Crinetics Pharmaceuticals (NASDAQ:CRNX) Upgraded by Jefferies Financial Group to “Buy” Rating

Jefferies Financial Group upgraded shares of Crinetics Pharmaceuticals (NASDAQ:CRNX) from a hold rating to a buy rating in a report published on Wednesday, Marketbeat reports. They currently have $55.00 target price on the stock.

CRNX has been the subject of a number of other reports. JMP Securities reissued a “market outperform” rating and set a $87.00 target price on shares of Crinetics Pharmaceuticals in a research note on Monday, December 16th. Citigroup boosted their price objective on shares of Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $81.00 price target on shares of Crinetics Pharmaceuticals in a research note on Monday, January 13th. Eleven investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $72.64.

Crinetics Pharmaceuticals Price Performance

Crinetics Pharmaceuticals stock opened at $38.79 on Wednesday. The firm has a market capitalization of $3.60 billion, a P/E ratio of -10.40 and a beta of 0.60. Crinetics Pharmaceuticals has a 1-year low of $35.51 and a 1-year high of $62.53. The company’s 50-day moving average is $50.87 and its 200 day moving average is $52.72.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.96) earnings per share for the quarter, missing the consensus estimate of ($0.91) by ($0.05). During the same period in the previous year, the firm posted ($1.01) earnings per share. Research analysts anticipate that Crinetics Pharmaceuticals will post -3.73 earnings per share for the current fiscal year.

Insider Activity

In other Crinetics Pharmaceuticals news, COO Jeff E. Knight sold 501 shares of the company’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $56.52, for a total transaction of $28,316.52. Following the completion of the sale, the chief operating officer now owns 51,653 shares in the company, valued at $2,919,427.56. This represents a 0.96 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 6.00% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. abrdn plc boosted its position in Crinetics Pharmaceuticals by 22.3% during the fourth quarter. abrdn plc now owns 43,389 shares of the company’s stock valued at $2,218,000 after purchasing an additional 7,922 shares in the last quarter. China Universal Asset Management Co. Ltd. boosted its holdings in shares of Crinetics Pharmaceuticals by 27.7% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 19,664 shares of the company’s stock valued at $1,005,000 after buying an additional 4,271 shares in the last quarter. Moody Aldrich Partners LLC raised its stake in shares of Crinetics Pharmaceuticals by 3.8% during the 4th quarter. Moody Aldrich Partners LLC now owns 144,366 shares of the company’s stock worth $7,381,000 after acquiring an additional 5,236 shares in the last quarter. KBC Group NV lifted its position in Crinetics Pharmaceuticals by 69.3% during the fourth quarter. KBC Group NV now owns 3,712 shares of the company’s stock valued at $190,000 after acquiring an additional 1,519 shares during the last quarter. Finally, Janney Montgomery Scott LLC boosted its stake in Crinetics Pharmaceuticals by 13.7% in the fourth quarter. Janney Montgomery Scott LLC now owns 4,975 shares of the company’s stock valued at $254,000 after acquiring an additional 600 shares in the last quarter. 98.51% of the stock is currently owned by hedge funds and other institutional investors.

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.