “market outperform” rating in a research report on Friday, September 26th. Citizens Jmp decreased their target price on Crinetics Pharmaceuticals from $108.00 to $105.00 and set a “market outperform” rating on the stock in a research report on Thursday, January 8th. Wall Street Zen raised shares of Crinetics Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Saturday, January 3rd. Oppenheimer upped their price objective on shares of Crinetics Pharmaceuticals from $73.00 to $87.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 30th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Crinetics Pharmaceuticals from $53.00 to $52.00 and set an “overweight” rating on the stock in a research report on Wednesday, September 24th.

Insider Activity at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, insider Isabel Kalofonos sold 2,500 shares of the stock in a transaction that occurred on Monday, January 5th. The stock was sold at an average price of $55.00, for a total transaction of $137,500.00. Following the completion of the transaction, the insider owned 834 shares of the company’s stock, valued at $45,870. This represents a 74.99% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Dana Pizzuti sold 5,000 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $42.66, for a total value of $213,300.00. Following the completion of the sale, the insider directly owned 66,270 shares in the company, valued at $2,827,078.20. This represents a 7.02% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 4.60% of the stock is currently owned by insiders.

Institutional Trading of Crinetics Pharmaceuticals

A number of hedge funds have recently bought and sold shares of CRNX. Wellington Management Group LLP lifted its position in Crinetics Pharmaceuticals by 44.3% during the third quarter. Wellington Management Group LLP now owns 8,381,991 shares of the company’s stock worth $349,110,000 after buying an additional 2,574,683 shares in the last quarter. Farallon Capital Management LLC increased its stake in shares of Crinetics Pharmaceuticals by 24.2% in the 3rd quarter. Farallon Capital Management LLC now owns 5,770,098 shares of the company’s stock worth $240,325,000 after acquiring an additional 1,124,000 shares during the last quarter. Paradigm Biocapital Advisors LP raised its holdings in shares of Crinetics Pharmaceuticals by 8.8% during the 3rd quarter. Paradigm Biocapital Advisors LP now owns 2,550,774 shares of the company’s stock worth $106,240,000 after acquiring an additional 207,221 shares during the period. Geode Capital Management LLC boosted its position in shares of Crinetics Pharmaceuticals by 1.0% during the 2nd quarter. Geode Capital Management LLC now owns 2,213,325 shares of the company’s stock valued at $63,662,000 after acquiring an additional 22,393 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in shares of Crinetics Pharmaceuticals by 279.2% in the third quarter. JPMorgan Chase & Co. now owns 1,258,722 shares of the company’s stock valued at $52,426,000 after purchasing an additional 926,765 shares during the period. Institutional investors and hedge funds own 98.51% of the company’s stock.

Crinetics Pharmaceuticals Price Performance

CRNX opened at $55.99 on Tuesday. The firm has a fifty day moving average price of $47.48 and a 200 day moving average price of $39.49. Crinetics Pharmaceuticals has a 1 year low of $24.10 and a 1 year high of $57.99. The stock has a market cap of $5.31 billion, a P/E ratio of -12.36 and a beta of 0.20.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings data on Thursday, November 6th. The company reported ($1.38) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.27) by ($0.11). The business had revenue of $0.14 million for the quarter, compared to the consensus estimate of $0.39 million. During the same period last year, the firm earned ($0.96) earnings per share. Equities analysts expect that Crinetics Pharmaceuticals will post -3.73 EPS for the current year.

About Crinetics Pharmaceuticals

Crinetics Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of novel therapeutics for rare endocrine diseases. The company’s proprietary platform leverages insights into hormone receptor signaling to design small-molecule candidates that address conditions driven by dysregulated hormone activity. Crinetics’ research efforts center on targeting somatostatin, vasopressin and other GPCR-mediated pathways with orally bioavailable molecules intended to improve patient convenience and adherence.

The company’s lead product candidate, paltusotine (formerly CRN04777), is a selective, non-peptide somatostatin receptor type 2 agonist being evaluated for the treatment of acromegaly and carcinoid syndrome diarrhea.