Brokerages Set Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Price Target at $70.18

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) has been assigned a consensus recommendation of “Moderate Buy” from the eleven brokerages that are presently covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold recommendation and ten have given a buy recommendation to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $70.18.

Several analysts recently commented on CRNX shares. JMP Securities reaffirmed a “market outperform” rating and issued a $80.00 price objective on shares of Crinetics Pharmaceuticals in a report on Friday, September 27th. Citigroup lifted their price objective on Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $90.00 price objective on shares of Crinetics Pharmaceuticals in a report on Monday, September 16th. Finally, HC Wainwright lifted their target price on Crinetics Pharmaceuticals from $69.00 to $81.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th.

Insider Activity

In related news, insider Dana Pizzuti sold 14,375 shares of the business’s stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $54.63, for a total value of $785,306.25. Following the sale, the insider now directly owns 28,507 shares in the company, valued at approximately $1,557,337.41. The trade was a 33.52 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Marc Wilson sold 25,000 shares of the business’s stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $51.11, for a total value of $1,277,750.00. Following the completion of the sale, the chief financial officer now owns 111,092 shares in the company, valued at $5,677,912.12. This represents a 18.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 39,876 shares of company stock worth $2,091,373 over the last ninety days. Corporate insiders own 6.00% of the company’s stock.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

A number of hedge funds have recently made changes to their positions in the company. Franklin Resources Inc. lifted its position in shares of Crinetics Pharmaceuticals by 61.4% in the third quarter. Franklin Resources Inc. now owns 1,390,110 shares of the company’s stock worth $73,815,000 after buying an additional 528,688 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Crinetics Pharmaceuticals by 10.1% in the third quarter. Geode Capital Management LLC now owns 1,848,133 shares of the company’s stock worth $94,458,000 after buying an additional 169,746 shares in the last quarter. Barclays PLC lifted its position in shares of Crinetics Pharmaceuticals by 75.5% in the third quarter. Barclays PLC now owns 207,712 shares of the company’s stock worth $10,614,000 after buying an additional 89,358 shares in the last quarter. Castleark Management LLC purchased a new stake in shares of Crinetics Pharmaceuticals in the third quarter worth about $3,748,000. Finally, State Street Corp increased its stake in Crinetics Pharmaceuticals by 0.9% during the third quarter. State Street Corp now owns 2,838,484 shares of the company’s stock worth $145,047,000 after acquiring an additional 25,561 shares during the last quarter. 98.51% of the stock is currently owned by hedge funds and other institutional investors.

Crinetics Pharmaceuticals Trading Down 3.5 %

Crinetics Pharmaceuticals stock opened at $53.66 on Monday. The firm has a market cap of $4.98 billion, a price-to-earnings ratio of -14.39 and a beta of 0.60. The stock has a fifty day simple moving average of $56.85 and a two-hundred day simple moving average of $52.45. Crinetics Pharmaceuticals has a 12 month low of $32.92 and a 12 month high of $62.53.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.96) EPS for the quarter, missing the consensus estimate of ($0.91) by ($0.05). During the same period in the prior year, the company earned ($1.01) earnings per share. On average, equities research analysts forecast that Crinetics Pharmaceuticals will post -3.75 EPS for the current fiscal 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.