Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Receives $76.63 Consensus Target Price from Analysts
by Sarita Garza · The Markets DailyCrinetics Pharmaceuticals, Inc. (NASDAQ:CRNX – Get Free Report) has been assigned an average recommendation of “Moderate Buy” from the ten ratings firms that are currently covering the stock, Marketbeat reports. One analyst has rated the stock with a sell recommendation, eight have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among brokers that have covered the stock in the last year is $76.6250.
Several analysts have recently weighed in on CRNX shares. The Goldman Sachs Group raised shares of Crinetics Pharmaceuticals from a “neutral” rating to a “buy” rating and set a $67.00 price objective for the company in a report on Monday, January 12th. Citizens Jmp decreased their price target on Crinetics Pharmaceuticals from $105.00 to $96.00 and set a “market outperform” rating on the stock in a research report on Monday, March 2nd. Morgan Stanley raised their price target on Crinetics Pharmaceuticals from $77.00 to $80.00 and gave the company an “overweight” rating in a report on Tuesday, January 6th. Wall Street Zen downgraded Crinetics Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Saturday, March 28th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a report on Wednesday, January 21st.
View Our Latest Research Report on Crinetics Pharmaceuticals
Crinetics Pharmaceuticals Price Performance
NASDAQ CRNX opened at $37.23 on Friday. The firm has a market capitalization of $3.90 billion, a price-to-earnings ratio of -7.54 and a beta of 0.30. The company’s fifty day moving average is $41.94 and its two-hundred day moving average is $43.96. Crinetics Pharmaceuticals has a 52-week low of $24.10 and a 52-week high of $57.99.
Crinetics Pharmaceuticals (NASDAQ:CRNX – Get Free Report) last released its quarterly earnings data on Thursday, February 26th. The company reported ($1.29) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.37) by $0.08. Crinetics Pharmaceuticals had a negative return on equity of 41.46% and a negative net margin of 6,046.22%.The business had revenue of $6.16 million for the quarter, compared to analysts’ expectations of $4.32 million. During the same period in the previous year, the business posted ($0.88) earnings per share. Crinetics Pharmaceuticals’s quarterly revenue was up NaN% on a year-over-year basis. As a group, sell-side analysts expect that Crinetics Pharmaceuticals will post -3.73 earnings per share for the current fiscal year.
Insider Activity at Crinetics Pharmaceuticals
In other Crinetics Pharmaceuticals news, insider Stephen F. Betz sold 10,612 shares of the company’s stock in a transaction on Monday, March 16th. The shares were sold at an average price of $37.37, for a total transaction of $396,570.44. Following the completion of the sale, the insider owned 137,101 shares in the company, valued at approximately $5,123,464.37. The trade was a 7.18% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Richard Scott Struthers sold 21,981 shares of the company’s stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $37.37, for a total value of $821,429.97. Following the completion of the sale, the chief executive officer owned 404,778 shares of the company’s stock, valued at $15,126,553.86. This represents a 5.15% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 59,717 shares of company stock valued at $2,291,939 over the last quarter. 4.60% of the stock is currently owned by corporate insiders.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Smartleaf Asset Management LLC boosted its stake in Crinetics Pharmaceuticals by 107.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 639 shares of the company’s stock worth $30,000 after purchasing an additional 331 shares during the period. Farther Finance Advisors LLC raised its stake in shares of Crinetics Pharmaceuticals by 523.7% in the 3rd quarter. Farther Finance Advisors LLC now owns 842 shares of the company’s stock valued at $35,000 after purchasing an additional 707 shares during the period. Headlands Technologies LLC acquired a new stake in shares of Crinetics Pharmaceuticals in the 2nd quarter valued at about $30,000. Parallel Advisors LLC lifted its holdings in shares of Crinetics Pharmaceuticals by 34.6% in the fourth quarter. Parallel Advisors LLC now owns 1,225 shares of the company’s stock valued at $57,000 after purchasing an additional 315 shares in the last quarter. Finally, Covestor Ltd lifted its holdings in shares of Crinetics Pharmaceuticals by 23,983.3% in the third quarter. Covestor Ltd now owns 1,445 shares of the company’s stock valued at $60,000 after purchasing an additional 1,439 shares in the last quarter. 98.51% of the stock is currently owned by institutional investors.
Crinetics Pharmaceuticals Company Profile
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.