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

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) has received a consensus recommendation of “Moderate Buy” from the ten research firms that are currently covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, eight have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $76.6250.

Several equities analysts have recently issued reports on the company. The Goldman Sachs Group upgraded Crinetics Pharmaceuticals from a “neutral” rating to a “buy” rating and set a $67.00 price objective for the company in a research note on Monday, January 12th. Citizens Jmp cut their target price on shares of Crinetics Pharmaceuticals from $105.00 to $96.00 and set a “market outperform” rating on the stock in a research note on Monday, March 2nd. Morgan Stanley raised their target price on shares of 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 shares of Crinetics Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Saturday. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a report on Wednesday, January 21st.

Insider Buying and Selling at Crinetics Pharmaceuticals

In related news, COO Jeff E. Knight sold 9,911 shares of the stock in a transaction on Monday, March 16th. The stock was sold at an average price of $37.37, for a total value of $370,374.07. Following the transaction, the chief operating officer owned 112,018 shares of the company’s stock, valued at $4,186,112.66. This represents a 8.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Tobin Schilke sold 6,713 shares of the firm’s stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $39.67, for a total value of $266,304.71. Following the completion of the sale, the chief financial officer owned 78,121 shares in the company, valued at approximately $3,099,060.07. This represents a 7.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 59,717 shares of company stock worth $2,291,939. 4.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Smartleaf Asset Management LLC raised its position in shares of Crinetics Pharmaceuticals by 107.5% during 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 in the last quarter. Headlands Technologies LLC purchased a new position in Crinetics Pharmaceuticals in the second quarter valued at approximately $30,000. Farther Finance Advisors LLC increased its stake in 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 last quarter. Raymond James Financial Inc. acquired a new stake in Crinetics Pharmaceuticals during the second quarter worth approximately $45,000. Finally, Parallel Advisors LLC raised its holdings in Crinetics Pharmaceuticals by 34.6% during 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 in the last quarter. 98.51% of the stock is owned by institutional investors and hedge funds.

Crinetics Pharmaceuticals Trading Down 7.3%

Crinetics Pharmaceuticals stock opened at $33.67 on Friday. The firm has a market capitalization of $3.53 billion, a P/E ratio of -6.82 and a beta of 0.23. Crinetics Pharmaceuticals has a twelve month low of $24.10 and a twelve month high of $57.99. The stock’s fifty day simple moving average is $43.49 and its 200-day simple moving average is $43.97.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its earnings results 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 firm had revenue of $6.16 million during the quarter, compared to analyst estimates of $4.32 million. During the same period last year, the business posted ($0.88) earnings per share. Crinetics Pharmaceuticals’s revenue was up NaN% compared to the same quarter last year. Sell-side analysts predict that Crinetics Pharmaceuticals will post -3.73 earnings per share for the current year.

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.