Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Given Average Recommendation of "Buy" by Brokerages

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Get Free Report) has earned a consensus rating of "Buy" from the eleven research firms that are covering the firm, MarketBeat reports. Eleven research analysts have rated the stock with a buy recommendation. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $72.64.

A number of research firms have weighed in on CRNX. HC Wainwright restated a "buy" rating and issued a $81.00 price target on shares of Crinetics Pharmaceuticals in a research note on Monday, January 13th. Jefferies Financial Group raised shares of Crinetics Pharmaceuticals from a "hold" rating to a "buy" rating and set a $55.00 target price for the company in a research note on Wednesday, January 22nd. Citigroup upped their price target on shares of Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the stock a "buy" rating in a research report on Thursday, November 14th. Finally, JMP Securities reissued a "market outperform" rating and issued a $87.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Monday, December 16th.

Crinetics Pharmaceuticals Price Performance

CRNX stock traded down $0.08 during trading hours on Tuesday, reaching $40.18. 463,184 shares of the stock were exchanged, compared to its average volume of 1,138,419. The company has a market cap of $3.73 billion, a price-to-earnings ratio of -10.81 and a beta of 0.60. The firm's 50-day moving average is $49.55 and its 200-day moving average is $52.38. Crinetics Pharmaceuticals has a 12 month low of $35.51 and a 12 month high of $62.53.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.96) EPS for the quarter, missing analysts' consensus estimates of ($0.91) by ($0.05). During the same period last year, the company earned ($1.01) EPS. As a group, equities research analysts forecast that Crinetics Pharmaceuticals will post -3.73 earnings per share for the current year.

Insiders Place Their Bets

In related news, COO Jeff E. Knight sold 501 shares of the firm's stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $56.52, for a total transaction of $28,316.52. Following the transaction, the chief operating officer now directly owns 51,653 shares of the company's stock, valued at approximately $2,919,427.56. This trade represents a 0.96 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 6.00% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. FMR LLC boosted its stake in shares of Crinetics Pharmaceuticals by 8.8% in the third quarter. FMR LLC now owns 4,455,770 shares of the company's stock valued at $227,690,000 after buying an additional 358,975 shares during the period. State Street Corp lifted its position in shares of Crinetics Pharmaceuticals by 0.9% during the 3rd quarter. State Street Corp now owns 2,838,484 shares of the company's stock valued at $145,047,000 after acquiring an additional 25,561 shares during the period. Jennison Associates LLC grew its holdings in shares of Crinetics Pharmaceuticals by 0.5% during the 3rd quarter. Jennison Associates LLC now owns 2,793,614 shares of the company's stock worth $142,754,000 after purchasing an additional 13,470 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Crinetics Pharmaceuticals by 10.1% during the 3rd quarter. Geode Capital Management LLC now owns 1,848,133 shares of the company's stock worth $94,458,000 after purchasing an additional 169,746 shares in the last quarter. Finally, Franklin Resources Inc. increased its position in shares of Crinetics Pharmaceuticals by 61.4% in the third quarter. Franklin Resources Inc. now owns 1,390,110 shares of the company's stock worth $73,815,000 after purchasing an additional 528,688 shares during the period. Institutional investors and hedge funds own 98.51% of the company's stock.

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.