Crinetics Pharmaceuticals (NASDAQ:CRNX) Earns Buy Rating from Analysts at Stifel Nicolaus

Stifel Nicolaus assumed coverage on shares of Crinetics Pharmaceuticals (NASDAQ:CRNX) in a research note published on Tuesday, Marketbeat reports. The firm issued a buy rating and a $60.00 price target on the stock.

Several other equities analysts have also commented on the stock. HC Wainwright restated a “buy” rating and issued a $81.00 price objective on shares of Crinetics Pharmaceuticals in a report on Monday, January 13th. Wolfe Research started coverage on Crinetics Pharmaceuticals in a research note on Tuesday, February 4th. They set a “peer perform” rating on the stock. TD Cowen assumed coverage on Crinetics Pharmaceuticals in a research note on Tuesday, February 11th. They issued a “buy” rating for the company. JMP Securities reissued a “market outperform” rating and set a $87.00 target price on shares of Crinetics Pharmaceuticals in a research note on Monday, December 16th. Finally, Jefferies Financial Group raised Crinetics Pharmaceuticals from a “hold” rating to a “buy” rating and set a $55.00 target price for the company in a research report on Wednesday, January 22nd. One research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, Crinetics Pharmaceuticals currently has a consensus rating of “Moderate Buy” and a consensus price target of $73.00.

Crinetics Pharmaceuticals Stock Up 1.1 %

NASDAQ:CRNX opened at $34.90 on Tuesday. Crinetics Pharmaceuticals has a 52 week low of $31.84 and a 52 week high of $62.53. The stock’s fifty day moving average is $36.07 and its two-hundred day moving average is $47.68. The company has a market capitalization of $3.25 billion, a P/E ratio of -9.36 and a beta of 0.58.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings data on Thursday, February 27th. The company reported ($0.88) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.92) by $0.04. Sell-side analysts anticipate that Crinetics Pharmaceuticals will post -3.73 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Dana Pizzuti sold 2,515 shares of the company’s stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $34.20, for a total value of $86,013.00. Following the completion of the transaction, the insider now directly owns 72,233 shares of the company’s stock, valued at $2,470,368.60. This represents a 3.36 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Richard Scott Struthers sold 17,338 shares of the firm’s stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $34.20, for a total transaction of $592,959.60. Following the sale, the chief executive officer now directly owns 329,147 shares in the company, valued at approximately $11,256,827.40. The trade was a 5.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 32,015 shares of company stock worth $1,119,263. Corporate insiders own 6.00% of the company’s stock.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Swiss National Bank increased its position in shares of Crinetics Pharmaceuticals by 0.5% during the third quarter. Swiss National Bank now owns 130,900 shares of the company’s stock worth $6,689,000 after purchasing an additional 600 shares in the last quarter. Commerce Bank acquired a new position in Crinetics Pharmaceuticals during the third quarter worth approximately $212,000. Connor Clark & Lunn Investment Management Ltd. lifted its stake in Crinetics Pharmaceuticals by 2.5% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 20,633 shares of the company’s stock valued at $1,054,000 after buying an additional 505 shares during the last quarter. Advisors Asset Management Inc. boosted its holdings in shares of Crinetics Pharmaceuticals by 56.1% in the third quarter. Advisors Asset Management Inc. now owns 2,806 shares of the company’s stock valued at $143,000 after acquiring an additional 1,008 shares during the period. Finally, Intech Investment Management LLC purchased a new position in shares of Crinetics Pharmaceuticals during the third quarter worth approximately $1,142,000. 98.51% of the stock is owned by hedge funds and other institutional investors.

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.