Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Receives $54.00 Consensus PT from Analysts

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) have been given an average rating of “Moderate Buy” by the eleven brokerages that are currently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating on the company. The average 1-year price target among analysts that have covered the stock in the last year is $54.00.

CRNX has been the topic of several recent research reports. HC Wainwright restated a “buy” rating and set a $50.00 target price on shares of Crinetics Pharmaceuticals in a report on Tuesday, March 19th. Jonestrading boosted their price objective on Crinetics Pharmaceuticals from $52.00 to $56.00 and gave the stock a “buy” rating in a research note on Wednesday, March 20th. Oppenheimer raised their target price on Crinetics Pharmaceuticals from $54.00 to $55.00 and gave the company an “outperform” rating in a report on Wednesday, March 20th. Cantor Fitzgerald boosted their price target on Crinetics Pharmaceuticals from $50.00 to $65.00 and gave the stock an “overweight” rating in a research report on Monday, March 4th. Finally, Robert W. Baird increased their price objective on shares of Crinetics Pharmaceuticals from $45.00 to $52.00 and gave the company an “outperform” rating in a research report on Thursday, February 29th.

Crinetics Pharmaceuticals Price Performance

Crinetics Pharmaceuticals stock opened at $43.82 on Friday. The stock has a market capitalization of $3.45 billion, a P/E ratio of -11.84 and a beta of 0.63. Crinetics Pharmaceuticals has a 12-month low of $15.76 and a 12-month high of $49.58. The firm’s 50-day moving average is $43.12 and its two-hundred day moving average is $36.93.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced 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 net margin of 4,223.27% and a negative return on equity of 52.93%. During the same period in the previous year, the company posted ($0.84) earnings per share. Crinetics Pharmaceuticals’s revenue was down 100.0% compared to the same quarter last year. As a group, analysts forecast that Crinetics Pharmaceuticals will post -3.34 EPS for the current year.

Insider Buying and Selling

In other Crinetics Pharmaceuticals news, CEO Richard Scott Struthers sold 40,951 shares of the business’s stock in a transaction dated Thursday, April 4th. The shares were sold at an average price of $49.17, for a total value of $2,013,560.67. Following the transaction, the chief executive officer now directly owns 237,835 shares in the company, valued at $11,694,346.95. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, CFO Marc Wilson sold 6,942 shares of the firm’s stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $42.91, for a total value of $297,881.22. Following the transaction, the chief financial officer now owns 110,630 shares in the company, valued at $4,747,133.30. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Richard Scott Struthers sold 40,951 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Thursday, April 4th. The stock was sold at an average price of $49.17, for a total transaction of $2,013,560.67. Following the sale, the chief executive officer now owns 237,835 shares of the company’s stock, valued at approximately $11,694,346.95. The disclosure for this sale can be found here. Insiders sold 187,216 shares of company stock worth $8,509,397 in the last 90 days. 7.00% of the stock is owned by company insiders.

Institutional Trading of Crinetics Pharmaceuticals

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

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.