Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Given Average Rating of “Moderate Buy” by Brokerages

by · The Cerbat Gem

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX – Get Free Report) has been assigned an average recommendation of “Moderate Buy” from the fourteen brokerages that are presently covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating on the company. The average 1 year target price among brokerages that have covered the stock in the last year is $77.5455.

Several equities research analysts recently commented on CRNX shares. JMP Securities boosted their price objective on shares of Crinetics Pharmaceuticals from $86.00 to $143.00 and gave the stock a “market outperform” rating in a research report on Friday, September 26th. The Goldman Sachs Group upped their price target on shares of Crinetics Pharmaceuticals from $35.00 to $40.00 and gave the company a “neutral” rating in a report on Friday, September 26th. Morgan Stanley increased their price target on shares of Crinetics Pharmaceuticals from $65.00 to $77.00 and gave the company an “overweight” rating in a research report on Monday, September 29th. Leerink Partners lifted their price objective on Crinetics Pharmaceuticals from $80.00 to $88.00 and gave the stock an “outperform” rating in a research report on Monday, September 29th. Finally, Robert W. Baird upped their target price on Crinetics Pharmaceuticals from $58.00 to $62.00 and gave the company an “outperform” rating in a research note on Friday, September 26th.

Check Out Our Latest Stock Report on CRNX

Insider Activity at Crinetics Pharmaceuticals

In related news, Director Matthew K. Fust sold 16,000 shares of Crinetics Pharmaceuticals stock in a transaction dated Friday, September 26th. The stock was sold at an average price of $44.75, for a total transaction of $716,000.00. Following the completion of the sale, the director owned 22,836 shares in the company, valued at approximately $1,021,911. This trade represents a 41.20% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Dana Pizzuti sold 5,000 shares of the company’s stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $42.66, for a total transaction of $213,300.00. Following the completion of the transaction, the insider owned 66,270 shares in the company, valued at approximately $2,827,078.20. This trade represents a 7.02% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 30,000 shares of company stock valued at $1,318,350 over the last quarter. Insiders own 6.00% of the company’s stock.

Institutional Trading of Crinetics Pharmaceuticals

Several hedge funds and other institutional investors have recently bought and sold shares of CRNX. Wellington Management Group LLP lifted its stake in shares of Crinetics Pharmaceuticals by 44.3% during the 3rd quarter. Wellington Management Group LLP now owns 8,381,991 shares of the company’s stock worth $349,110,000 after purchasing an additional 2,574,683 shares during the period. Driehaus Capital Management LLC increased its stake in Crinetics Pharmaceuticals by 1.6% in the first quarter. Driehaus Capital Management LLC now owns 6,239,902 shares of the company’s stock valued at $209,286,000 after purchasing an additional 98,888 shares during the last quarter. Farallon Capital Management LLC lifted its position in Crinetics Pharmaceuticals by 24.2% during the third quarter. Farallon Capital Management LLC now owns 5,770,098 shares of the company’s stock worth $240,325,000 after buying an additional 1,124,000 shares during the period. Paradigm Biocapital Advisors LP boosted its stake in Crinetics Pharmaceuticals by 8.8% in the 3rd quarter. Paradigm Biocapital Advisors LP now owns 2,550,774 shares of the company’s stock worth $106,240,000 after buying an additional 207,221 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in Crinetics Pharmaceuticals by 1.0% in the 2nd quarter. Geode Capital Management LLC now owns 2,213,325 shares of the company’s stock worth $63,662,000 after buying an additional 22,393 shares during the last quarter. 98.51% of the stock is owned by hedge funds and other institutional investors.

Crinetics Pharmaceuticals Price Performance

CRNX opened at $48.87 on Friday. Crinetics Pharmaceuticals has a 1-year low of $24.10 and a 1-year high of $54.78. The stock has a market cap of $4.64 billion, a P/E ratio of -10.79 and a beta of 0.20. The stock’s 50 day simple moving average is $44.51 and its 200 day simple moving average is $37.04.

Crinetics Pharmaceuticals (NASDAQ:CRNX – Get Free Report) last posted its earnings results on Thursday, November 6th. The company reported ($1.38) EPS for the quarter, missing analysts’ consensus estimates of ($1.27) by ($0.11). The business had revenue of $0.14 million during the quarter, compared to the consensus estimate of $0.39 million. During the same quarter last year, the firm posted ($0.96) EPS. Research analysts expect that Crinetics Pharmaceuticals will post -3.73 EPS for the current fiscal year.

Crinetics Pharmaceuticals Company Profile

(Get Free Report)

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.

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