TD Cowen Begins Coverage on Crinetics Pharmaceuticals (NASDAQ:CRNX)

TD Cowen initiated coverage on shares of Crinetics Pharmaceuticals (NASDAQ:CRNX) in a research report sent to investors on Tuesday, MarketBeat Ratings reports. The firm issued a buy rating on the stock.

Several other equities analysts have also weighed in on CRNX. Jefferies Financial Group raised shares of Crinetics Pharmaceuticals from a “hold” rating to a “buy” rating and set a $55.00 price objective on the stock in a research report on Wednesday, January 22nd. Citigroup boosted their target price on shares of Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Wolfe Research initiated coverage on Crinetics Pharmaceuticals in a report on Tuesday, February 4th. They issued a “peer perform” rating for the company. JMP Securities restated a “market outperform” rating and set a $87.00 target price on shares of Crinetics Pharmaceuticals in a research report on Monday, December 16th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $81.00 price target on shares of Crinetics Pharmaceuticals in a research report on Monday, January 13th. One equities research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $72.64.

Crinetics Pharmaceuticals Stock Down 4.4 %

Shares of CRNX stock opened at $34.93 on Tuesday. The firm’s 50 day moving average price is $46.56 and its two-hundred day moving average price is $51.49. Crinetics Pharmaceuticals has a fifty-two week low of $34.42 and a fifty-two week high of $62.53. The stock has a market cap of $3.24 billion, a price-to-earnings ratio of -9.36 and a beta of 0.56.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.96) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.91) by ($0.05). During the same period last year, the business earned ($1.01) EPS. On average, equities analysts forecast that Crinetics Pharmaceuticals will post -3.73 EPS for the current fiscal year.

Insider Buying and Selling

In other Crinetics Pharmaceuticals news, insider Dana Pizzuti sold 5,000 shares of Crinetics Pharmaceuticals stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $39.07, for a total transaction of $195,350.00. Following the sale, the insider now owns 31,748 shares of the company’s stock, valued at $1,240,394.36. The trade was a 13.61 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Jeff E. Knight sold 501 shares of the business’s stock in a transaction 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 completion of the sale, the chief operating officer now directly owns 51,653 shares in the company, valued at $2,919,427.56. This represents a 0.96 % decrease in their position. The disclosure for this sale can be found here. 6.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

A number of large investors have recently bought and sold shares of CRNX. Venturi Wealth Management LLC bought a new position in Crinetics Pharmaceuticals during the fourth quarter worth about $41,000. Harvest Fund Management Co. Ltd acquired a new stake in shares of Crinetics Pharmaceuticals in the 4th quarter worth about $66,000. Values First Advisors Inc. bought a new position in shares of Crinetics Pharmaceuticals during the 3rd quarter valued at approximately $84,000. Allspring Global Investments Holdings LLC purchased a new stake in Crinetics Pharmaceuticals in the 3rd quarter worth approximately $91,000. Finally, KBC Group NV raised its position in Crinetics Pharmaceuticals by 22.8% in the 3rd quarter. KBC Group NV now owns 2,193 shares of the company’s stock worth $112,000 after purchasing an additional 407 shares during the period. 98.51% of the stock is currently owned by institutional investors.

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.