Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Given Average Recommendation of “Buy” by Analysts

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

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

Crinetics Pharmaceuticals Stock Down 1.9 %

Shares of Crinetics Pharmaceuticals stock opened at $48.50 on Friday. Crinetics Pharmaceuticals has a 52-week low of $35.24 and a 52-week high of $62.53. The company has a 50 day moving average of $55.36 and a 200 day moving average of $53.22. The company has a market capitalization of $4.50 billion, a P/E ratio of -13.00 and a beta of 0.60.

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

Insider Activity at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, COO Jeff E. Knight sold 501 shares of the business’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 directly owns 51,653 shares of the company’s stock, valued at approximately $2,919,427.56. The trade was a 0.96 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 6.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in CRNX. Driehaus Capital Management LLC boosted 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 valued at $273,764,000 after buying an additional 885,876 shares in the last quarter. FMR LLC grew its position in shares of Crinetics Pharmaceuticals by 8.8% in the third quarter. FMR LLC now owns 4,455,770 shares of the company’s stock valued at $227,690,000 after purchasing an additional 358,975 shares during the last quarter. State Street Corp increased its position in Crinetics Pharmaceuticals by 0.9% during the third quarter. State Street Corp now owns 2,838,484 shares of the company’s stock worth $145,047,000 after buying an additional 25,561 shares in the last quarter. Jennison Associates LLC increased its position in Crinetics Pharmaceuticals by 0.5% during the 3rd quarter. Jennison Associates LLC now owns 2,793,614 shares of the company’s stock worth $142,754,000 after purchasing an additional 13,470 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of Crinetics Pharmaceuticals by 10.1% during the third quarter. Geode Capital Management LLC now owns 1,848,133 shares of the company’s stock worth $94,458,000 after buying an additional 169,746 shares in the last quarter. 98.51% of the stock is currently owned by institutional investors and hedge funds.

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.