Crinetics Pharmaceuticals (NASDAQ:CRNX) Stock Rating Lowered by Wall Street Zen

Crinetics Pharmaceuticals (NASDAQ:CRNX) was downgraded by equities researchers at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued to investors on Saturday.

CRNX has been the topic of a number of other reports. Morgan Stanley raised their price objective on Crinetics Pharmaceuticals from $77.00 to $80.00 and gave the company an “overweight” rating in a research note on Tuesday, January 6th. The Goldman Sachs Group raised shares of Crinetics Pharmaceuticals from a “neutral” rating to a “buy” rating and set a $67.00 price target on the stock in a research report on Monday, January 12th. Citizens Jmp reduced their price objective on shares of Crinetics Pharmaceuticals from $108.00 to $105.00 and set a “market outperform” rating for the company in a research note on Thursday, January 8th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a research note on Wednesday, January 21st. Ten research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $82.50.

Crinetics Pharmaceuticals Trading Down 3.1%

Shares of NASDAQ:CRNX opened at $42.70 on Friday. The stock has a market capitalization of $4.36 billion, a PE ratio of -9.43 and a beta of 0.19. Crinetics Pharmaceuticals has a 1 year low of $24.10 and a 1 year high of $57.99. The firm has a fifty day moving average price of $49.79 and a 200 day moving average price of $42.24.

Insider Transactions at Crinetics Pharmaceuticals

In related news, insider Isabel Kalofonos sold 2,500 shares of the company’s stock in a transaction on Monday, January 5th. The shares were sold at an average price of $55.00, for a total transaction of $137,500.00. Following the completion of the transaction, the insider directly owned 834 shares in the company, valued at $45,870. This represents a 74.99% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 6.00% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Smartleaf Asset Management LLC grew its position in Crinetics Pharmaceuticals by 107.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 639 shares of the company’s stock worth $30,000 after buying an additional 331 shares in the last quarter. Farther Finance Advisors LLC grew its holdings in shares of Crinetics Pharmaceuticals by 523.7% during the 3rd quarter. Farther Finance Advisors LLC now owns 842 shares of the company’s stock worth $35,000 after purchasing an additional 707 shares in the last quarter. Headlands Technologies LLC acquired a new stake in shares of Crinetics Pharmaceuticals during the 2nd quarter worth approximately $30,000. Parallel Advisors LLC increased its position in shares of Crinetics Pharmaceuticals by 34.6% during the fourth quarter. Parallel Advisors LLC now owns 1,225 shares of the company’s stock valued at $57,000 after purchasing an additional 315 shares during the period. Finally, Covestor Ltd raised its stake in shares of Crinetics Pharmaceuticals by 23,983.3% in the third quarter. Covestor Ltd now owns 1,445 shares of the company’s stock valued at $60,000 after purchasing an additional 1,439 shares in the last quarter. Institutional investors and hedge funds own 98.51% of the company’s stock.

Crinetics Pharmaceuticals Company Profile

Crinetics Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of novel therapeutics for rare endocrine diseases. The company’s proprietary platform leverages insights into hormone receptor signaling to design small-molecule candidates that address conditions driven by dysregulated hormone activity. Crinetics’ research efforts center on targeting somatostatin, vasopressin and other GPCR-mediated pathways with orally bioavailable molecules intended to improve patient convenience and adherence.

The company’s lead product candidate, paltusotine (formerly CRN04777), is a selective, non-peptide somatostatin receptor type 2 agonist being evaluated for the treatment of acromegaly and carcinoid syndrome diarrhea.