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

Key Points

• Crinetics Pharmaceuticals has received a consensus rating of "Moderate Buy" from 14 analysts, with 11 buy ratings, 2 hold ratings, and 1 sell rating.
• Recent analyst price targets for the company have increased, with Oppenheimer raising it from $73.00 to $87.00 and Leerink Partners from $80.00 to $88.00.
• Insiders have sold a total of 61,492 shares of the company stock worth approximately $2.2 million in the last three months, indicating significant insider trading activity.

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Get Free Report) have received an average recommendation of "Moderate Buy" from the fourteen brokerages that are covering the company, Marketbeat reports. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating on the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $74.4545.

CRNX has been the topic of a number of recent analyst reports. Oppenheimer raised their price target on shares of Crinetics Pharmaceuticals from $73.00 to $87.00 and gave the company an "outperform" rating in a report on Tuesday, September 30th. Leerink Partners raised their price target on shares of Crinetics Pharmaceuticals from $80.00 to $88.00 and gave the company an "outperform" rating in a report on Monday, September 29th. HC Wainwright restated a "buy" rating and issued a $81.00 price target on shares of Crinetics Pharmaceuticals in a report on Friday, June 27th. The Goldman Sachs Group raised their price target on shares of Crinetics Pharmaceuticals from $35.00 to $40.00 and gave the company a "neutral" rating in a report on Friday, September 26th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Crinetics Pharmaceuticals from $53.00 to $52.00 and set an "overweight" rating on the stock in a report on Wednesday, September 24th.

Insider Buying and Selling

In related news, CEO Richard Scott Struthers sold 4,000 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Friday, September 26th. The shares were sold at an average price of $45.00, for a total value of $180,000.00. Following the completion of the sale, the chief executive officer directly owned 106,000 shares in the company, valued at $4,770,000. This trade represents a 3.64% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Matthew K. Fust sold 16,000 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Friday, September 26th. The stock was sold at an average price of $44.75, for a total transaction of $716,000.00. Following the completion of the sale, the director owned 22,836 shares of the company's stock, valued at $1,021,911. This trade represents a 41.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 61,492 shares of company stock worth $2,207,387 in the last three months. Corporate insiders own 4.60% of the company's stock.

Institutional Trading of Crinetics Pharmaceuticals

Institutional investors and hedge funds have recently bought and sold shares of the business. Headlands Technologies LLC acquired a new stake in Crinetics Pharmaceuticals during the 2nd quarter valued at approximately $30,000. Raymond James Financial Inc. acquired a new stake in Crinetics Pharmaceuticals during the 2nd quarter valued at approximately $45,000. Penserra Capital Management LLC acquired a new stake in Crinetics Pharmaceuticals during the 2nd quarter valued at approximately $48,000. Osaic Holdings Inc. lifted its stake in Crinetics Pharmaceuticals by 126.1% during the 2nd quarter. Osaic Holdings Inc. now owns 2,478 shares of the company's stock valued at $75,000 after acquiring an additional 1,382 shares during the period. Finally, GF Fund Management CO. LTD. lifted its stake in Crinetics Pharmaceuticals by 22.0% during the 1st quarter. GF Fund Management CO. LTD. now owns 2,375 shares of the company's stock valued at $80,000 after acquiring an additional 428 shares during the period. 98.51% of the stock is currently owned by institutional investors and hedge funds.

Crinetics Pharmaceuticals Stock Down 1.6%

Shares of CRNX stock opened at $40.86 on Friday. The firm has a market cap of $3.85 billion, a price-to-earnings ratio of -9.94 and a beta of 0.33. The company's 50 day moving average is $32.88 and its 200 day moving average is $31.72. 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 released its quarterly earnings results on Thursday, August 7th. The company reported ($1.23) earnings per share for the quarter, missing analysts' consensus estimates 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. During the same quarter in the prior year, the company earned ($0.94) EPS. The business's quarterly revenue was up 158.4% on a year-over-year basis. Analysts anticipate that Crinetics Pharmaceuticals will post -3.73 EPS for the current fiscal year.

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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