Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Receives $72.64 Average PT from Analysts

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) have been assigned a consensus recommendation of “Moderate Buy” from the thirteen analysts that are covering the company, MarketBeat reports. One investment analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $73.00.

Several equities analysts recently weighed in on CRNX shares. JMP Securities reaffirmed a “market outperform” rating and set a $87.00 target price on shares of Crinetics Pharmaceuticals in a research note on Monday, December 16th. HC Wainwright reaffirmed a “buy” rating and issued a $81.00 target price on shares of Crinetics Pharmaceuticals in a report on Monday, January 13th. TD Cowen assumed coverage on Crinetics Pharmaceuticals in a report on Tuesday, February 11th. They set a “buy” rating for the company. Wolfe Research initiated coverage on Crinetics Pharmaceuticals in a report on Tuesday, February 4th. They set a “peer perform” rating on the stock. Finally, Jefferies Financial Group raised shares of Crinetics Pharmaceuticals from a “hold” rating to a “buy” rating and set a $55.00 target price for the company in a report on Wednesday, January 22nd.

Insider Transactions at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, insider Dana Pizzuti sold 2,515 shares of the stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $34.20, for a total transaction of $86,013.00. Following the completion of the sale, the insider now directly owns 72,233 shares of the company’s stock, valued at approximately $2,470,368.60. This represents a 3.36 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, COO Jeff E. Knight sold 7,162 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $34.20, for a total transaction of $244,940.40. Following the completion of the transaction, the chief operating officer now directly owns 87,491 shares in the company, valued at approximately $2,992,192.20. The trade was a 7.57 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 32,015 shares of company stock valued at $1,119,263. Corporate insiders own 6.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in CRNX. KBC Group NV boosted its stake in Crinetics Pharmaceuticals by 22.8% in the 3rd quarter. KBC Group NV now owns 2,193 shares of the company’s stock worth $112,000 after purchasing an additional 407 shares in the last quarter. Martingale Asset Management L P raised its stake in shares of Crinetics Pharmaceuticals by 1.9% in the fourth quarter. Martingale Asset Management L P now owns 22,484 shares of the company’s stock worth $1,150,000 after purchasing an additional 410 shares during the last quarter. Mackenzie Financial Corp lifted its holdings in shares of Crinetics Pharmaceuticals by 8.8% during the fourth quarter. Mackenzie Financial Corp now owns 5,422 shares of the company’s stock worth $277,000 after purchasing an additional 440 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its position in Crinetics Pharmaceuticals by 2.5% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 20,633 shares of the company’s stock valued at $1,054,000 after buying an additional 505 shares during the last quarter. Finally, NEOS Investment Management LLC increased its holdings in Crinetics Pharmaceuticals by 0.9% in the 4th quarter. NEOS Investment Management LLC now owns 57,933 shares of the company’s stock worth $2,962,000 after buying an additional 544 shares during the period. 98.51% of the stock is owned by institutional investors and hedge funds.

Crinetics Pharmaceuticals Stock Down 2.4 %

NASDAQ:CRNX opened at $35.07 on Wednesday. The business’s 50-day simple moving average is $36.15 and its two-hundred day simple moving average is $47.86. Crinetics Pharmaceuticals has a 52 week low of $31.84 and a 52 week high of $62.53. The stock has a market cap of $3.26 billion, a PE ratio of -9.40 and a beta of 0.58.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its quarterly 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 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.