Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Receives Average Rating of “Buy” from Brokerages

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX – Get Rating) have earned a consensus rating of “Buy” from the six analysts that are covering the stock, Marketbeat Ratings reports. Five research analysts have rated the stock with a buy recommendation. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $44.20.

CRNX has been the subject of several research analyst reports. Robert W. Baird initiated coverage on Crinetics Pharmaceuticals in a report on Wednesday, March 29th. They set an “outperform” rating and a $48.00 price target for the company. HC Wainwright restated a “buy” rating and set a $35.00 price target on shares of Crinetics Pharmaceuticals in a report on Wednesday, March 1st. JMP Securities raised their price target on Crinetics Pharmaceuticals from $41.00 to $43.00 in a report on Friday, May 5th. Lifesci Capital restated an “outperform” rating on shares of Crinetics Pharmaceuticals in a report on Monday, March 27th. Finally, Piper Sandler initiated coverage on Crinetics Pharmaceuticals in a report on Monday, April 24th. They set an “overweight” rating and a $56.00 price target for the company.

Insiders Place Their Bets

In other Crinetics Pharmaceuticals news, insider Dana Pizzuti sold 8,212 shares of the business’s stock in a transaction that occurred on Wednesday, April 5th. The stock was sold at an average price of $16.15, for a total transaction of $132,623.80. Following the completion of the sale, the insider now directly owns 4,500 shares in the company, valued at approximately $72,675. The transaction was disclosed in a document filed with the SEC, which is available through this link. 5.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

Large investors have recently bought and sold shares of the business. JPMorgan Chase & Co. grew its holdings in shares of Crinetics Pharmaceuticals by 69.3% during the first quarter. JPMorgan Chase & Co. now owns 81,736 shares of the company’s stock worth $1,793,000 after purchasing an additional 33,463 shares during the last quarter. Group One Trading L.P. boosted its stake in shares of Crinetics Pharmaceuticals by 31.6% during the first quarter. Group One Trading L.P. now owns 7,318 shares of the company’s stock worth $161,000 after buying an additional 1,759 shares during the period. MetLife Investment Management LLC boosted its stake in shares of Crinetics Pharmaceuticals by 55.4% during the first quarter. MetLife Investment Management LLC now owns 25,417 shares of the company’s stock worth $558,000 after buying an additional 9,063 shares during the period. Rhumbline Advisers boosted its stake in shares of Crinetics Pharmaceuticals by 10.8% during the first quarter. Rhumbline Advisers now owns 47,701 shares of the company’s stock worth $1,047,000 after buying an additional 4,654 shares during the period. Finally, BlackRock Inc. boosted its stake in shares of Crinetics Pharmaceuticals by 0.6% during the first quarter. BlackRock Inc. now owns 3,296,780 shares of the company’s stock worth $72,365,000 after buying an additional 20,610 shares during the period. Hedge funds and other institutional investors own 95.64% of the company’s stock.

Crinetics Pharmaceuticals Stock Down 1.1 %

NASDAQ CRNX opened at $21.97 on Friday. Crinetics Pharmaceuticals has a twelve month low of $15.23 and a twelve month high of $24.58. The firm has a market capitalization of $1.19 billion, a PE ratio of -6.70 and a beta of 0.94. The stock’s 50 day moving average is $18.75 and its 200 day moving average is $18.49.

Crinetics Pharmaceuticals (NASDAQ:CRNX – Get Rating) last posted its quarterly earnings results on Tuesday, February 28th. The company reported ($0.84) earnings per share for the quarter, missing the consensus estimate of ($0.82) by ($0.02). Crinetics Pharmaceuticals had a negative return on equity of 52.55% and a negative net margin of 4,090.69%. The business had revenue of $0.71 million during the quarter, compared to analysts’ expectations of $0.75 million. On average, research analysts anticipate that Crinetics Pharmaceuticals will post -3.41 earnings per share for the current year.

Crinetics Pharmaceuticals Company Profile

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Crinetics Pharmaceuticals, Inc operates as a clinical stage pharmaceutical company focused on the discovery, development, and commercialization of novel therapeutics for rare endocrine diseases and endocrine-related tumors. Its product candidate, CRN00808, is an oral nonpeptide somatostatin agonist for the treatment of acromegaly.