JonesTrading Reiterates Hold Rating for Crinetics Pharmaceuticals (NASDAQ:CRNX)

Crinetics Pharmaceuticals (NASDAQ:CRNX)‘s stock had its “hold” rating restated by equities research analysts at JonesTrading in a report issued on Tuesday,Benzinga reports. They currently have a $85.00 price target on the stock. JonesTrading’s target price points to a potential upside of 1.77% from the company’s previous close.

Other equities research analysts have also issued reports about the company. Robert W. Baird upped their price target on Crinetics Pharmaceuticals from $62.00 to $85.00 and gave the company an “outperform” rating in a research report on Tuesday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a report on Monday, April 20th. UBS Group initiated coverage on shares of Crinetics Pharmaceuticals in a research note on Thursday, July 2nd. They set a “buy” rating and a $55.00 target price for the company. Wall Street Zen raised shares of Crinetics Pharmaceuticals from a “strong sell” rating to a “sell” rating in a report on Sunday, May 17th. Finally, Citizens Jmp restated a “market outperform” rating and issued a $95.00 price target on shares of Crinetics Pharmaceuticals in a research report on Thursday, June 11th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Crinetics Pharmaceuticals presently has an average rating of “Moderate Buy” and an average price target of $78.27.

Crinetics Pharmaceuticals Trading Up 98.7%

Crinetics Pharmaceuticals stock traded up $41.49 during midday trading on Tuesday, hitting $83.53. The stock had a trading volume of 63,570,792 shares, compared to its average volume of 1,768,016. The business has a fifty day moving average price of $36.77 and a 200 day moving average price of $41.51. Crinetics Pharmaceuticals has a 12 month low of $25.83 and a 12 month high of $83.59. The stock has a market cap of $8.81 billion, a P/E ratio of -16.28 and a beta of 0.23.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its earnings results on Thursday, May 7th. The company reported ($1.23) EPS for the quarter, missing analysts’ consensus estimates of ($1.22) by ($0.01). The firm had revenue of $10.73 million for the quarter, compared to the consensus estimate of $8.51 million. Crinetics Pharmaceuticals had a negative return on equity of 43.96% and a negative net margin of 2,747.18%.The company’s quarterly revenue was up 2873.4% on a year-over-year basis. During the same period in the prior year, the business earned ($1.04) EPS. On average, equities analysts anticipate that Crinetics Pharmaceuticals will post -4.86 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Jeff E. Knight sold 85,163 shares of the firm’s stock in a transaction that occurred on Wednesday, April 8th. The stock was sold at an average price of $40.10, for a total value of $3,415,036.30. Following the sale, the insider owned 105,289 shares of the company’s stock, valued at approximately $4,222,088.90. This trade represents a 44.72% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephanie Okey sold 6,900 shares of the firm’s stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $35.67, for a total value of $246,123.00. Following the completion of the sale, the director directly owned 6,400 shares in the company, valued at approximately $228,288. This trade represents a 51.88% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

Several hedge funds and other institutional investors have recently modified their holdings of the company. Glenmede Trust Co. NA grew its position in shares of Crinetics Pharmaceuticals by 72.6% during the first quarter. Glenmede Trust Co. NA now owns 29,245 shares of the company’s stock worth $1,062,000 after acquiring an additional 12,301 shares during the last quarter. Janus Henderson Group PLC increased its holdings in shares of Crinetics Pharmaceuticals by 1.8% in the 1st quarter. Janus Henderson Group PLC now owns 4,520,251 shares of the company’s stock worth $164,227,000 after acquiring an additional 79,560 shares during the period. ADAR1 Capital Management LLC lifted its position in Crinetics Pharmaceuticals by 268.3% in the 1st quarter. ADAR1 Capital Management LLC now owns 1,139,331 shares of the company’s stock valued at $41,381,000 after purchasing an additional 829,963 shares during the last quarter. Amundi lifted its position in Crinetics Pharmaceuticals by 131.8% in the 1st quarter. Amundi now owns 13,034 shares of the company’s stock valued at $473,000 after purchasing an additional 7,412 shares during the last quarter. Finally, California State Teachers Retirement System boosted its stake in Crinetics Pharmaceuticals by 23.4% during the 1st quarter. California State Teachers Retirement System now owns 105,563 shares of the company’s stock valued at $3,834,000 after purchasing an additional 19,995 shares during the period. Institutional investors and hedge funds own 98.51% of the company’s stock.

More Crinetics Pharmaceuticals News

Here are the key news stories impacting Crinetics Pharmaceuticals this week:

• Positive Sentiment: Vertex agreed to acquire Crinetics Pharmaceuticals for $85.00 per share in cash, valuing the company at roughly $10 billion and likely setting a near-term floor near the deal price. Vertex to Acquire Crinetics Pharmaceuticals
• Positive Sentiment: Analyst coverage turned more constructive, with Robert W. Baird raising its price target to $85 and reiterating an outperform rating, reinforcing the takeover valuation. Benzinga coverage of Robert W. Baird update
• Neutral Sentiment: Cantor Fitzgerald and HC Wainwright both reiterated neutral views, indicating the stock is now largely trading on deal terms rather than on standalone fundamentals. Benzinga analyst updates
• Neutral Sentiment: Law firms Brodsky & Smith, Ademi LLP, and Halper Sadeh announced investigations into whether Crinetics’ board secured a fair price for shareholders, which could create headline risk but does not change the announced deal. Brodsky & Smith investigation

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.