Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Receives $68.86 Consensus Target Price from Brokerages

Key Points

• Crinetics Pharmaceuticals has received a consensus rating of "Moderate Buy" from analysts, with an average 12-month price target of $68.86.
• Insider transactions have seen significant share sales, with over 133,000 shares sold by insiders in the last 90 days, marking substantial decreases in their ownership stakes.
• The company reported a 158.4% year-over-year revenue increase for the last quarter, despite missing earnings estimates with a reported loss of ($1.23) per share.

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Get Free Report) have been given an average rating of "Moderate Buy" by the nine research firms that are currently covering the firm, MarketBeat Ratings reports. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $68.8571.

Several equities research analysts have recently commented on CRNX shares. HC Wainwright reaffirmed a "buy" rating and set a $81.00 price target on shares of Crinetics Pharmaceuticals in a research report on Friday, June 27th. JMP Securities reduced their price target on shares of Crinetics Pharmaceuticals from $90.00 to $86.00 and set a "market outperform" rating for the company in a research report on Monday, August 11th. Finally, The Goldman Sachs Group started coverage on shares of Crinetics Pharmaceuticals in a research report on Thursday, July 10th. They set a "neutral" rating and a $36.00 price target for the company.

Insider Transactions at Crinetics Pharmaceuticals

In related news, insider Dana Pizzuti sold 30,000 shares of the stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $30.43, for a total value of $912,900.00. Following the completion of the sale, the insider directly owned 66,270 shares of the company's stock, valued at approximately $2,016,596.10. This represents a 31.16% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 4.60% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Amalgamated Bank lifted its stake in Crinetics Pharmaceuticals by 17.3% in the first quarter. Amalgamated Bank now owns 3,159 shares of the company's stock worth $106,000 after acquiring an additional 467 shares during the period. GAMMA Investing LLC grew its position in shares of Crinetics Pharmaceuticals by 6,291.5% in the 1st quarter. GAMMA Investing LLC now owns 6,775 shares of the company's stock worth $227,000 after buying an additional 6,669 shares during the last quarter. Swiss National Bank grew its position in shares of Crinetics Pharmaceuticals by 1.5% in the 1st quarter. Swiss National Bank now owns 161,800 shares of the company's stock worth $5,427,000 after buying an additional 2,400 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Crinetics Pharmaceuticals by 2.4% in the 1st quarter. Vanguard Group Inc. now owns 9,311,600 shares of the company's stock worth $312,311,000 after buying an additional 222,209 shares during the last quarter. Finally, Exome Asset Management LLC purchased a new position in shares of Crinetics Pharmaceuticals in the 1st quarter worth approximately $1,720,000. 98.51% of the stock is currently owned by institutional investors.

Crinetics Pharmaceuticals Stock Up 0.8%

CRNX traded up $0.27 during midday trading on Wednesday, hitting $34.00. 1,150,484 shares of the company traded hands, compared to its average volume of 1,067,223. The firm has a market capitalization of $3.20 billion, a PE ratio of -8.27 and a beta of 0.28. The company's 50-day moving average is $30.93 and its 200 day moving average is $31.37. Crinetics Pharmaceuticals has a 52 week low of $24.10 and a 52 week high of $62.53.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported ($1.23) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.13) by ($0.10). The business had revenue of $1.03 million for the quarter, compared to analyst estimates of $0.52 million. During the same quarter in the prior year, the company earned ($0.94) EPS. The business's revenue for the quarter was up 158.4% on a year-over-year basis. On average, sell-side analysts predict that Crinetics Pharmaceuticals will post -3.73 earnings per share for the current fiscal year.

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.