Brokerages Set Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Price Target at $68.55

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Get Free Report) has been given a consensus recommendation of "Moderate Buy" by the eleven ratings firms that are presently covering the stock, MarketBeat Ratings 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 brokers that have issued a report on the stock in the last year is $68.55.

A number of research analysts have recently commented on CRNX shares. Piper Sandler reissued an "overweight" rating and set a $97.00 target price on shares of Crinetics Pharmaceuticals in a research report on Tuesday, July 2nd. JMP Securities reissued a "market outperform" rating and issued a $80.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Tuesday, June 4th. HC Wainwright raised their target price on Crinetics Pharmaceuticals from $60.00 to $69.00 and gave the company a "buy" rating in a research note on Friday, August 9th. JPMorgan Chase & Co. boosted their price target on Crinetics Pharmaceuticals from $47.00 to $54.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 9th. Finally, Oppenheimer restated an "outperform" rating and set a $73.00 price objective (down previously from $74.00) on shares of Crinetics Pharmaceuticals in a research note on Friday, August 9th.

Insider Activity

In related news, insider Dana Pizzuti sold 14,375 shares of the firm's stock in a transaction on Wednesday, July 3rd. The stock was sold at an average price of $44.87, for a total transaction of $645,006.25. Following the transaction, the insider now directly owns 28,507 shares in the company, valued at $1,279,109.09. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Crinetics Pharmaceuticals news, CFO Marc Wilson sold 32,129 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $43.61, for a total value of $1,401,145.69. Following the completion of the transaction, the chief financial officer now directly owns 111,092 shares in the company, valued at $4,844,722.12. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Dana Pizzuti sold 14,375 shares of the stock in a transaction that occurred on Wednesday, July 3rd. The stock was sold at an average price of $44.87, for a total value of $645,006.25. Following the sale, the insider now owns 28,507 shares in the company, valued at $1,279,109.09. The disclosure for this sale can be found here. In the last ninety days, insiders sold 142,595 shares of company stock worth $7,112,902. 6.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

Large investors have recently added to or reduced their stakes in the stock. Janus Henderson Group PLC boosted its position in shares of Crinetics Pharmaceuticals by 264.1% during the first quarter. Janus Henderson Group PLC now owns 1,978,172 shares of the company's stock worth $92,526,000 after buying an additional 1,434,909 shares during the period. Artal Group S.A. bought a new stake in Crinetics Pharmaceuticals during the 1st quarter valued at $65,088,000. Driehaus Capital Management LLC grew its stake in shares of Crinetics Pharmaceuticals by 17.0% in the second quarter. Driehaus Capital Management LLC now owns 6,112,173 shares of the company's stock worth $273,764,000 after purchasing an additional 885,876 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Crinetics Pharmaceuticals by 27.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,823,218 shares of the company's stock worth $178,966,000 after purchasing an additional 814,360 shares in the last quarter. Finally, Farallon Capital Management LLC increased its holdings in shares of Crinetics Pharmaceuticals by 9,840.0% during the second quarter. Farallon Capital Management LLC now owns 497,000 shares of the company's stock valued at $22,261,000 after purchasing an additional 492,000 shares during the period. 98.51% of the stock is owned by institutional investors and hedge funds.

Crinetics Pharmaceuticals Stock Performance

Shares of NASDAQ:CRNX traded up $0.63 during midday trading on Wednesday, hitting $50.45. 484,141 shares of the company's stock traded hands, compared to its average volume of 787,946. The firm's fifty day moving average price is $52.23 and its two-hundred day moving average price is $48.16. Crinetics Pharmaceuticals has a twelve month low of $25.35 and a twelve month high of $55.78.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last issued its earnings results on Thursday, August 8th. The company reported ($0.94) earnings per share for the quarter, missing the consensus estimate of ($0.86) by ($0.08). The firm had revenue of $0.40 million during the quarter, compared to the consensus estimate of $0.47 million. Crinetics Pharmaceuticals's revenue for the quarter was down 59.6% on a year-over-year basis. During the same period last year, the firm earned ($0.94) earnings per share. As a group, equities research analysts expect that Crinetics Pharmaceuticals will post -3.72 earnings per share for the current fiscal 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.