Brokerages Set Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Price Target at $70.18

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) has earned an average recommendation of “Moderate Buy” from the eleven brokerages that are currently covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a hold recommendation and ten have assigned a buy recommendation to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $70.18.

A number of research analysts recently issued reports on the company. Cantor Fitzgerald restated an “overweight” rating and set a $90.00 price target on shares of Crinetics Pharmaceuticals in a research note on Monday, September 16th. HC Wainwright increased their price objective on Crinetics Pharmaceuticals from $69.00 to $81.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. JMP Securities reaffirmed a “market outperform” rating and issued a $80.00 target price on shares of Crinetics Pharmaceuticals in a report on Friday, September 27th. Finally, Citigroup increased their price target on shares of Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th.

Insider Activity at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, COO Jeff E. Knight sold 501 shares of the stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $56.52, for a total value of $28,316.52. Following the completion of the transaction, the chief operating officer now owns 51,653 shares in the company, valued at approximately $2,919,427.56. This represents a 0.96 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Dana Pizzuti sold 14,375 shares of the company’s stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $54.63, for a total transaction of $785,306.25. Following the transaction, the insider now directly owns 28,507 shares in the company, valued at approximately $1,557,337.41. This trade represents a 33.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 39,876 shares of company stock worth $2,091,373 over the last 90 days. Company insiders own 6.00% of the company’s stock.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

A number of hedge funds and other institutional investors have recently modified their holdings of CRNX. Comerica Bank acquired a new position in Crinetics Pharmaceuticals during the first quarter worth $33,000. Quest Partners LLC acquired a new position in shares of Crinetics Pharmaceuticals during the 2nd quarter worth $42,000. Values First Advisors Inc. acquired a new position in shares of Crinetics Pharmaceuticals during the 3rd quarter worth $84,000. Allspring Global Investments Holdings LLC purchased a new stake in shares of Crinetics Pharmaceuticals in the 3rd quarter worth about $91,000. Finally, KBC Group NV increased its holdings in Crinetics Pharmaceuticals by 22.8% during the 3rd quarter. KBC Group NV now owns 2,193 shares of the company’s stock valued at $112,000 after acquiring an additional 407 shares in the last quarter. 98.51% of the stock is currently owned by institutional investors and hedge funds.

Crinetics Pharmaceuticals Trading Down 3.5 %

Shares of Crinetics Pharmaceuticals stock opened at $53.66 on Monday. The company has a fifty day simple moving average of $56.85 and a 200-day simple moving average of $52.36. The stock has a market cap of $4.98 billion, a price-to-earnings ratio of -14.39 and a beta of 0.60. Crinetics Pharmaceuticals has a 12-month low of $32.92 and a 12-month high of $62.53.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.96) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.91) by ($0.05). During the same quarter in the prior year, the business posted ($1.01) EPS. On average, analysts forecast that Crinetics Pharmaceuticals will post -3.75 earnings per share for the current fiscal year.

About Crinetics Pharmaceuticals

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.