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

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) have been given a consensus recommendation of “Moderate Buy” by the twelve research firms that are covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell rating and eleven have given a buy rating to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $82.50.

CRNX has been the topic of a number of recent analyst reports. Morgan Stanley boosted their price objective on Crinetics Pharmaceuticals from $77.00 to $80.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a report 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 note on Monday, January 12th. Citizens Jmp reduced their target price on shares of Crinetics Pharmaceuticals from $108.00 to $105.00 and set a “market outperform” rating on the stock in a research report on Thursday, January 8th. Finally, Wall Street Zen raised shares of Crinetics Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Saturday, January 3rd.

Crinetics Pharmaceuticals Trading Up 1.1%

NASDAQ CRNX opened at $45.28 on Friday. Crinetics Pharmaceuticals has a 1-year low of $24.10 and a 1-year high of $57.99. The company has a 50 day moving average of $49.86 and a 200-day moving average of $41.54. The firm has a market cap of $4.63 billion, a price-to-earnings ratio of -10.00 and a beta of 0.19.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly 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 company had revenue of $0.14 million during the quarter, compared to analyst estimates of $0.39 million. During the same quarter in the previous year, the business posted ($0.96) EPS. On average, analysts forecast that Crinetics Pharmaceuticals will post -3.73 earnings per share for the current year.

Insider Activity at Crinetics Pharmaceuticals

In other news, insider Isabel Kalofonos sold 2,500 shares of Crinetics Pharmaceuticals stock in a transaction on Monday, January 5th. The stock was sold at an average price of $55.00, for a total value of $137,500.00. Following the completion of the sale, the insider directly owned 834 shares of the company’s stock, valued at approximately $45,870. This trade represents a 74.99% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 4.60% of the company’s stock.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

Several hedge funds have recently added to or reduced their stakes in CRNX. Farther Finance Advisors LLC raised its holdings in Crinetics Pharmaceuticals by 523.7% during the 3rd quarter. Farther Finance Advisors LLC now owns 842 shares of the company’s stock worth $35,000 after purchasing an additional 707 shares during the last quarter. Headlands Technologies LLC acquired a new stake in shares of Crinetics Pharmaceuticals during the 2nd quarter worth approximately $30,000. Covestor Ltd raised its stake in shares of Crinetics Pharmaceuticals by 23,983.3% during the third quarter. Covestor Ltd now owns 1,445 shares of the company’s stock worth $60,000 after buying an additional 1,439 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Crinetics Pharmaceuticals in the second quarter valued at approximately $45,000. Finally, Abich Financial Wealth Management LLC bought a new position in Crinetics Pharmaceuticals in the third quarter valued at approximately $68,000. Institutional investors own 98.51% of the company’s stock.

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.