Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Receives $72.64 Average Price Target from Brokerages

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) have earned an average recommendation of “Moderate Buy” from the thirteen brokerages that are presently covering the company, Marketbeat.com reports. One research analyst has rated the stock with a hold recommendation and twelve have issued a buy recommendation on the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $72.64.

CRNX has been the subject of a number of recent research reports. TD Cowen initiated coverage on Crinetics Pharmaceuticals in a report on Tuesday, February 11th. They issued a “buy” rating for the company. Citigroup lifted their target price on Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. JMP Securities restated a “market outperform” rating and set a $87.00 price objective on shares of Crinetics Pharmaceuticals in a report on Monday, December 16th. Jefferies Financial Group upgraded Crinetics Pharmaceuticals from a “hold” rating to a “buy” rating and set a $55.00 price objective for the company in a report on Wednesday, January 22nd. Finally, HC Wainwright restated a “buy” rating and set a $81.00 price objective on shares of Crinetics Pharmaceuticals in a report on Monday, January 13th.

Crinetics Pharmaceuticals Stock Performance

Shares of Crinetics Pharmaceuticals stock opened at $35.78 on Friday. The stock has a market cap of $3.32 billion, a price-to-earnings ratio of -9.59 and a beta of 0.56. The stock has a 50 day moving average price of $41.53 and a 200-day moving average price of $50.16. Crinetics Pharmaceuticals has a one year low of $31.84 and a one year high of $62.53.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its earnings results on Thursday, February 27th. The company reported ($0.88) EPS for the quarter, topping analysts’ consensus estimates of ($0.92) by $0.04. Sell-side analysts predict that Crinetics Pharmaceuticals will post -3.73 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Crinetics Pharmaceuticals news, insider Dana Pizzuti sold 5,000 shares of the company’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $39.07, for a total value of $195,350.00. Following the completion of the sale, the insider now directly owns 31,748 shares in the company, valued at approximately $1,240,394.36. This represents a 13.61 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 6.00% of the company’s stock.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

Hedge funds have recently made changes to their positions in the company. Creative Planning raised its position in shares of Crinetics Pharmaceuticals by 52.4% in the 3rd quarter. Creative Planning now owns 19,808 shares of the company’s stock worth $1,012,000 after acquiring an additional 6,811 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new position in shares of Crinetics Pharmaceuticals in the 3rd quarter worth $91,000. Values First Advisors Inc. bought a new position in shares of Crinetics Pharmaceuticals in the 3rd quarter worth $84,000. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Crinetics Pharmaceuticals by 23.0% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,895 shares of the company’s stock worth $147,000 after acquiring an additional 541 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. raised its position in shares of Crinetics Pharmaceuticals by 66.1% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 15,393 shares of the company’s stock worth $787,000 after acquiring an additional 6,128 shares in the last quarter. 98.51% of the stock is currently owned by hedge funds and other institutional investors.

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.