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

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) have earned an average rating of “Moderate Buy” from the twelve ratings firms that are covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $74.30.

A number of research firms recently issued reports on CRNX. 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 research note on Wednesday, January 22nd. HC Wainwright reissued a “buy” rating and issued a $81.00 price target on shares of Crinetics Pharmaceuticals in a research note on Monday, January 13th. Wolfe Research began coverage on shares of Crinetics Pharmaceuticals in a research note on Tuesday, February 4th. They issued a “peer perform” rating on the stock. TD Cowen began coverage on shares of Crinetics Pharmaceuticals in a research note on Tuesday, February 11th. They issued a “buy” rating on the stock. Finally, JMP Securities reissued a “market outperform” rating and issued a $87.00 price target on shares of Crinetics Pharmaceuticals in a research note on Monday, December 16th.

Crinetics Pharmaceuticals Price Performance

NASDAQ:CRNX opened at $34.42 on Wednesday. The firm has a market cap of $3.20 billion, a price-to-earnings ratio of -9.23 and a beta of 0.58. The company has a 50 day moving average price of $36.22 and a 200-day moving average price of $48.07. Crinetics Pharmaceuticals has a 1-year low of $31.84 and a 1-year high of $62.53.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its earnings results on Thursday, February 27th. The company reported ($0.88) earnings per share for the quarter, beating the consensus estimate of ($0.92) by $0.04. On average, sell-side analysts anticipate that Crinetics Pharmaceuticals will post -3.73 earnings per share for the current fiscal year.

Insider Transactions at Crinetics Pharmaceuticals

In other news, insider Dana Pizzuti sold 2,515 shares of Crinetics Pharmaceuticals stock in a transaction on Wednesday, March 19th. The stock was sold at an average price of $34.20, for a total transaction of $86,013.00. Following the transaction, the insider now owns 72,233 shares in the company, valued at $2,470,368.60. The trade was a 3.36 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Jeff E. Knight sold 7,162 shares of Crinetics Pharmaceuticals stock in a transaction on Wednesday, March 19th. The stock was sold at an average price of $34.20, for a total value of $244,940.40. Following the transaction, the chief operating officer now owns 87,491 shares in the company, valued at approximately $2,992,192.20. This represents a 7.57 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 32,015 shares of company stock worth $1,119,263 in the last quarter. Company insiders own 6.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Venturi Wealth Management LLC purchased a new stake in Crinetics Pharmaceuticals in the 4th quarter valued at about $41,000. State of Wyoming purchased a new stake in Crinetics Pharmaceuticals in the 4th quarter valued at about $50,000. Headlands Technologies LLC purchased a new stake in Crinetics Pharmaceuticals in the 4th quarter valued at about $52,000. Harvest Fund Management Co. Ltd purchased a new stake in Crinetics Pharmaceuticals in the 4th quarter valued at about $66,000. Finally, GF Fund Management CO. LTD. purchased a new stake in Crinetics Pharmaceuticals in the 4th quarter valued at about $100,000. 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.