Brokerages Set Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Price Target at $68.86

Key Points

• Crinetics Pharmaceuticals, Inc. has received a consensus recommendation of "Moderate Buy" from nine analysts, with an average price target of $68.86.
• The company reported quarterly earnings with a loss of ($1.23) per share, missing estimates, but achieved a 158.4% increase in revenue year-over-year.
• Insiders sold a total of 133,975 shares recently, representing a significant decrease in their holdings, while institutional ownership comprises 98.51% of the stock.

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Get Free Report) have earned a consensus recommendation of "Moderate Buy" from the nine analysts that are presently covering the firm, MarketBeat Ratings reports. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating on the company. The average 12 month price target among brokers that have covered the stock in the last year is $68.8571.

CRNX has been the subject of several recent analyst reports. JMP Securities reduced their price objective 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. HC Wainwright reiterated a "buy" rating and issued a $81.00 price target on shares of Crinetics Pharmaceuticals in a research report on Friday, June 27th. Finally, The Goldman Sachs Group initiated coverage on shares of Crinetics Pharmaceuticals in a research report on Thursday, July 10th. They issued a "neutral" rating and a $36.00 price target for the company.

Crinetics Pharmaceuticals Price Performance

Shares of NASDAQ:CRNX traded up $0.27 during trading on Wednesday, hitting $34.00. 1,150,484 shares of the company were exchanged, compared to its average volume of 1,067,223. The stock has a market capitalization of $3.20 billion, a P/E ratio of -8.27 and a beta of 0.28. Crinetics Pharmaceuticals has a 12-month low of $24.10 and a 12-month high of $62.53. The firm's 50 day moving average price is $30.93 and its 200-day moving average price is $31.37.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported ($1.23) earnings per share for the quarter, missing the consensus estimate of ($1.13) by ($0.10). The firm had revenue of $1.03 million for the quarter, compared to analyst estimates of $0.52 million. The company's revenue was up 158.4% on a year-over-year basis. During the same period in the previous year, the company earned ($0.94) EPS. As a group, equities research analysts anticipate that Crinetics Pharmaceuticals will post -3.73 EPS for the current year.

Insider Buying and Selling

In related news, insider Dana Pizzuti sold 30,000 shares of the company's stock in a transaction 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 owned 66,270 shares in the company, valued at $2,016,596.10. This represents a 31.16% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 4.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

Several institutional investors have recently bought and sold shares of the company. Osaic Holdings Inc. increased its stake in Crinetics Pharmaceuticals by 126.1% in the 2nd quarter. Osaic Holdings Inc. now owns 2,478 shares of the company's stock valued at $75,000 after buying an additional 1,382 shares during the period. Headlands Technologies LLC acquired a new position in Crinetics Pharmaceuticals in the 2nd quarter valued at $30,000. Tower Research Capital LLC TRC increased its stake in Crinetics Pharmaceuticals by 2,295.5% in the 2nd quarter. Tower Research Capital LLC TRC now owns 12,768 shares of the company's stock valued at $367,000 after buying an additional 12,235 shares during the period. Exome Asset Management LLC increased its stake in Crinetics Pharmaceuticals by 22.2% in the 2nd quarter. Exome Asset Management LLC now owns 62,700 shares of the company's stock valued at $1,803,000 after buying an additional 11,405 shares during the period. Finally, E Fund Management Co. Ltd. increased its stake in Crinetics Pharmaceuticals by 6.1% in the 2nd quarter. E Fund Management Co. Ltd. now owns 10,131 shares of the company's stock valued at $291,000 after buying an additional 586 shares during the period. 98.51% of the stock is owned by institutional investors and hedge funds.

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.