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

Investment analysts at The Goldman Sachs Group began coverage on shares of Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) in a report issued on Thursday, MarketBeat.com reports. The firm set a "neutral" rating and a $36.00 price target on the stock. The Goldman Sachs Group's price target would indicate a potential upside of 12.35% from the company's previous close.

CRNX has been the subject of a number of other research reports. Stifel Nicolaus started coverage on Crinetics Pharmaceuticals in a research report on Tuesday, March 25th. They set a "buy" rating and a $60.00 price target for the company. HC Wainwright reiterated a "buy" rating and set a $81.00 price target on shares of Crinetics Pharmaceuticals in a research report on Friday, June 27th. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, Crinetics Pharmaceuticals has a consensus rating of "Moderate Buy" and a consensus price target of $69.50.

Crinetics Pharmaceuticals Price Performance

CRNX stock traded up $0.05 during mid-day trading on Thursday, reaching $32.04. 290,089 shares of the company traded hands, compared to its average volume of 945,830. The company has a market capitalization of $3.00 billion, a P/E ratio of -8.39 and a beta of 0.25. Crinetics Pharmaceuticals has a 52-week low of $24.10 and a 52-week high of $62.53. The company has a fifty day moving average price of $31.00 and a 200-day moving average price of $34.67.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last issued 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 during the quarter, compared to analysts' expectations of $0.10 million. The company's revenue was down 43.6% on a year-over-year basis. During the same period in the previous year, the business posted ($0.93) EPS. As a group, analysts forecast that Crinetics Pharmaceuticals will post -3.73 EPS for the current year.

Insiders Place Their Bets

In related news, insider Stephen F. Betz sold 97,483 shares of the business's stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $32.23, for a total value of $3,141,877.09. Following the completion of the sale, the insider owned 99,713 shares in the company, valued at $3,213,749.99. The trade was a 49.43% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 4.60% of the stock is owned by insiders.

Institutional Trading of Crinetics Pharmaceuticals

Hedge funds and other institutional investors have recently bought and sold shares of the stock. KLP Kapitalforvaltning AS bought a new stake in Crinetics Pharmaceuticals in the fourth quarter valued at approximately $818,000. Alliancebernstein L.P. lifted its position in Crinetics Pharmaceuticals by 9.9% in the fourth quarter. Alliancebernstein L.P. now owns 101,720 shares of the company's stock valued at $5,201,000 after purchasing an additional 9,190 shares during the last quarter. Invesco Ltd. lifted its position in Crinetics Pharmaceuticals by 16.8% in the fourth quarter. Invesco Ltd. now owns 298,254 shares of the company's stock valued at $15,250,000 after purchasing an additional 42,954 shares during the last quarter. GAMMA Investing LLC lifted its position in Crinetics Pharmaceuticals by 6,291.5% in the first quarter. GAMMA Investing LLC now owns 6,775 shares of the company's stock valued at $227,000 after purchasing an additional 6,669 shares during the last quarter. Finally, Wells Fargo & Company MN lifted 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 valued at $5,160,000 after purchasing an additional 16,025 shares during the last quarter. Institutional investors 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.