Wolfe Research Initiates Coverage on Crinetics Pharmaceuticals (NASDAQ:CRNX)

Wolfe Research assumed coverage on shares of Crinetics Pharmaceuticals (NASDAQ:CRNX) in a report published on Tuesday, Marketbeat Ratings reports. The firm issued a peer perform rating on the stock.

Several other analysts also recently commented on CRNX. HC Wainwright reiterated a “buy” rating and set a $81.00 target price on shares of Crinetics Pharmaceuticals in a research note on Monday, January 13th. Citigroup increased their target price on Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. JMP Securities reiterated 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 upgraded Crinetics Pharmaceuticals from a “hold” rating to a “buy” rating and set a $55.00 target price on the stock in a research note on Wednesday, January 22nd. One equities research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $72.64.

Crinetics Pharmaceuticals Stock Up 4.2 %

Crinetics Pharmaceuticals stock opened at $40.40 on Tuesday. The company has a market capitalization of $3.75 billion, a P/E ratio of -10.83 and a beta of 0.56. The stock’s 50 day moving average is $48.56 and its 200 day moving average is $52.07. Crinetics Pharmaceuticals has a twelve month low of $35.51 and a twelve month high of $62.53.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.96) earnings per share for the quarter, missing the consensus estimate of ($0.91) by ($0.05). During the same period in the prior year, the firm posted ($1.01) earnings per share. As a group, equities analysts expect that Crinetics Pharmaceuticals will post -3.73 EPS for the current year.

Insider Activity

In related news, COO Jeff E. Knight sold 501 shares of the firm’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $56.52, for a total value of $28,316.52. Following the transaction, the chief operating officer now directly owns 51,653 shares of the company’s stock, valued at approximately $2,919,427.56. This trade represents a 0.96 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 6.00% of the company’s stock.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

A number of institutional investors have recently bought and sold shares of CRNX. Venturi Wealth Management LLC bought a new position in Crinetics Pharmaceuticals in the 4th quarter worth $41,000. Values First Advisors Inc. bought a new position in Crinetics Pharmaceuticals in the 3rd quarter worth $84,000. Allspring Global Investments Holdings LLC bought a new position in Crinetics Pharmaceuticals in the 3rd quarter worth $91,000. KBC Group NV raised its holdings in Crinetics Pharmaceuticals by 22.8% in the 3rd quarter. KBC Group NV now owns 2,193 shares of the company’s stock worth $112,000 after purchasing an additional 407 shares during the period. Finally, Advisors Asset Management Inc. increased its stake in Crinetics Pharmaceuticals by 56.1% in the 3rd quarter. Advisors Asset Management Inc. now owns 2,806 shares of the company’s stock worth $143,000 after buying an additional 1,008 shares in the last quarter. 98.51% of the stock is owned by institutional investors.

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.