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

Jefferies Financial Group upgraded shares of Crinetics Pharmaceuticals (NASDAQ:CRNX) from a hold rating to a buy rating in a report published on Wednesday, MarketBeat.com reports. The brokerage currently has $55.00 price objective on the stock.

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

Crinetics Pharmaceuticals Stock Performance

CRNX opened at $38.79 on Wednesday. The stock has a market capitalization of $3.60 billion, a PE ratio of -10.40 and a beta of 0.60. The stock’s 50 day moving average price is $50.87 and its 200-day moving average price is $52.72. Crinetics Pharmaceuticals has a 52-week low of $35.51 and a 52-week high of $62.53.

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

Insider Activity at Crinetics Pharmaceuticals

In related news, COO Jeff E. Knight sold 501 shares of the firm’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $56.52, for a total transaction of $28,316.52. Following the completion of the transaction, the chief operating officer now directly owns 51,653 shares of the company’s stock, 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 legal filing with the SEC, which is accessible through this link. 6.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

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

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.