Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Receives $70.18 Average Target Price from Analysts

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Get Free Report) have received an average recommendation of "Moderate Buy" from the eleven ratings firms that are covering the stock, Marketbeat.com reports. One analyst has rated the stock with a hold recommendation and ten have issued a buy recommendation on the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $70.18.

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

Crinetics Pharmaceuticals Stock Down 3.8 %

Shares of NASDAQ:CRNX traded down $2.25 on Monday, reaching $56.62. The company had a trading volume of 628,415 shares, compared to its average volume of 770,248. The stock has a market capitalization of $5.25 billion, a P/E ratio of -15.55 and a beta of 0.60. The stock has a 50-day moving average price of $56.45 and a 200 day moving average price of $52.12. Crinetics Pharmaceuticals has a twelve month low of $32.56 and a twelve month high of $62.53.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last announced its earnings results on Tuesday, November 12th. The company reported ($0.96) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.91) by ($0.05). During the same period in the previous year, the company earned ($1.01) earnings per share. On average, sell-side analysts predict that Crinetics Pharmaceuticals will post -3.75 earnings per share for the current fiscal year.

Insider Activity at Crinetics Pharmaceuticals

In related news, CFO Marc Wilson sold 25,000 shares of the firm's stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $51.11, for a total transaction of $1,277,750.00. Following the completion of the transaction, the chief financial officer now owns 111,092 shares in the company, valued at $5,677,912.12. This trade represents a 18.37 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 transaction, the chief operating officer now owns 51,653 shares of the company's stock, valued at $2,919,427.56. This represents a 0.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 40,911 shares of company stock worth $2,144,675. 6.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

Several institutional investors have recently added to or reduced their stakes in the company. Comerica Bank acquired a new position in Crinetics Pharmaceuticals during the 1st quarter worth about $33,000. Quest Partners LLC bought a new position in shares of Crinetics Pharmaceuticals in the second quarter worth about $42,000. Values First Advisors Inc. acquired a new position in shares of Crinetics Pharmaceuticals during the third quarter worth approximately $84,000. Allspring Global Investments Holdings LLC bought a new stake in shares of Crinetics Pharmaceuticals during the third quarter valued at approximately $91,000. Finally, KBC Group NV increased its holdings in shares of Crinetics Pharmaceuticals by 22.8% in the third quarter. KBC Group NV now owns 2,193 shares of the company's stock valued at $112,000 after purchasing an additional 407 shares in the last quarter. 98.51% of the stock is owned by institutional investors.

Crinetics Pharmaceuticals Company Profile

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.