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

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) has been given an average recommendation of “Moderate Buy” by the ten ratings firms that are covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, eight have assigned a buy rating and one has issued a strong buy rating on the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $76.1250.

Several research firms have issued reports on CRNX. HC Wainwright reiterated a “buy” rating and set a $81.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Monday. Oppenheimer decreased their price objective on shares of Crinetics Pharmaceuticals from $87.00 to $84.00 and set an “outperform” rating for the company in a research note on Monday, May 11th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a research note on Monday, April 20th. Citizens Jmp reiterated a “market outperform” rating and set a $95.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Thursday, June 11th. Finally, Wall Street Zen upgraded shares of Crinetics Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 17th.

Crinetics Pharmaceuticals Stock Performance

Shares of CRNX stock opened at $35.00 on Friday. Crinetics Pharmaceuticals has a one year low of $25.83 and a one year high of $57.99. The company has a 50 day moving average price of $37.25 and a 200 day moving average price of $42.48. The firm has a market capitalization of $3.69 billion, a price-to-earnings ratio of -6.82 and a beta of 0.24.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($1.23) EPS for the quarter, missing the consensus estimate of ($1.22) by ($0.01). Crinetics Pharmaceuticals had a negative return on equity of 43.96% and a negative net margin of 2,747.18%.The company had revenue of $10.73 million for the quarter, compared to analyst estimates of $8.51 million. During the same period last year, the company posted ($1.04) EPS. The business’s revenue for the quarter was up 2873.4% on a year-over-year basis. As a group, equities analysts forecast that Crinetics Pharmaceuticals will post -4.85 EPS for the current fiscal year.

Insider Transactions at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, insider Jeff E. Knight sold 85,163 shares of the business’s stock in a transaction that occurred on Wednesday, April 8th. The shares were sold at an average price of $40.10, for a total transaction of $3,415,036.30. Following the completion of the sale, the insider directly owned 105,289 shares in the company, valued at $4,222,088.90. The trade was a 44.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

Institutional investors have recently bought and sold shares of the business. Glenmede Trust Co. NA boosted its stake in shares of Crinetics Pharmaceuticals by 72.6% in the first quarter. Glenmede Trust Co. NA now owns 29,245 shares of the company’s stock valued at $1,062,000 after purchasing an additional 12,301 shares during the period. Janus Henderson Group PLC boosted its stake in shares of Crinetics Pharmaceuticals by 1.8% in the first quarter. Janus Henderson Group PLC now owns 4,520,251 shares of the company’s stock valued at $164,227,000 after purchasing an additional 79,560 shares during the period. ADAR1 Capital Management LLC boosted its stake in shares of Crinetics Pharmaceuticals by 268.3% in the first quarter. ADAR1 Capital Management LLC now owns 1,139,331 shares of the company’s stock valued at $41,381,000 after purchasing an additional 829,963 shares during the period. Amundi boosted its stake in shares of Crinetics Pharmaceuticals by 131.8% in the first quarter. Amundi now owns 13,034 shares of the company’s stock valued at $473,000 after purchasing an additional 7,412 shares during the period. Finally, California State Teachers Retirement System boosted its stake in shares of Crinetics Pharmaceuticals by 23.4% in the first quarter. California State Teachers Retirement System now owns 105,563 shares of the company’s stock valued at $3,834,000 after purchasing an additional 19,995 shares during the period. 98.51% of the stock is currently owned by hedge funds and other institutional investors.

About Crinetics Pharmaceuticals

Crinetics Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of novel therapeutics for rare endocrine diseases. The company’s proprietary platform leverages insights into hormone receptor signaling to design small-molecule candidates that address conditions driven by dysregulated hormone activity. Crinetics’ research efforts center on targeting somatostatin, vasopressin and other GPCR-mediated pathways with orally bioavailable molecules intended to improve patient convenience and adherence.

The company’s lead product candidate, paltusotine (formerly CRN04777), is a selective, non-peptide somatostatin receptor type 2 agonist being evaluated for the treatment of acromegaly and carcinoid syndrome diarrhea.