Crinetics Pharmaceuticals (NASDAQ:CRNX) Upgraded at Jefferies Financial Group

Crinetics Pharmaceuticals (NASDAQ:CRNX) was upgraded by Jefferies Financial Group from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday,Finviz reports. The firm currently has a $55.00 price target on the stock. Jefferies Financial Group’s price objective points to a potential upside of 41.90% from the stock’s previous close.

Other analysts have also issued reports about the company. JMP Securities reissued a “market outperform” rating and issued a $87.00 price target on shares of Crinetics Pharmaceuticals in a research note on Monday, December 16th. Citigroup raised their target price on shares of Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $81.00 price target on shares of Crinetics Pharmaceuticals in a research note on Monday, January 13th. Eleven analysts have rated the stock with a buy rating, According to MarketBeat, Crinetics Pharmaceuticals has a consensus rating of “Buy” and a consensus target price of $72.64.

Crinetics Pharmaceuticals Price Performance

Shares of NASDAQ CRNX opened at $38.76 on Wednesday. The company has a market cap of $3.59 billion, a PE ratio of -10.39 and a beta of 0.60. The company has a 50-day simple moving average of $52.00 and a 200-day simple moving average of $52.97. Crinetics Pharmaceuticals has a 12 month low of $35.51 and a 12 month high of $62.53.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.96) earnings per share for the quarter, missing the consensus estimate of ($0.91) by ($0.05). During the same quarter in the prior year, the business posted ($1.01) earnings per share. On average, analysts anticipate that Crinetics Pharmaceuticals will post -3.73 EPS for the current year.

Insider Activity at Crinetics Pharmaceuticals

In other news, COO Jeff E. Knight sold 501 shares of the stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $56.52, for a total value of $28,316.52. Following the completion of the sale, the chief operating officer now owns 51,653 shares in the company, valued at approximately $2,919,427.56. This trade represents a 0.96 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 6.00% of the company’s stock.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

Several hedge funds and other institutional investors have recently bought and sold shares of CRNX. Barclays PLC boosted its position in Crinetics Pharmaceuticals by 75.5% in the 3rd quarter. Barclays PLC now owns 207,712 shares of the company’s stock valued at $10,614,000 after buying an additional 89,358 shares during the last quarter. Franklin Resources Inc. lifted its stake in shares of Crinetics Pharmaceuticals by 61.4% in the third quarter. Franklin Resources Inc. now owns 1,390,110 shares of the company’s stock worth $73,815,000 after acquiring an additional 528,688 shares in the last quarter. Driehaus Capital Management LLC grew its stake in Crinetics Pharmaceuticals by 17.0% during the 2nd quarter. Driehaus Capital Management LLC now owns 6,112,173 shares of the company’s stock valued at $273,764,000 after purchasing an additional 885,876 shares in the last quarter. Geode Capital Management LLC increased its holdings 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 purchasing an additional 169,746 shares during the last quarter. Finally, Jennison Associates LLC raised its position in shares of Crinetics Pharmaceuticals by 0.5% in the 3rd quarter. Jennison Associates LLC now owns 2,793,614 shares of the company’s stock valued at $142,754,000 after purchasing an additional 13,470 shares in the last quarter. 98.51% of the stock is owned by institutional investors and hedge funds.

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.