Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Receives Average Recommendation of “Hold” from Analysts

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) have been given a consensus recommendation of “Hold” by the seventeen analysts that are covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and five have assigned a buy rating to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $81.00.

A number of brokerages recently issued reports on CRNX. Citizens Jmp lowered shares of Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 7th. Jefferies Financial Group downgraded shares of Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating and lifted their target price for the stock from $55.00 to $85.00 in a research note on Tuesday, July 7th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a report on Friday, July 17th. Wall Street Zen raised shares of Crinetics Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research note on Sunday, July 12th. Finally, Piper Sandler downgraded shares of Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 7th.

Insiders Place Their Bets

In other news, Director Coelho Rogerio Vivaldi sold 3,000 shares of the business’s stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $40.00, for a total value of $120,000.00. Following the sale, the director directly owned 19,225 shares of the company’s stock, valued at approximately $769,000. The trade was a 13.50% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephanie Okey sold 6,900 shares of Crinetics Pharmaceuticals stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $35.67, for a total value of $246,123.00. Following the completion of the transaction, the director directly owned 6,400 shares of the company’s stock, valued at approximately $228,288. This represents a 51.88% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 3.80% of the company’s stock.

Institutional Trading of Crinetics Pharmaceuticals

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Aberdeen Group plc grew its holdings in shares of Crinetics Pharmaceuticals by 98.4% in the 4th quarter. Aberdeen Group plc now owns 674,533 shares of the company’s stock worth $31,400,000 after purchasing an additional 334,584 shares during the last quarter. GW&K Investment Management LLC lifted its holdings in Crinetics Pharmaceuticals by 73.6% during the 4th quarter. GW&K Investment Management LLC now owns 1,476,325 shares of the company’s stock valued at $68,723,000 after purchasing an additional 625,779 shares during the last quarter. UBS Group AG boosted its position in Crinetics Pharmaceuticals by 122.7% in the fourth quarter. UBS Group AG now owns 908,192 shares of the company’s stock valued at $42,276,000 after buying an additional 500,470 shares in the last quarter. Sector Gamma AS bought a new stake in Crinetics Pharmaceuticals during the fourth quarter worth about $5,353,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH grew its stake in Crinetics Pharmaceuticals by 5.3% during the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 408,312 shares of the company’s stock worth $19,007,000 after buying an additional 20,387 shares during the last quarter. 98.51% of the stock is currently owned by institutional investors and hedge funds.

Crinetics Pharmaceuticals Trading Up 0.2%

Crinetics Pharmaceuticals stock opened at $84.08 on Friday. Crinetics Pharmaceuticals has a 12 month low of $25.83 and a 12 month high of $84.30. The stock’s 50 day simple moving average is $58.91 and its two-hundred day simple moving average is $47.24. The firm has a market cap of $8.92 billion, a PE ratio of -16.68 and a beta of 0.12.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its earnings results on Monday, August 3rd. The company reported ($1.14) EPS for the quarter, beating analysts’ consensus estimates of ($1.18) by $0.04. The firm had revenue of $25.12 million for the quarter, compared to analysts’ expectations of $14.84 million. Crinetics Pharmaceuticals had a negative return on equity of 44.22% and a negative net margin of 1,189.88%.The company’s quarterly revenue was up 2336.9% on a year-over-year basis. During the same period last year, the firm earned ($1.23) EPS. On average, equities research analysts forecast that Crinetics Pharmaceuticals will post -4.86 EPS for the current year.

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.