Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Receives Average Recommendation of "Moderate Buy" from Analysts

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Get Free Report) has received an average rating of "Moderate Buy" from the thirteen research firms that are currently covering the stock, MarketBeat.com reports. One analyst has rated the stock with a hold recommendation and twelve have assigned a buy recommendation to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $73.00.

A number of equities research analysts have commented on CRNX shares. Wolfe Research initiated coverage on Crinetics Pharmaceuticals in a research report on Tuesday, February 4th. They issued a "peer perform" rating on the stock. Stifel Nicolaus started coverage on shares of Crinetics Pharmaceuticals in a research note on Tuesday, March 25th. They set a "buy" rating and a $60.00 target price for the company. TD Cowen began coverage on shares of Crinetics Pharmaceuticals in a research note on Tuesday, February 11th. They issued a "buy" rating on the stock. Jefferies Financial Group raised shares of Crinetics Pharmaceuticals from a "hold" rating to a "buy" rating and set a $55.00 price objective for the company in a research report on Wednesday, January 22nd. Finally, HC Wainwright reiterated a "buy" rating and issued a $81.00 target price on shares of Crinetics Pharmaceuticals in a report on Monday, January 13th.

Crinetics Pharmaceuticals Stock Down 6.2 %

Shares of NASDAQ CRNX traded down $2.02 during trading on Thursday, hitting $30.68. The company had a trading volume of 1,142,829 shares, compared to its average volume of 861,138. The firm has a market capitalization of $2.87 billion, a price-to-earnings ratio of -8.23 and a beta of 0.31. The stock has a fifty day simple moving average of $31.96 and a two-hundred day simple moving average of $42.45. Crinetics Pharmaceuticals has a fifty-two week low of $24.10 and a fifty-two week high of $62.53.

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

Insider Activity

In other news, insider Dana Pizzuti sold 2,515 shares of the company's stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $34.20, for a total transaction of $86,013.00. Following the completion of the transaction, the insider now directly owns 72,233 shares of the company's stock, valued at approximately $2,470,368.60. This represents a 3.36 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Richard Scott Struthers sold 17,338 shares of the firm's stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $34.20, for a total value of $592,959.60. Following the sale, the chief executive officer now directly owns 329,147 shares in the company, valued at $11,256,827.40. This trade represents a 5.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 27,015 shares of company stock worth $923,913. 4.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

Several hedge funds and other institutional investors have recently bought and sold shares of CRNX. Vanguard Group Inc. grew its holdings in shares of Crinetics Pharmaceuticals by 2.4% during the first quarter. Vanguard Group Inc. now owns 9,311,600 shares of the company's stock worth $312,311,000 after purchasing an additional 222,209 shares during the last quarter. FMR LLC grew its stake in Crinetics Pharmaceuticals by 100.4% during the 4th quarter. FMR LLC now owns 8,928,086 shares of the company's stock worth $456,493,000 after buying an additional 4,472,316 shares during the last quarter. Wellington Management Group LLP increased its position in Crinetics Pharmaceuticals by 55.9% during the fourth quarter. Wellington Management Group LLP now owns 6,950,567 shares of the company's stock worth $355,382,000 after buying an additional 2,490,876 shares during the period. Driehaus Capital Management LLC increased its position in Crinetics Pharmaceuticals by 4.3% during the fourth quarter. Driehaus Capital Management LLC now owns 6,141,014 shares of the company's stock worth $313,990,000 after buying an additional 255,766 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its holdings in shares of Crinetics Pharmaceuticals by 9.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,414,505 shares of the company's stock valued at $276,844,000 after acquiring an additional 469,748 shares during the period. 98.51% of the stock is currently 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.