Brokerages Set Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) PT at $74.40

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) have been given an average recommendation of “Buy” by the ten analysts that are presently covering the stock, MarketBeat reports. Ten research analysts have rated the stock with a buy rating. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $74.40.

A number of analysts have recently commented on CRNX shares. Citigroup upped their price target on Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $90.00 target price on shares of Crinetics Pharmaceuticals in a research note on Monday, September 16th. JMP Securities reissued a “market outperform” rating and set a $87.00 price target on shares of Crinetics Pharmaceuticals in a research report on Monday, December 16th. Finally, HC Wainwright upped their price objective on shares of Crinetics Pharmaceuticals from $69.00 to $81.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th.

Crinetics Pharmaceuticals Stock Performance

Shares of CRNX stock opened at $49.42 on Friday. The firm’s 50 day moving average price is $55.65 and its two-hundred day moving average price is $53.29. Crinetics Pharmaceuticals has a 52-week low of $33.80 and a 52-week high of $62.53. The stock has a market cap of $4.58 billion, a PE ratio of -13.25 and a beta of 0.60.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.96) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.91) by ($0.05). During the same period last year, the company posted ($1.01) earnings per share. As a group, sell-side analysts predict that Crinetics Pharmaceuticals will post -3.75 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Crinetics Pharmaceuticals news, COO Jeff E. Knight sold 501 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $56.52, for a total value of $28,316.52. Following the sale, the chief operating officer now owns 51,653 shares in the company, valued at approximately $2,919,427.56. The trade was a 0.96 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 6.00% of the company’s stock.

Institutional Trading of Crinetics Pharmaceuticals

A number of institutional investors have recently made changes to their positions in CRNX. Quest Partners LLC bought a new position in Crinetics Pharmaceuticals in the second quarter valued at approximately $42,000. Values First Advisors Inc. acquired a new stake in shares of Crinetics Pharmaceuticals in the 3rd quarter valued at approximately $84,000. Allspring Global Investments Holdings LLC bought a new position in shares of Crinetics Pharmaceuticals in the third quarter valued at $91,000. KBC Group NV increased its holdings in Crinetics Pharmaceuticals by 22.8% during 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. Finally, Amalgamated Bank raised its position 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 acquiring an additional 464 shares in the last quarter. Institutional investors own 98.51% of the company’s stock.

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.