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

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Get Free Report) have been given an average recommendation of "Moderate Buy" by the thirteen brokerages that are presently covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a hold recommendation and twelve have given a buy recommendation to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $73.00.

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

Crinetics Pharmaceuticals Price Performance

Shares of CRNX traded down $1.98 during mid-day trading on Thursday, hitting $31.34. The company's stock had a trading volume of 163,713 shares, compared to its average volume of 859,622. Crinetics Pharmaceuticals has a fifty-two week low of $24.10 and a fifty-two week high of $62.53. The stock has a market capitalization of $2.93 billion, a price-to-earnings ratio of -8.40 and a beta of 0.31. The firm has a 50-day moving average price of $31.94 and a 200 day moving average price of $42.16.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported ($1.04) earnings per share for the quarter, missing the consensus estimate of ($0.99) by ($0.05). The firm had revenue of $0.36 million during the quarter, compared to analyst estimates of $0.10 million. The firm's quarterly revenue was down 43.6% on a year-over-year basis. During the same period in the previous year, the company posted ($0.93) earnings per share. As a group, equities analysts anticipate that Crinetics Pharmaceuticals will post -3.73 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, COO Jeff E. Knight sold 7,162 shares of the stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $34.20, for a total value of $244,940.40. Following the transaction, the chief operating officer now owns 87,491 shares in the company, valued at approximately $2,992,192.20. This represents a 7.57% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Richard Scott Struthers sold 17,338 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $34.20, for a total transaction of $592,959.60. Following the completion of the sale, the chief executive officer now owns 329,147 shares of the company's stock, valued at $11,256,827.40. This trade represents a 5.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 27,015 shares of company stock valued at $923,913 in the last three months. Insiders own 4.60% of the company's stock.

Institutional Trading of Crinetics Pharmaceuticals

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. E Fund Management Co. Ltd. boosted its position in Crinetics Pharmaceuticals by 65.3% during the first quarter. E Fund Management Co. Ltd. now owns 9,545 shares of the company's stock worth $320,000 after purchasing an additional 3,770 shares during the period. Russell Investments Group Ltd. increased its position in Crinetics Pharmaceuticals by 386.4% in the 1st quarter. Russell Investments Group Ltd. now owns 166,338 shares of the company's stock worth $5,579,000 after buying an additional 132,138 shares during the period. Nuveen LLC bought a new stake in shares of Crinetics Pharmaceuticals in the first quarter valued at approximately $18,881,000. Swiss National Bank increased its position in Crinetics Pharmaceuticals by 1.5% during the first quarter. Swiss National Bank now owns 161,800 shares of the company's stock worth $5,427,000 after acquiring an additional 2,400 shares during the period. Finally, Vanguard Group Inc. boosted its holdings in Crinetics Pharmaceuticals by 2.4% in the 1st quarter. Vanguard Group Inc. now owns 9,311,600 shares of the company's stock valued at $312,311,000 after purchasing an additional 222,209 shares during the period. Institutional investors and hedge funds own 98.51% of the company's stock.

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.