Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Receives Average Rating of “Buy” from Analysts

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) have been assigned an average rating of “Buy” from the eleven research firms that are covering the stock, MarketBeat reports. Eleven analysts have rated the stock with a buy rating. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $72.64.

CRNX has been the topic of a number of research analyst reports. Jefferies Financial Group raised Crinetics Pharmaceuticals from a “hold” rating to a “buy” rating and set a $55.00 target price on the stock in a report on Wednesday, January 22nd. Citigroup boosted 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. HC Wainwright reissued a “buy” rating and set a $81.00 target price on shares of Crinetics Pharmaceuticals in a research report on Monday, January 13th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $87.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Monday, December 16th.

Insider Activity at Crinetics Pharmaceuticals

In related news, COO Jeff E. Knight sold 501 shares of the firm’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $56.52, for a total transaction of $28,316.52. Following the transaction, the chief operating officer now directly owns 51,653 shares of the company’s stock, 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 Securities & Exchange Commission, which is available at this link. 6.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

Several hedge funds have recently modified their holdings of CRNX. Barclays PLC raised its holdings in shares of Crinetics Pharmaceuticals by 75.5% in the 3rd quarter. Barclays PLC now owns 207,712 shares of the company’s stock worth $10,614,000 after purchasing an additional 89,358 shares during the period. Franklin Resources Inc. lifted its holdings in Crinetics Pharmaceuticals by 61.4% during the 3rd quarter. Franklin Resources Inc. now owns 1,390,110 shares of the company’s stock worth $73,815,000 after purchasing an additional 528,688 shares in the last quarter. Geode Capital Management LLC boosted its stake in Crinetics Pharmaceuticals by 10.1% in the 3rd quarter. Geode Capital Management LLC now owns 1,848,133 shares of the company’s stock worth $94,458,000 after purchasing an additional 169,746 shares during the period. Jennison Associates LLC grew its holdings in Crinetics Pharmaceuticals by 0.5% during the 3rd quarter. Jennison Associates LLC now owns 2,793,614 shares of the company’s stock valued at $142,754,000 after buying an additional 13,470 shares in the last quarter. Finally, Fisher Asset Management LLC lifted its holdings in shares of Crinetics Pharmaceuticals by 8.4% in the third quarter. Fisher Asset Management LLC now owns 482,099 shares of the company’s stock worth $24,635,000 after buying an additional 37,429 shares in the last quarter. Institutional investors own 98.51% of the company’s stock.

Crinetics Pharmaceuticals Stock Down 3.7 %

Shares of Crinetics Pharmaceuticals stock opened at $38.79 on Tuesday. The company has a 50-day simple moving average of $48.89 and a two-hundred day simple moving average of $52.16. Crinetics Pharmaceuticals has a twelve month low of $35.51 and a twelve month high of $62.53. The stock has a market capitalization of $3.60 billion, a price-to-earnings ratio of -10.40 and a beta of 0.60.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.96) EPS for the quarter, missing analysts’ consensus estimates of ($0.91) by ($0.05). During the same period in the previous year, the company posted ($1.01) earnings per share. On average, sell-side analysts anticipate that Crinetics Pharmaceuticals will post -3.73 earnings per share 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.