Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Receives $72.64 Consensus PT from Brokerages

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Get Free Report) have been assigned a consensus rating of "Moderate Buy" from the twelve brokerages that are presently covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a hold recommendation and eleven have issued a buy recommendation on the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $74.30.

A number of equities analysts have commented on CRNX shares. TD Cowen began coverage on Crinetics Pharmaceuticals in a research note on Tuesday, February 11th. They issued a "buy" rating for the company. 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. Wolfe Research began 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, JMP Securities reaffirmed a "market outperform" rating and set a $87.00 price target on shares of Crinetics Pharmaceuticals in a research note on Monday, December 16th.

Insiders Place Their Bets

In related news, insider Dana Pizzuti sold 2,515 shares of the firm's 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 $86,013.00. Following the transaction, the insider now owns 72,233 shares of the company's stock, valued at approximately $2,470,368.60. This trade represents a 3.36 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Richard Scott Struthers sold 17,338 shares of the business's stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $34.20, for a total transaction of $592,959.60. Following the completion of the sale, the chief executive officer now directly owns 329,147 shares of the company's stock, valued at $11,256,827.40. This represents a 5.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 32,015 shares of company stock worth $1,119,263 in the last quarter. 6.00% of the stock is currently owned by corporate insiders.

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Institutional Investors Weigh In On Crinetics Pharmaceuticals

A number of large investors have recently bought and sold shares of CRNX. KBC Group NV lifted its position 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 worth $112,000 after buying an additional 407 shares during the last quarter. Martingale Asset Management L P lifted its holdings in Crinetics Pharmaceuticals by 1.9% in the 4th quarter. Martingale Asset Management L P now owns 22,484 shares of the company's stock worth $1,150,000 after purchasing an additional 410 shares during the last quarter. Mackenzie Financial Corp lifted its holdings in Crinetics Pharmaceuticals by 8.8% in the 4th quarter. Mackenzie Financial Corp now owns 5,422 shares of the company's stock worth $277,000 after purchasing an additional 440 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its position in Crinetics Pharmaceuticals by 2.5% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 20,633 shares of the company's stock worth $1,054,000 after purchasing an additional 505 shares during the period. Finally, NEOS Investment Management LLC grew its holdings in Crinetics Pharmaceuticals by 0.9% during the fourth quarter. NEOS Investment Management LLC now owns 57,933 shares of the company's stock valued at $2,962,000 after purchasing an additional 544 shares during the last quarter. 98.51% of the stock is currently owned by institutional investors.

Crinetics Pharmaceuticals Trading Up 0.3 %

Shares of CRNX traded up $0.09 during midday trading on Wednesday, reaching $34.42. 2,322,955 shares of the company were exchanged, compared to its average volume of 813,770. Crinetics Pharmaceuticals has a 1-year low of $31.84 and a 1-year high of $62.53. The stock has a 50-day moving average price of $36.22 and a 200-day moving average price of $48.13. The company has a market cap of $3.20 billion, a price-to-earnings ratio of -9.23 and a beta of 0.58.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last announced its earnings results on Thursday, February 27th. The company reported ($0.88) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.92) by $0.04. Equities research 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.