Crinetics Pharmaceuticals (NASDAQ:CRNX) Coverage Initiated at Wolfe Research

Wolfe Research started coverage on shares of Crinetics Pharmaceuticals (NASDAQ:CRNX - Free Report) in a report issued on Tuesday morning, Marketbeat Ratings reports. The firm issued a peer perform rating on the stock.

Several other equities analysts also recently issued reports on the stock. HC Wainwright restated a "buy" rating and set a $81.00 price objective on shares of Crinetics Pharmaceuticals in a report 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 price target for the company in a report on Wednesday, January 22nd. JMP Securities reissued a "market outperform" rating and set a $87.00 price objective on shares of Crinetics Pharmaceuticals in a report on Monday, December 16th. Finally, Citigroup raised their target price on Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the stock a "buy" rating in a research note on Thursday, November 14th. One research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $72.64.

Crinetics Pharmaceuticals Stock Performance

CRNX traded down $1.73 during trading on Tuesday, hitting $36.98. The stock had a trading volume of 666,901 shares, compared to its average volume of 1,066,660. The stock has a 50 day simple moving average of $47.81 and a two-hundred day simple moving average of $51.89. Crinetics Pharmaceuticals has a twelve month low of $35.51 and a twelve month high of $62.53. The company has a market capitalization of $3.43 billion, a PE ratio of -9.91 and a beta of 0.56.

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

Insider Activity at Crinetics Pharmaceuticals

In other news, insider Dana Pizzuti sold 5,000 shares of the business's stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $39.07, for a total value of $195,350.00. Following the completion of the sale, the insider now directly owns 31,748 shares in the company, valued at $1,240,394.36. The trade was a 13.61 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO Jeff E. Knight sold 501 shares of the stock in a transaction that occurred on Friday, November 22nd. The shares were 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 in the company, valued at $2,919,427.56. This trade represents a 0.96 % decrease in their position. The disclosure for this sale can be found here. 6.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. SG Americas Securities LLC grew its position in shares of Crinetics Pharmaceuticals by 4,084.6% in the fourth quarter. SG Americas Securities LLC now owns 542,446 shares of the company's stock valued at $27,735,000 after purchasing an additional 529,483 shares during the period. Franklin Resources Inc. lifted its stake in Crinetics Pharmaceuticals by 61.4% in the 3rd quarter. Franklin Resources Inc. now owns 1,390,110 shares of the company's stock valued at $73,815,000 after buying an additional 528,688 shares in the last quarter. FMR LLC boosted its holdings in Crinetics Pharmaceuticals by 8.8% in the 3rd quarter. FMR LLC now owns 4,455,770 shares of the company's stock worth $227,690,000 after buying an additional 358,975 shares during the last quarter. Vestal Point Capital LP acquired a new stake in Crinetics Pharmaceuticals in the 3rd quarter worth about $10,476,000. Finally, Geode Capital Management LLC increased its stake in 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 buying an additional 169,746 shares in the last quarter. Hedge funds and other institutional investors own 98.51% of the company's stock.

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.