Crinetics Pharmaceuticals (NASDAQ:CRNX) Coverage Initiated at TD Cowen

TD Cowen initiated coverage on shares of Crinetics Pharmaceuticals (NASDAQ:CRNX - Free Report) in a research note issued to investors on Tuesday, Marketbeat.com reports. The brokerage issued a buy rating on the stock.

A number of other analysts have also recently commented on CRNX. HC Wainwright restated a "buy" rating and set a $81.00 target price on shares of Crinetics Pharmaceuticals in a report on Monday, January 13th. Citigroup upped their target price on shares of Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the company a "buy" rating in a research note on Thursday, November 14th. Wolfe Research assumed coverage on shares of Crinetics Pharmaceuticals in a research note on Tuesday, February 4th. They set a "peer perform" rating on the stock. 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 research report on Wednesday, January 22nd. Finally, JMP Securities reaffirmed a "market outperform" rating and set a $87.00 price target on shares of Crinetics Pharmaceuticals in a research report on Monday, December 16th. One equities research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $72.64.

Crinetics Pharmaceuticals Price Performance

Crinetics Pharmaceuticals stock traded down $0.32 during mid-day trading on Tuesday, reaching $34.94. 412,438 shares of the company traded hands, compared to its average volume of 993,134. The firm's 50 day moving average price is $45.67 and its 200 day moving average price is $51.26. The firm has a market capitalization of $3.24 billion, a price-to-earnings ratio of -9.36 and a beta of 0.56. Crinetics Pharmaceuticals has a 52-week low of $34.07 and a 52-week high of $62.53.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last issued its quarterly earnings data 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 quarter last year, the firm earned ($1.01) EPS. On average, sell-side analysts anticipate that Crinetics Pharmaceuticals will post -3.73 EPS for the current year.

Insider Activity

In other news, insider Dana Pizzuti sold 5,000 shares of the firm'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 in the company, valued at approximately $1,240,394.36. This trade represents a 13.61 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, COO Jeff E. Knight sold 501 shares of the firm's stock in a transaction 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 approximately $2,919,427.56. This represents a 0.96 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 6.00% of the company's stock.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

Several institutional investors have recently made changes to their positions in the company. AQR Capital Management LLC increased its stake in shares of Crinetics Pharmaceuticals by 3.3% during the second quarter. AQR Capital Management LLC now owns 7,126 shares of the company's stock valued at $319,000 after buying an additional 227 shares during the period. US Bancorp DE grew its stake in Crinetics Pharmaceuticals by 3.4% in the third quarter. US Bancorp DE now owns 11,488 shares of the company's stock valued at $587,000 after purchasing an additional 373 shares during the last quarter. KBC Group NV grew its stake in 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 during the last quarter. Martingale Asset Management L P grew its stake in Crinetics Pharmaceuticals by 1.9% in the fourth quarter. Martingale Asset Management L P now owns 22,484 shares of the company's stock valued at $1,150,000 after purchasing an additional 410 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. grew its stake in Crinetics Pharmaceuticals by 2.5% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 20,633 shares of the company's stock valued at $1,054,000 after purchasing an additional 505 shares during 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.