Brokerages Set Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) PT at $64.75

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) have been given a consensus recommendation of “Moderate Buy” by the twelve ratings firms that are presently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. The average 12-month price target among analysts that have covered the stock in the last year is $64.75.

Several analysts recently weighed in on the company. Oppenheimer reaffirmed an “outperform” rating and issued a $73.00 price objective (down from $74.00) on shares of Crinetics Pharmaceuticals in a research note on Friday, August 9th. JPMorgan Chase & Co. raised their price objective on Crinetics Pharmaceuticals from $47.00 to $54.00 and gave the company an “overweight” rating in a research note on Tuesday, July 9th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $65.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Tuesday, May 14th. Morgan Stanley raised their price objective on Crinetics Pharmaceuticals from $50.00 to $70.00 and gave the company an “overweight” rating in a research note on Thursday, May 23rd. Finally, Robert W. Baird raised their price objective on Crinetics Pharmaceuticals from $52.00 to $62.00 and gave the company an “outperform” rating in a research note on Thursday, May 23rd.

Insider Transactions at Crinetics Pharmaceuticals

In other news, CFO Marc Wilson sold 32,129 shares of the firm’s stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $43.61, for a total transaction 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 filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Stephen F. Betz sold 3,000 shares of the firm’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $43.86, for a total transaction of $131,580.00. Following the completion of the transaction, the insider now directly owns 83,643 shares in the company, valued at $3,668,581.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Marc Wilson sold 32,129 shares of the firm’s stock in a transaction dated 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 transaction, the chief financial officer now owns 111,092 shares of the company’s stock, valued at $4,844,722.12. The disclosure for this sale can be found here. Insiders sold 170,016 shares of company stock worth $8,337,942 over the last ninety days. 6.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

Hedge funds have recently made changes to their positions in the stock. Comerica Bank acquired a new stake in Crinetics Pharmaceuticals during the first quarter worth approximately $33,000. Quarry LP acquired a new stake in Crinetics Pharmaceuticals during the fourth quarter worth approximately $36,000. Quest Partners LLC acquired a new stake in Crinetics Pharmaceuticals during the second quarter worth approximately $42,000. AJOVista LLC acquired a new stake in Crinetics Pharmaceuticals during the fourth quarter worth approximately $58,000. Finally, Amalgamated Bank grew its stake in Crinetics Pharmaceuticals by 20.8% during the second quarter. Amalgamated Bank now owns 2,692 shares of the company’s stock worth $121,000 after purchasing an additional 464 shares during the period. 98.51% of the stock is currently owned by institutional investors.

Crinetics Pharmaceuticals Stock Performance

CRNX opened at $52.80 on Friday. The firm has a market cap of $4.16 billion, a P/E ratio of -13.97 and a beta of 0.63. Crinetics Pharmaceuticals has a 52-week low of $15.76 and a 52-week high of $55.78. The business’s fifty day moving average is $51.13 and its 200-day moving average is $47.00.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its earnings results on Thursday, August 8th. The company reported ($0.94) earnings per share (EPS) 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. The business’s quarterly revenue was down 59.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.94) earnings per share. On average, research analysts predict that Crinetics Pharmaceuticals will post -3.72 earnings per share for the current fiscal year.

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.