Crinetics Pharmaceuticals Inc (NASDAQ:CRNX) Receives $37.33 Average Target Price from Brokerages

Crinetics Pharmaceuticals Inc (NASDAQ:CRNX) has earned an average recommendation of “Buy” from the six analysts that are currently covering the stock, MarketBeat Ratings reports. Two analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 1 year target price among brokers that have covered the stock in the last year is $37.33.

CRNX has been the topic of several analyst reports. Roth Capital began coverage on shares of Crinetics Pharmaceuticals in a research note on Monday, December 23rd. They issued a “buy” rating and a $37.00 target price on the stock. Zacks Investment Research raised shares of Crinetics Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Tuesday, October 15th. ValuEngine downgraded shares of Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Friday. HC Wainwright reissued a “buy” rating and set a $35.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Thursday, November 21st. Finally, TheStreet raised shares of Crinetics Pharmaceuticals from a “d” rating to a “c-” rating in a research report on Thursday, January 9th.

In other Crinetics Pharmaceuticals news, Director Matthew K. Fust sold 3,500 shares of the business’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $22.50, for a total transaction of $78,750.00. Following the transaction, the director now directly owns 16,036 shares of the company’s stock, valued at approximately $360,810. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 7.40% of the stock is currently owned by insiders.

Several hedge funds have recently made changes to their positions in CRNX. Marshall Wace North America L.P. bought a new stake in shares of Crinetics Pharmaceuticals during the 1st quarter valued at $43,000. Swiss National Bank bought a new stake in shares of Crinetics Pharmaceuticals during the 2nd quarter valued at $448,000. Wells Fargo & Company MN boosted its holdings in shares of Crinetics Pharmaceuticals by 98.0% during the 2nd quarter. Wells Fargo & Company MN now owns 20,199 shares of the company’s stock valued at $505,000 after buying an additional 9,999 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Crinetics Pharmaceuticals by 45.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 3,033 shares of the company’s stock valued at $75,000 after buying an additional 946 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Crinetics Pharmaceuticals by 14.7% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 46,146 shares of the company’s stock valued at $1,154,000 after buying an additional 5,929 shares in the last quarter. Hedge funds and other institutional investors own 76.84% of the company’s stock.

Shares of NASDAQ CRNX opened at $24.93 on Friday. The company has a quick ratio of 17.18, a current ratio of 17.18 and a debt-to-equity ratio of 0.04. Crinetics Pharmaceuticals has a 52 week low of $14.33 and a 52 week high of $28.81. The firm’s fifty day moving average is $22.47 and its 200 day moving average is $19.83. The company has a market cap of $625.90 million, a price-to-earnings ratio of -11.18 and a beta of 1.10.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its earnings results on Tuesday, November 12th. The company reported ($0.60) EPS for the quarter, missing the consensus estimate of ($0.57) by ($0.03). The company had revenue of $0.51 million for the quarter, compared to the consensus estimate of $0.33 million. Equities research analysts anticipate that Crinetics Pharmaceuticals will post -2.16 earnings per share for the current year.

About Crinetics Pharmaceuticals

Crinetics Pharmaceuticals, Inc, a clinical stage pharmaceutical company, focuses on the discovery, development, and commercialization of therapeutics for rare endocrine diseases and endocrine-related tumors. Its lead product candidate is CRN00808, an oral selective nonpeptide somatostatin receptor type 2 biased agonist, which is in Phase I clinical trials used for the treatment of acromegaly.

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