Crinetics Pharmaceuticals (NASDAQ:CRNX) Coverage Initiated at Stifel Nicolaus

Analysts at Stifel Nicolaus initiated coverage on shares of Crinetics Pharmaceuticals (NASDAQ:CRNX) in a report released on Tuesday,Benzinga reports. The firm set a “buy” rating and a $60.00 price target on the stock. Stifel Nicolaus’ price target would indicate a potential upside of 66.94% from the stock’s previous close.

A number of other equities research analysts also recently commented on the company. JMP Securities reiterated a “market outperform” rating and set a $87.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Monday, December 16th. Wolfe Research started coverage on Crinetics Pharmaceuticals in a report on Tuesday, February 4th. They set a “peer perform” rating for the company. HC Wainwright reissued a “buy” rating and issued a $81.00 price target on shares of Crinetics Pharmaceuticals in a research note on Monday, January 13th. TD Cowen started coverage on Crinetics Pharmaceuticals in a report on Tuesday, February 11th. They set a “buy” rating on the stock. Finally, 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 report on Wednesday, January 22nd. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, Crinetics Pharmaceuticals presently has an average rating of “Moderate Buy” and a consensus target price of $73.00.

Crinetics Pharmaceuticals Trading Up 4.4 %

Shares of Crinetics Pharmaceuticals stock opened at $35.94 on Tuesday. Crinetics Pharmaceuticals has a 52 week low of $31.84 and a 52 week high of $62.53. The stock has a market cap of $3.34 billion, a PE ratio of -9.64 and a beta of 0.58. The company’s 50-day moving average price is $36.16 and its two-hundred day moving average price is $47.97.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its earnings results on Thursday, February 27th. The company reported ($0.88) EPS for the quarter, topping analysts’ consensus estimates of ($0.92) by $0.04. On average, equities analysts predict that Crinetics Pharmaceuticals will post -3.73 EPS for the current fiscal year.

Insider Buying and Selling at Crinetics Pharmaceuticals

In related news, insider Dana Pizzuti sold 5,000 shares of the stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $39.07, for a total transaction of $195,350.00. Following the completion of the sale, the insider now directly owns 31,748 shares in the company, valued at approximately $1,240,394.36. This trade represents a 13.61 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Richard Scott Struthers sold 17,338 shares of the business’s stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $34.20, for a total value of $592,959.60. Following the completion of the transaction, the chief executive officer now owns 329,147 shares in the company, valued at $11,256,827.40. This trade represents a 5.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 32,015 shares of company stock valued at $1,119,263 in the last quarter. Company insiders own 6.00% of the company’s stock.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CRNX. Vanguard Group Inc. increased its stake in shares of Crinetics Pharmaceuticals by 44.6% during the 4th quarter. Vanguard Group Inc. now owns 9,089,391 shares of the company’s stock worth $464,741,000 after purchasing an additional 2,801,736 shares during the last quarter. FMR LLC increased its position in Crinetics Pharmaceuticals by 100.4% during the fourth quarter. FMR LLC now owns 8,928,086 shares of the company’s stock worth $456,493,000 after buying an additional 4,472,316 shares during the last quarter. Wellington Management Group LLP increased its position in Crinetics Pharmaceuticals by 55.9% during the fourth quarter. Wellington Management Group LLP now owns 6,950,567 shares of the company’s stock worth $355,382,000 after buying an additional 2,490,876 shares during the last quarter. Driehaus Capital Management LLC raised its holdings in Crinetics Pharmaceuticals by 4.3% during the fourth quarter. Driehaus Capital Management LLC now owns 6,141,014 shares of the company’s stock valued at $313,990,000 after buying an additional 255,766 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its position in shares of Crinetics Pharmaceuticals by 9.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,414,505 shares of the company’s stock worth $276,844,000 after buying an additional 469,748 shares during the last quarter. Institutional investors own 98.51% of the company’s stock.

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.