Analysts Set Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Target Price at $77.55

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) have earned an average recommendation of “Moderate Buy” from the fourteen analysts that are currently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the company. The average 12-month price target among brokerages that have covered the stock in the last year is $77.5455.

A number of equities research analysts have recently commented on CRNX shares. Robert W. Baird increased their target price on shares of Crinetics Pharmaceuticals from $58.00 to $62.00 and gave the company an “outperform” rating in a research report on Friday, September 26th. Citizens Jmp cut their price objective on shares of Crinetics Pharmaceuticals from $143.00 to $108.00 and set a “market outperform” rating for the company in a report on Friday, November 7th. Oppenheimer raised their target price on shares of Crinetics Pharmaceuticals from $73.00 to $87.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 30th. Morgan Stanley upped their price target on Crinetics Pharmaceuticals from $65.00 to $77.00 and gave the company an “overweight” rating in a research report on Monday, September 29th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a report on Wednesday, October 8th.

Insider Activity at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, Director Matthew K. Fust sold 16,000 shares of Crinetics Pharmaceuticals stock in a transaction dated Friday, September 26th. The shares were sold at an average price of $44.75, for a total transaction of $716,000.00. Following the transaction, the director directly owned 22,836 shares of the company’s stock, valued at $1,021,911. The trade was a 41.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Dana Pizzuti sold 5,000 shares of the stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $42.66, for a total value of $213,300.00. Following the completion of the transaction, the insider owned 66,270 shares of the company’s stock, valued at $2,827,078.20. The trade was a 7.02% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 30,000 shares of company stock valued at $1,318,350. 4.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Farther Finance Advisors LLC boosted its position in shares of Crinetics Pharmaceuticals by 523.7% during the 3rd quarter. Farther Finance Advisors LLC now owns 842 shares of the company’s stock worth $35,000 after purchasing an additional 707 shares during the period. Headlands Technologies LLC acquired a new position in Crinetics Pharmaceuticals during the second quarter worth $30,000. Covestor Ltd boosted its position in shares of Crinetics Pharmaceuticals by 23,983.3% during the third quarter. Covestor Ltd now owns 1,445 shares of the company’s stock worth $60,000 after buying an additional 1,439 shares during the period. Raymond James Financial Inc. purchased a new position in shares of Crinetics Pharmaceuticals during the second quarter worth $45,000. Finally, Abich Financial Wealth Management LLC acquired a new stake in shares of Crinetics Pharmaceuticals in the third quarter valued at $68,000. Institutional investors and hedge funds own 98.51% of the company’s stock.

Crinetics Pharmaceuticals Price Performance

NASDAQ CRNX opened at $48.01 on Friday. The stock’s 50 day simple moving average is $44.31 and its 200-day simple moving average is $36.81. The company has a market cap of $4.56 billion, a PE ratio of -10.60 and a beta of 0.20. Crinetics Pharmaceuticals has a 1-year low of $24.10 and a 1-year high of $54.78.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings results on Thursday, November 6th. The company reported ($1.38) EPS for the quarter, missing the consensus estimate of ($1.27) by ($0.11). The company had revenue of $0.14 million during the quarter, compared to analysts’ expectations of $0.39 million. During the same period last year, the firm earned ($0.96) EPS. On average, equities research analysts anticipate that Crinetics Pharmaceuticals will post -3.73 EPS for the current fiscal year.

About Crinetics Pharmaceuticals

Crinetics Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of novel therapeutics for rare endocrine diseases. The company’s proprietary platform leverages insights into hormone receptor signaling to design small-molecule candidates that address conditions driven by dysregulated hormone activity. Crinetics’ research efforts center on targeting somatostatin, vasopressin and other GPCR-mediated pathways with orally bioavailable molecules intended to improve patient convenience and adherence.

The company’s lead product candidate, paltusotine (formerly CRN04777), is a selective, non-peptide somatostatin receptor type 2 agonist being evaluated for the treatment of acromegaly and carcinoid syndrome diarrhea.