Crinetics Pharmaceuticals (NASDAQ:CRNX) Now Covered by TD Cowen

TD Cowen initiated coverage on shares of Crinetics Pharmaceuticals (NASDAQ:CRNX) in a research report issued on Tuesday,Briefing.com Automated Import reports. The firm set a “buy” rating on the stock.

CRNX has been the subject of a number of other reports. Citigroup raised their price objective on shares of Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. JMP Securities restated a “market outperform” rating and issued a $87.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Monday, December 16th. Jefferies Financial Group upgraded shares of 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. HC Wainwright reiterated a “buy” rating and set a $81.00 target price on shares of Crinetics Pharmaceuticals in a research report on Monday, January 13th. Finally, Wolfe Research assumed coverage on shares of Crinetics Pharmaceuticals in a research report on Tuesday, February 4th. They set a “peer perform” rating for the company. One equities research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $72.64.

Crinetics Pharmaceuticals Stock Down 1.2 %

CRNX opened at $36.53 on Tuesday. The company has a market capitalization of $3.39 billion, a price-to-earnings ratio of -9.79 and a beta of 0.56. The firm has a 50-day moving average price of $46.99 and a 200-day moving average price of $51.62. Crinetics Pharmaceuticals has a twelve month low of $35.51 and a twelve month high of $62.53.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.96) EPS for the quarter, missing analysts’ consensus estimates of ($0.91) by ($0.05). During the same quarter in the prior year, the company posted ($1.01) EPS. On average, sell-side analysts expect that Crinetics Pharmaceuticals will post -3.73 earnings per share for the current fiscal year.

Insider Transactions at Crinetics Pharmaceuticals

In related news, insider Dana Pizzuti sold 5,000 shares of Crinetics Pharmaceuticals stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $39.07, for a total value of $195,350.00. Following the transaction, the insider now directly owns 31,748 shares of the company’s stock, valued at $1,240,394.36. The trade was a 13.61 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO Jeff E. Knight sold 501 shares of Crinetics Pharmaceuticals stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $56.52, for a total transaction of $28,316.52. Following the completion of the transaction, the chief operating officer now directly owns 51,653 shares in the company, valued at approximately $2,919,427.56. The trade was a 0.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 6.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in CRNX. AQR Capital Management LLC increased its stake in shares of Crinetics Pharmaceuticals by 3.3% in the second quarter. AQR Capital Management LLC now owns 7,126 shares of the company’s stock worth $319,000 after buying an additional 227 shares during the period. Creative Planning increased its stake in shares of Crinetics Pharmaceuticals by 52.4% in the third quarter. Creative Planning now owns 19,808 shares of the company’s stock worth $1,012,000 after buying an additional 6,811 shares during the period. Allspring Global Investments Holdings LLC purchased a new position in shares of Crinetics Pharmaceuticals in the third quarter worth $91,000. Values First Advisors Inc. purchased a new position in Crinetics Pharmaceuticals during the 3rd quarter valued at $84,000. Finally, Mirae Asset Global Investments Co. Ltd. increased its position in Crinetics Pharmaceuticals by 23.0% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,895 shares of the company’s stock valued at $147,000 after purchasing an additional 541 shares during the period. 98.51% of the stock is owned by hedge funds and other 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.