Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Receives Average Rating of "Moderate Buy" from Brokerages

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Get Free Report) have been assigned an average recommendation of "Moderate Buy" from the thirteen research firms that are currently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. The average 1-year target price among analysts that have covered the stock in the last year is $73.00.

CRNX has been the subject of a number of recent analyst reports. Stifel Nicolaus assumed coverage on shares of Crinetics Pharmaceuticals in a report on Tuesday, March 25th. They issued a "buy" rating and a $60.00 price objective for the company. TD Cowen initiated coverage on Crinetics Pharmaceuticals in a research note on Tuesday, February 11th. They issued a "buy" rating for the company. Wolfe Research started coverage on Crinetics Pharmaceuticals in a report on Tuesday, February 4th. They set a "peer perform" rating on the stock. HC Wainwright reiterated a "buy" rating and issued a $81.00 price objective on shares of Crinetics Pharmaceuticals in a report on Monday, January 13th. Finally, Jefferies Financial Group upgraded shares of Crinetics Pharmaceuticals from a "hold" rating to a "buy" rating and set a $55.00 price objective on the stock in a research report on Wednesday, January 22nd.

Insider Buying and Selling at Crinetics Pharmaceuticals

In other news, CEO Richard Scott Struthers sold 17,338 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $34.20, for a total transaction of $592,959.60. Following the sale, the chief executive officer now owns 329,147 shares in the company, valued at $11,256,827.40. This trade represents a 5.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Dana Pizzuti sold 5,000 shares of the company's stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $39.07, for a total transaction of $195,350.00. Following the transaction, the insider now owns 31,748 shares of the company's stock, valued at approximately $1,240,394.36. This represents a 13.61 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 32,015 shares of company stock valued at $1,119,263 over the last ninety days. 6.00% of the stock is currently owned by company insiders.

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Institutional Investors Weigh In On Crinetics Pharmaceuticals

Hedge funds have recently made changes to their positions in the company. State Street Corp increased its position in Crinetics Pharmaceuticals by 0.9% in the third quarter. State Street Corp now owns 2,838,484 shares of the company's stock worth $145,047,000 after purchasing an additional 25,561 shares during the last quarter. Barclays PLC grew its stake in shares of Crinetics Pharmaceuticals by 75.5% in the 3rd quarter. Barclays PLC now owns 207,712 shares of the company's stock worth $10,614,000 after buying an additional 89,358 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Crinetics Pharmaceuticals by 10.1% in the 3rd quarter. Geode Capital Management LLC now owns 1,848,133 shares of the company's stock worth $94,458,000 after buying an additional 169,746 shares in the last quarter. Franklin Resources Inc. increased its holdings in shares of Crinetics Pharmaceuticals by 61.4% in the 3rd quarter. Franklin Resources Inc. now owns 1,390,110 shares of the company's stock worth $73,815,000 after buying an additional 528,688 shares during the last quarter. Finally, Principal Financial Group Inc. raised its position in shares of Crinetics Pharmaceuticals by 488.5% during the 3rd quarter. Principal Financial Group Inc. now owns 77,709 shares of the company's stock valued at $3,971,000 after buying an additional 64,504 shares in the last quarter. 98.51% of the stock is currently owned by hedge funds and other institutional investors.

Crinetics Pharmaceuticals Stock Down 0.2 %

Shares of NASDAQ CRNX traded down $0.05 during trading on Friday, reaching $29.61. The company had a trading volume of 261,671 shares, compared to its average volume of 848,173. Crinetics Pharmaceuticals has a 12-month low of $24.10 and a 12-month high of $62.53. The business's 50-day moving average is $33.08 and its 200 day moving average is $45.29. The stock has a market cap of $2.76 billion, a PE ratio of -7.94 and a beta of 0.37.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last announced its quarterly earnings data on Thursday, February 27th. The company reported ($0.88) EPS for the quarter, beating the consensus estimate of ($0.92) by $0.04. On average, analysts anticipate that Crinetics Pharmaceuticals will post -3.73 earnings per share for the current 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.