Brokerages Set Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) PT at $54.00

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) has been assigned an average recommendation of “Moderate Buy” from the eleven ratings firms that are presently covering the stock, Marketbeat reports. One research analyst has rated the stock with a hold recommendation and ten have given a buy recommendation to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $54.00.

A number of equities research analysts have recently commented on the stock. Oppenheimer raised their price objective on shares of Crinetics Pharmaceuticals from $54.00 to $55.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 20th. HC Wainwright reiterated a “buy” rating and set a $50.00 target price on shares of Crinetics Pharmaceuticals in a research report on Tuesday, March 19th. Robert W. Baird increased their target price on Crinetics Pharmaceuticals from $45.00 to $52.00 and gave the company an “outperform” rating in a research report on Thursday, February 29th. Jonestrading increased their target price on Crinetics Pharmaceuticals from $52.00 to $56.00 and gave the company a “buy” rating in a research report on Wednesday, March 20th. Finally, Citigroup started coverage on Crinetics Pharmaceuticals in a research report on Wednesday, March 6th. They set a “buy” rating and a $68.00 target price on the stock.

Crinetics Pharmaceuticals Trading Up 0.9 %

Shares of NASDAQ:CRNX opened at $47.20 on Friday. Crinetics Pharmaceuticals has a twelve month low of $15.76 and a twelve month high of $49.58. The company’s 50 day moving average is $43.83 and its 200 day moving average is $37.34. The company has a market cap of $3.72 billion, a PE ratio of -12.76 and a beta of 0.63.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings data on Wednesday, February 28th. The company reported ($0.90) EPS for the quarter, missing analysts’ consensus estimates of ($0.89) by ($0.01). Crinetics Pharmaceuticals had a negative return on equity of 52.93% and a negative net margin of 4,223.27%. The business’s revenue for the quarter was down 100.0% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.84) EPS. Equities research analysts predict that Crinetics Pharmaceuticals will post -3.34 earnings per share for the current fiscal year.

Insider Buying and Selling at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, CEO Richard Scott Struthers sold 40,951 shares of the firm’s stock in a transaction on Thursday, April 4th. The stock was sold at an average price of $49.17, for a total value of $2,013,560.67. Following the completion of the sale, the chief executive officer now directly owns 237,835 shares of the company’s stock, valued at approximately $11,694,346.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Dana Pizzuti sold 15,089 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $44.06, for a total transaction of $664,821.34. Following the completion of the sale, the insider now directly owns 27,786 shares of the company’s stock, valued at approximately $1,224,251.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Richard Scott Struthers sold 40,951 shares of the firm’s stock in a transaction dated Thursday, April 4th. The stock was sold at an average price of $49.17, for a total value of $2,013,560.67. Following the sale, the chief executive officer now directly owns 237,835 shares of the company’s stock, valued at $11,694,346.95. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 187,216 shares of company stock worth $8,509,397. Corporate insiders own 7.00% of the company’s stock.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

Several institutional investors have recently bought and sold shares of CRNX. Jennison Associates LLC grew its position in Crinetics Pharmaceuticals by 77.7% in the 4th quarter. Jennison Associates LLC now owns 2,547,683 shares of the company’s stock valued at $90,647,000 after acquiring an additional 1,113,992 shares in the last quarter. FMR LLC boosted its stake in shares of Crinetics Pharmaceuticals by 97.7% in the 3rd quarter. FMR LLC now owns 2,140,861 shares of the company’s stock valued at $63,669,000 after buying an additional 1,057,947 shares during the period. Vanguard Group Inc. boosted its stake in shares of Crinetics Pharmaceuticals by 24.7% in the 3rd quarter. Vanguard Group Inc. now owns 3,407,035 shares of the company’s stock valued at $101,325,000 after buying an additional 674,301 shares during the period. Avidity Partners Management LP purchased a new position in shares of Crinetics Pharmaceuticals in the 3rd quarter valued at about $18,141,000. Finally, Eventide Asset Management LLC boosted its stake in shares of Crinetics Pharmaceuticals by 134.3% in the 3rd quarter. Eventide Asset Management LLC now owns 1,018,782 shares of the company’s stock valued at $30,299,000 after buying an additional 584,014 shares during the period. 98.51% of the stock is owned by institutional investors and hedge funds.

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.