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

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) have been assigned an average recommendation of “Moderate Buy” from the eleven analysts that are presently covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $74.7778.

CRNX has been the subject of a number of analyst reports. Citizens Jmp lowered their price target on Crinetics Pharmaceuticals from $105.00 to $96.00 and set a “market outperform” rating for the company in a research report on Monday. Wall Street Zen upgraded shares of Crinetics Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Saturday. 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 research note on Tuesday, January 6th. Lifesci Capital raised shares of Crinetics Pharmaceuticals to a “strong-buy” rating in a research report on Friday, February 13th. Finally, The Goldman Sachs Group upgraded 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.

Crinetics Pharmaceuticals Trading Down 1.4%

Shares of NASDAQ:CRNX opened at $40.12 on Wednesday. The company has a market cap of $4.20 billion, a price-to-earnings ratio of -8.12 and a beta of 0.23. Crinetics Pharmaceuticals has a 12 month low of $24.10 and a 12 month high of $57.99. The company has a 50-day moving average price of $48.48 and a 200 day moving average price of $43.44.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued 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’s revenue for the quarter was up NaN% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.88) EPS. As a group, equities analysts forecast that Crinetics Pharmaceuticals will post -3.73 EPS for the current year.

Insider Transactions at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, insider Isabel Kalofonos sold 2,500 shares of the company’s 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 transaction, the insider owned 834 shares of the company’s stock, valued at $45,870. This represents a 74.99% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 6.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Walleye Capital LLC increased its position in shares of Crinetics Pharmaceuticals by 53.5% during the second quarter. Walleye Capital LLC now owns 190,373 shares of the company’s stock worth $5,475,000 after acquiring an additional 66,391 shares during the period. Segall Bryant & Hamill LLC boosted its holdings in shares of Crinetics Pharmaceuticals by 20.7% in the second quarter. Segall Bryant & Hamill LLC now owns 176,517 shares of the company’s stock valued at $5,077,000 after purchasing an additional 30,243 shares during the period. Lisanti Capital Growth LLC purchased a new position in Crinetics Pharmaceuticals during the 3rd quarter worth $953,000. Assenagon Asset Management S.A. bought a new stake in Crinetics Pharmaceuticals during the 3rd quarter valued at $514,000. Finally, AXQ Capital LP purchased a new stake in shares of Crinetics Pharmaceuticals in the 2nd quarter worth $230,000. 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.