Crinetics Pharmaceuticals (NASDAQ:CRNX) Coverage Initiated at Wolfe Research

Wolfe Research initiated coverage on shares of Crinetics Pharmaceuticals (NASDAQ:CRNX) in a research note issued on Tuesday,Briefing.com Automated Import reports. The firm set a “peer perform” rating on the stock.

Several other brokerages have also issued reports on CRNX. HC Wainwright reiterated a “buy” rating and issued a $81.00 price target on shares of Crinetics Pharmaceuticals in a research note on Monday, January 13th. JMP Securities reiterated a “market outperform” rating and issued a $87.00 target price on shares of Crinetics Pharmaceuticals in a research report on Monday, December 16th. Citigroup increased their target price 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. Finally, Jefferies Financial Group raised shares of Crinetics Pharmaceuticals from a “hold” rating to a “buy” rating and set a $55.00 price target on the stock in a report on Wednesday, January 22nd. One research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $72.64.

Crinetics Pharmaceuticals Stock Performance

NASDAQ CRNX opened at $38.79 on Tuesday. Crinetics Pharmaceuticals has a 52-week low of $35.51 and a 52-week high of $62.53. The firm has a 50-day moving average of $48.89 and a 200-day moving average of $52.16. The stock has a market cap of $3.60 billion, a PE ratio of -10.40 and a beta of 0.56.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced 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 period in the previous year, the business posted ($1.01) EPS. As a group, analysts predict that Crinetics Pharmaceuticals will post -3.73 EPS for the current fiscal year.

Insiders Place Their Bets

In other Crinetics Pharmaceuticals news, COO Jeff E. Knight sold 501 shares of the firm’s stock in a transaction dated 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 owns 51,653 shares in the company, valued at $2,919,427.56. This trade represents a 0.96 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 6.00% of the company’s stock.

Institutional Trading of Crinetics Pharmaceuticals

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Handelsbanken Fonder AB grew its holdings in shares of Crinetics Pharmaceuticals by 14.7% during the 4th quarter. Handelsbanken Fonder AB now owns 21,800 shares of the company’s stock valued at $1,115,000 after purchasing an additional 2,800 shares during the last quarter. New York State Common Retirement Fund grew its stake in shares of Crinetics Pharmaceuticals by 5.2% during the fourth quarter. New York State Common Retirement Fund now owns 155,426 shares of the company’s stock valued at $7,947,000 after buying an additional 7,735 shares during the last quarter. Venturi Wealth Management LLC purchased a new position in shares of Crinetics Pharmaceuticals in the fourth quarter worth about $41,000. Principal Financial Group Inc. lifted its stake in shares of Crinetics Pharmaceuticals by 4.4% in the 4th quarter. Principal Financial Group Inc. now owns 81,156 shares of the company’s stock valued at $4,150,000 after acquiring an additional 3,447 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D boosted its holdings in Crinetics Pharmaceuticals by 1.9% during the 4th quarter. State of New Jersey Common Pension Fund D now owns 38,049 shares of the company’s stock valued at $1,945,000 after acquiring an additional 708 shares during the period. Hedge funds and other institutional investors own 98.51% of the company’s stock.

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.