Brokerages Set Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Price Target at $76.13

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) have received an average rating of “Moderate Buy” from the ten brokerages that are currently covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, eight have given a buy rating and one has given a strong buy rating to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $76.1250.

Several analysts have issued reports on the company. Weiss Ratings restated a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a research note on Monday, April 20th. Citizens Jmp dropped their price objective on Crinetics Pharmaceuticals from $97.00 to $95.00 and set a “market outperform” rating on the stock in a research note on Friday, May 8th. Lifesci Capital upgraded Crinetics Pharmaceuticals to a “strong-buy” rating in a research note on Friday, February 13th. Oppenheimer dropped their price objective on Crinetics Pharmaceuticals from $87.00 to $84.00 and set an “outperform” rating on the stock in a research note on Monday, May 11th. Finally, Wall Street Zen upgraded Crinetics Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 17th.

Crinetics Pharmaceuticals Stock Down 0.8%

NASDAQ:CRNX opened at $36.80 on Monday. The stock’s 50 day moving average price is $37.71 and its two-hundred day moving average price is $43.45. The firm has a market capitalization of $3.88 billion, a price-to-earnings ratio of -7.17 and a beta of 0.28. Crinetics Pharmaceuticals has a 12-month low of $25.83 and a 12-month high of $57.99.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings data on Thursday, May 7th. The company reported ($1.23) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.22) by ($0.01). The business had revenue of $10.73 million during the quarter, compared to the consensus estimate of $8.51 million. Crinetics Pharmaceuticals had a negative net margin of 2,747.18% and a negative return on equity of 43.96%. Crinetics Pharmaceuticals’s quarterly revenue was up 2873.4% on a year-over-year basis. During the same quarter in the prior year, the company earned ($1.04) EPS. Equities research analysts expect that Crinetics Pharmaceuticals will post -4.82 EPS for the current year.

Insider Activity at Crinetics Pharmaceuticals

In other news, CEO Richard Scott Struthers sold 21,981 shares of the stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $37.37, for a total transaction of $821,429.97. Following the transaction, the chief executive officer owned 404,778 shares in the company, valued at approximately $15,126,553.86. This trade represents a 5.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jeff E. Knight sold 85,163 shares of the stock in a transaction that occurred on Wednesday, April 8th. The stock was sold at an average price of $40.10, for a total value of $3,415,036.30. Following the transaction, the insider owned 105,289 shares in the company, valued at approximately $4,222,088.90. This trade represents a 44.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 142,380 shares of company stock valued at $5,569,475 in the last 90 days. Corporate insiders own 3.80% of the company’s stock.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

Large investors have recently made changes to their positions in the company. Smartleaf Asset Management LLC increased its stake in shares of Crinetics Pharmaceuticals by 107.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 639 shares of the company’s stock worth $30,000 after purchasing an additional 331 shares during the period. Headlands Technologies LLC bought a new position in shares of Crinetics Pharmaceuticals during the second quarter worth approximately $30,000. Raymond James Financial Inc. bought a new position in shares of Crinetics Pharmaceuticals during the second quarter worth approximately $45,000. Parallel Advisors LLC increased its stake in shares of Crinetics Pharmaceuticals by 34.6% during the fourth quarter. Parallel Advisors LLC now owns 1,225 shares of the company’s stock worth $57,000 after purchasing an additional 315 shares during the period. Finally, Covestor Ltd grew its position in Crinetics Pharmaceuticals by 23,983.3% during the third quarter. Covestor Ltd now owns 1,445 shares of the company’s stock worth $60,000 after buying an additional 1,439 shares in the last quarter. Institutional investors own 98.51% of the company’s stock.

Crinetics Pharmaceuticals Company Profile

Crinetics Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of novel therapeutics for rare endocrine diseases. The company’s proprietary platform leverages insights into hormone receptor signaling to design small-molecule candidates that address conditions driven by dysregulated hormone activity. Crinetics’ research efforts center on targeting somatostatin, vasopressin and other GPCR-mediated pathways with orally bioavailable molecules intended to improve patient convenience and adherence.

The company’s lead product candidate, paltusotine (formerly CRN04777), is a selective, non-peptide somatostatin receptor type 2 agonist being evaluated for the treatment of acromegaly and carcinoid syndrome diarrhea.