Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Given Consensus Rating of "Moderate Buy" by Analysts

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Get Free Report) have been given a consensus recommendation of "Moderate Buy" by the eleven ratings firms that are covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating on the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $74.56.

CRNX has been the topic of several recent research reports. HC Wainwright reissued a "buy" rating and issued a $81.00 price target on shares of Crinetics Pharmaceuticals in a research report on Friday. Stifel Nicolaus assumed coverage on shares of Crinetics Pharmaceuticals in a report on Tuesday, March 25th. They issued a "buy" rating and a $60.00 target price for the company.

Crinetics Pharmaceuticals Price Performance

NASDAQ:CRNX opened at $29.99 on Friday. The company has a market cap of $2.81 billion, a PE ratio of -7.85 and a beta of 0.28. Crinetics Pharmaceuticals has a one year low of $24.10 and a one year high of $62.53. The firm's 50 day simple moving average is $31.48 and its 200 day simple moving average is $36.40.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported ($1.04) EPS for the quarter, missing the consensus estimate of ($0.99) by ($0.05). The company had revenue of $0.36 million during the quarter, compared to analyst estimates of $0.10 million. During the same quarter in the previous year, the firm earned ($0.93) EPS. Crinetics Pharmaceuticals's revenue was down 43.6% compared to the same quarter last year. Equities research analysts expect that Crinetics Pharmaceuticals will post -3.73 EPS for the current year.

Insider Buying and Selling

In other Crinetics Pharmaceuticals news, insider Stephen F. Betz sold 97,483 shares of the firm's stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $32.23, for a total value of $3,141,877.09. Following the completion of the transaction, the insider now directly owns 99,713 shares of the company's stock, valued at $3,213,749.99. This trade represents a 49.43% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 4.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. KLP Kapitalforvaltning AS bought a new stake in Crinetics Pharmaceuticals during the fourth quarter valued at approximately $818,000. Alliancebernstein L.P. raised its position in shares of Crinetics Pharmaceuticals by 9.9% during the 4th quarter. Alliancebernstein L.P. now owns 101,720 shares of the company's stock valued at $5,201,000 after buying an additional 9,190 shares in the last quarter. Invesco Ltd. lifted its holdings in shares of Crinetics Pharmaceuticals by 16.8% during the 4th quarter. Invesco Ltd. now owns 298,254 shares of the company's stock worth $15,250,000 after acquiring an additional 42,954 shares during the last quarter. Proficio Capital Partners LLC purchased a new position in Crinetics Pharmaceuticals in the fourth quarter worth $750,000. Finally, Wells Fargo & Company MN grew its position in Crinetics Pharmaceuticals by 18.9% in the fourth quarter. Wells Fargo & Company MN now owns 100,916 shares of the company's stock worth $5,160,000 after acquiring an additional 16,025 shares in the last quarter. 98.51% of the stock is currently owned by hedge funds and other institutional investors.

About Crinetics Pharmaceuticals

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.

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