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

Crinetics Pharmaceuticals (NASDAQ:CRNX) was upgraded by Wall Street Zen from a “sell” rating to a “hold” rating in a report released on Saturday.

Several other research analysts have also commented on the stock. Citizens Jmp lowered their price objective on shares of Crinetics Pharmaceuticals from $143.00 to $108.00 and set a “market outperform” rating for the company in a research note on Friday, November 7th. Leerink Partners increased their price objective on Crinetics Pharmaceuticals from $80.00 to $88.00 and gave the company an “outperform” rating in a research note on Monday, September 29th. Robert W. Baird lifted their target price on Crinetics Pharmaceuticals from $58.00 to $62.00 and gave the company an “outperform” rating in a report on Friday, September 26th. JMP Securities upped their price target on Crinetics Pharmaceuticals from $86.00 to $143.00 and gave the stock a “market outperform” rating in a report on Friday, September 26th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a research report on Wednesday, October 8th. Eleven equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $77.55.

Crinetics Pharmaceuticals Stock Performance

Crinetics Pharmaceuticals stock opened at $46.73 on Friday. The company’s 50 day simple moving average is $45.40 and its 200-day simple moving average is $37.92. Crinetics Pharmaceuticals has a 1 year low of $24.10 and a 1 year high of $53.55. The company has a market capitalization of $4.43 billion, a price-to-earnings ratio of -10.32 and a beta of 0.20.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its earnings results on Thursday, November 6th. The company reported ($1.38) earnings per share for the quarter, missing the consensus estimate of ($1.27) by ($0.11). The company had revenue of $0.14 million for the quarter, compared to analysts’ expectations of $0.39 million. During the same period in the previous year, the business earned ($0.96) EPS. Equities analysts expect that Crinetics Pharmaceuticals will post -3.73 earnings per share for the current year.

Insider Activity

In other news, insider Dana Pizzuti sold 5,000 shares of the stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $42.66, for a total value of $213,300.00. Following the transaction, the insider owned 66,270 shares in the company, valued at approximately $2,827,078.20. This represents a 7.02% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 6.00% of the company’s stock.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

Hedge funds have recently added to or reduced their stakes in the stock. Wellington Management Group LLP raised its holdings in Crinetics Pharmaceuticals by 44.3% during the third quarter. Wellington Management Group LLP now owns 8,381,991 shares of the company’s stock worth $349,110,000 after purchasing an additional 2,574,683 shares in the last quarter. Farallon Capital Management LLC grew its position in shares of Crinetics Pharmaceuticals by 24.2% in the 3rd quarter. Farallon Capital Management LLC now owns 5,770,098 shares of the company’s stock valued at $240,325,000 after buying an additional 1,124,000 shares during the last quarter. Paradigm Biocapital Advisors LP raised its stake in Crinetics Pharmaceuticals by 8.8% during the 3rd quarter. Paradigm Biocapital Advisors LP now owns 2,550,774 shares of the company’s stock worth $106,240,000 after acquiring an additional 207,221 shares in the last quarter. Geode Capital Management LLC lifted its position in Crinetics Pharmaceuticals by 1.0% in the second quarter. Geode Capital Management LLC now owns 2,213,325 shares of the company’s stock valued at $63,662,000 after acquiring an additional 22,393 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its position in Crinetics Pharmaceuticals by 279.2% in the third quarter. JPMorgan Chase & Co. now owns 1,258,722 shares of the company’s stock valued at $52,426,000 after acquiring an additional 926,765 shares during the last quarter. 98.51% of the stock is currently owned by hedge funds and other institutional investors.

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.