Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) have received a consensus recommendation of “Moderate Buy” from the twelve ratings firms that are covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold rating and eleven have issued a buy rating on the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $62.50.

Several research analysts recently issued reports on CRNX shares. Cantor Fitzgerald reiterated an “overweight” rating and issued a $65.00 target price on shares of Crinetics Pharmaceuticals in a research report on Tuesday, May 14th. Citigroup assumed coverage on Crinetics Pharmaceuticals in a report on Wednesday, March 6th. They set a “buy” rating and a $68.00 price objective on the stock. Robert W. Baird upped their target price on Crinetics Pharmaceuticals from $52.00 to $62.00 and gave the stock an “outperform” rating in a research note on Thursday, May 23rd. Piper Sandler lifted their price target on shares of Crinetics Pharmaceuticals from $56.00 to $97.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 7th. Finally, Morgan Stanley upped their price objective on shares of Crinetics Pharmaceuticals from $50.00 to $70.00 and gave the company an “overweight” rating in a research note on Thursday, May 23rd.

Crinetics Pharmaceuticals Stock Performance

Shares of CRNX stock opened at $45.58 on Monday. The company has a market capitalization of $3.59 billion, a PE ratio of -12.06 and a beta of 0.64. Crinetics Pharmaceuticals has a 52-week low of $15.76 and a 52-week high of $53.70. The business’s fifty day moving average is $46.28 and its 200 day moving average is $41.67.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its quarterly earnings data on Thursday, May 9th. The company reported ($0.93) earnings per share for the quarter, missing the consensus estimate of ($0.84) by ($0.09). Crinetics Pharmaceuticals had a negative return on equity of 42.50% and a negative net margin of 4,223.27%. The company had revenue of $0.64 million during the quarter, compared to the consensus estimate of $0.20 million. During the same quarter last year, the company posted ($0.85) earnings per share. The firm’s revenue for the quarter was down 76.1% on a year-over-year basis. On average, sell-side analysts forecast that Crinetics Pharmaceuticals will post -3.53 EPS for the current fiscal year.

Insider Buying and Selling at Crinetics Pharmaceuticals

In other news, insider Dana Pizzuti sold 14,375 shares of the company’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $44.47, for a total transaction of $639,256.25. Following the completion of the transaction, the insider now directly owns 27,786 shares of the company’s stock, valued at $1,235,643.42. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CEO Richard Scott Struthers sold 40,951 shares of the business’s stock in a transaction that occurred on Thursday, April 4th. The stock was sold at an average price of $49.17, for a total transaction of $2,013,560.67. Following the transaction, the chief executive officer now directly owns 237,835 shares of the company’s stock, valued at $11,694,346.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Dana Pizzuti sold 14,375 shares of the firm’s stock in a transaction on Monday, April 15th. The stock was sold at an average price of $44.47, for a total value of $639,256.25. Following the completion of the sale, the insider now directly owns 27,786 shares of the company’s stock, valued at approximately $1,235,643.42. The disclosure for this sale can be found here. Insiders sold 189,274 shares of company stock valued at $9,194,738 in the last quarter. Company insiders own 6.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in CRNX. Artal Group S.A. purchased a new position in shares of Crinetics Pharmaceuticals during the first quarter valued at about $65,088,000. Comerica Bank bought a new stake in Crinetics Pharmaceuticals during the 1st quarter valued at approximately $33,000. California State Teachers Retirement System raised its position in shares of Crinetics Pharmaceuticals by 11.1% in the 1st quarter. California State Teachers Retirement System now owns 64,292 shares of the company’s stock worth $3,010,000 after acquiring an additional 6,421 shares in the last quarter. AWM Investment Company Inc. lifted its stake in shares of Crinetics Pharmaceuticals by 10.0% in the 1st quarter. AWM Investment Company Inc. now owns 55,000 shares of the company’s stock valued at $2,575,000 after purchasing an additional 5,000 shares during the period. Finally, Janus Henderson Group PLC boosted its position in shares of Crinetics Pharmaceuticals by 264.1% during the first quarter. Janus Henderson Group PLC now owns 1,978,172 shares of the company’s stock valued at $92,526,000 after purchasing an additional 1,434,909 shares in the last quarter. 98.51% of the stock is currently owned by institutional investors.

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.