Brokerages Set Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Target Price at $54.17

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Get Free Report) have been assigned an average rating of "Moderate Buy" from the twelve brokerages that are covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a hold recommendation and eleven have assigned a buy recommendation to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $54.17.

A number of equities analysts recently issued reports on the company. Jefferies Financial Group assumed coverage on Crinetics Pharmaceuticals in a report on Thursday, December 21st. They issued a "hold" rating and a $35.00 price objective for the company. JMP Securities restated a "market outperform" rating and issued a $80.00 target price on shares of Crinetics Pharmaceuticals in a research report on Thursday, March 28th. Jonestrading upped their target price on Crinetics Pharmaceuticals from $52.00 to $56.00 and gave the stock a "buy" rating in a research report on Wednesday, March 20th. Morgan Stanley started coverage on Crinetics Pharmaceuticals in a research report on Tuesday, January 16th. They issued an "overweight" rating and a $50.00 target price for the company. Finally, Robert W. Baird upped their target price on Crinetics Pharmaceuticals from $45.00 to $52.00 and gave the stock an "outperform" rating in a research report on Thursday, February 29th.

Insider Activity

In other Crinetics Pharmaceuticals news, insider Stephen F. Betz sold 3,000 shares of the business's stock in a transaction on Thursday, January 25th. The shares were sold at an average price of $37.26, for a total transaction of $111,780.00. Following the sale, the insider now directly owns 73,298 shares of the company's stock, valued at approximately $2,731,083.48. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Crinetics Pharmaceuticals news, Director Stephanie Okey sold 17,500 shares of the business's stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $46.38, for a total transaction of $811,650.00. Following the sale, the director now directly owns 6,000 shares of the company's stock, valued at approximately $278,280. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Stephen F. Betz sold 3,000 shares of the business's stock in a transaction on Thursday, January 25th. The shares were sold at an average price of $37.26, for a total transaction of $111,780.00. Following the sale, the insider now directly owns 73,298 shares in the company, valued at $2,731,083.48. The disclosure for this sale can be found here. In the last 90 days, insiders sold 137,890 shares of company stock worth $6,081,310. Insiders own 7.00% of the company's stock.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

A number of hedge funds have recently modified their holdings of CRNX. JPMorgan Chase & Co. increased its stake in shares of Crinetics Pharmaceuticals by 69.3% in the first quarter. JPMorgan Chase & Co. now owns 81,736 shares of the company's stock worth $1,793,000 after acquiring an additional 33,463 shares during the last quarter. Group One Trading L.P. increased its stake in shares of Crinetics Pharmaceuticals by 31.6% in the first quarter. Group One Trading L.P. now owns 7,318 shares of the company's stock worth $161,000 after acquiring an additional 1,759 shares during the last quarter. MetLife Investment Management LLC increased its stake in shares of Crinetics Pharmaceuticals by 55.4% in the first quarter. MetLife Investment Management LLC now owns 25,417 shares of the company's stock worth $558,000 after acquiring an additional 9,063 shares during the last quarter. Rhumbline Advisers increased its stake in shares of Crinetics Pharmaceuticals by 10.8% in the first quarter. Rhumbline Advisers now owns 47,701 shares of the company's stock worth $1,047,000 after acquiring an additional 4,654 shares during the last quarter. Finally, BlackRock Inc. increased its stake in shares of Crinetics Pharmaceuticals by 0.6% in the first quarter. BlackRock Inc. now owns 3,296,780 shares of the company's stock worth $72,365,000 after acquiring an additional 20,610 shares during the last quarter. 98.51% of the stock is owned by institutional investors and hedge funds.

Crinetics Pharmaceuticals Stock Up 3.5 %

Shares of NASDAQ:CRNX traded up $1.62 during trading on Wednesday, hitting $47.62. 2,909,803 shares of the company traded hands, compared to its average volume of 800,522. The stock has a market capitalization of $3.31 billion, a price-to-earnings ratio of -12.87 and a beta of 0.63. The business's fifty day moving average is $40.58 and its 200-day moving average is $34.78. Crinetics Pharmaceuticals has a one year low of $15.50 and a one year high of $48.13.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last issued its quarterly earnings data on Wednesday, February 28th. The company reported ($0.90) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.89) by ($0.01). Crinetics Pharmaceuticals had a negative return on equity of 52.93% and a negative net margin of 4,223.27%. During the same period in the prior year, the business earned ($0.84) earnings per share. The business's quarterly revenue was down 100.0% compared to the same quarter last year. On average, analysts forecast that Crinetics Pharmaceuticals will post -3.34 EPS for the current 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.