Crinetics Pharmaceuticals (NASDAQ:CRNX) Now Covered by Analysts at The Goldman Sachs Group

Investment analysts at The Goldman Sachs Group started coverage on shares of Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) in a research report issued to clients and investors on Thursday,Briefing.com Automated Import reports. The firm set a "neutral" rating and a $36.00 price target on the stock. The Goldman Sachs Group's price objective points to a potential upside of 11.35% from the company's previous close.

A number of other research analysts also recently issued reports on CRNX. 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 price target on the stock. HC Wainwright reiterated a "buy" rating and issued a $81.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Friday, June 27th. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $69.50.

Crinetics Pharmaceuticals Stock Performance

Crinetics Pharmaceuticals stock opened at $32.33 on Thursday. The firm's 50-day moving average is $31.03 and its 200-day moving average is $34.82. Crinetics Pharmaceuticals has a 1 year low of $24.10 and a 1 year high of $62.53. The company has a market cap of $3.03 billion, a P/E ratio of -8.46 and a beta of 0.25.

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

Insider Activity at Crinetics Pharmaceuticals

In other news, insider Stephen F. Betz sold 97,483 shares of Crinetics Pharmaceuticals stock in a transaction that occurred 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 transaction, the insider owned 99,713 shares of the company's stock, valued at $3,213,749.99. The trade was a 49.43% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 4.60% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in CRNX. Charles Schwab Investment Management Inc. increased its position in shares of Crinetics Pharmaceuticals by 15.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 759,126 shares of the company's stock worth $38,814,000 after acquiring an additional 103,708 shares in the last quarter. Proficio Capital Partners LLC acquired a new stake in shares of Crinetics Pharmaceuticals during the fourth quarter worth approximately $750,000. Arizona State Retirement System boosted its holdings in shares of Crinetics Pharmaceuticals by 21.6% during the fourth quarter. Arizona State Retirement System now owns 23,469 shares of the company's stock worth $1,200,000 after purchasing an additional 4,168 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Crinetics Pharmaceuticals by 24.5% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,095 shares of the company's stock worth $772,000 after purchasing an additional 2,970 shares during the period. Finally, Swiss National Bank boosted its holdings in shares of Crinetics Pharmaceuticals by 21.8% during the fourth quarter. Swiss National Bank now owns 159,400 shares of the company's stock worth $8,150,000 after purchasing an additional 28,500 shares during the period. 98.51% of the stock is 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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