Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Receives $76.63 Consensus Target Price from Analysts

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) have received an average rating of “Moderate Buy” from the ten brokerages that are covering the stock, Marketbeat Ratings reports. One research 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 objective among brokerages that have covered the stock in the last year is $76.6250.

CRNX has been the topic of a number of recent analyst reports. Lifesci Capital upgraded shares of Crinetics Pharmaceuticals to a “strong-buy” rating in a report on Friday, February 13th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a research note on Wednesday, January 21st. The Goldman Sachs Group raised shares of Crinetics Pharmaceuticals from a “neutral” rating to a “buy” rating and set a $67.00 target price for the company in a research report on Monday, January 12th. Morgan Stanley lifted their price target on shares of Crinetics Pharmaceuticals from $77.00 to $80.00 and gave the stock an “overweight” rating in a report on Tuesday, January 6th. Finally, Wall Street Zen downgraded Crinetics Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Saturday, March 28th.

Crinetics Pharmaceuticals Price Performance

Shares of NASDAQ CRNX opened at $37.23 on Friday. The stock has a market capitalization of $3.90 billion, a P/E ratio of -7.54 and a beta of 0.30. Crinetics Pharmaceuticals has a 1-year low of $24.10 and a 1-year high of $57.99. The business has a fifty day moving average price of $41.62 and a 200 day moving average price of $44.05.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its earnings results on Thursday, February 26th. The company reported ($1.29) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.37) by $0.08. The company had revenue of $6.16 million for the quarter, compared to analyst estimates of $4.32 million. Crinetics Pharmaceuticals had a negative return on equity of 41.46% and a negative net margin of 6,046.22%.The firm’s quarterly revenue was up NaN% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.88) earnings per share. As a group, equities research analysts anticipate that Crinetics Pharmaceuticals will post -3.73 earnings per share for the current fiscal year.

Insider Transactions at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, CEO Richard Scott Struthers sold 21,981 shares of the company’s stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $37.37, for a total transaction of $821,429.97. Following the transaction, the chief executive officer owned 404,778 shares in the company, valued at approximately $15,126,553.86. This represents a 5.15% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Stephen F. Betz sold 10,612 shares of the firm’s stock in a transaction on Monday, March 16th. The stock was sold at an average price of $37.37, for a total transaction of $396,570.44. Following the completion of the transaction, the insider directly owned 137,101 shares of the company’s stock, valued at approximately $5,123,464.37. This represents a 7.18% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 59,717 shares of company stock worth $2,291,939. 4.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

A number of large investors have recently made changes to their positions in the stock. Smartleaf Asset Management LLC raised 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 acquiring an additional 331 shares during the last quarter. Headlands Technologies LLC purchased a new stake in Crinetics Pharmaceuticals during the 2nd quarter valued at about $30,000. Farther Finance Advisors LLC increased its holdings in shares of Crinetics Pharmaceuticals by 523.7% in the third 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. Raymond James Financial Inc. purchased a new position in shares of Crinetics Pharmaceuticals in the second quarter worth about $45,000. Finally, Parallel Advisors LLC raised its stake 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 worth $57,000 after purchasing an additional 315 shares during the last quarter. 98.51% of the stock is 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.