Crinetics Pharmaceuticals (NASDAQ:CRNX) Downgraded by Evercore to Hold

Evercore lowered shares of Crinetics Pharmaceuticals (NASDAQ:CRNX) from a strong-buy rating to a hold rating in a report released on Tuesday morning,Zacks.com reports.

A number of other brokerages also recently commented on CRNX. UBS Group started coverage on Crinetics Pharmaceuticals in a research note on Thursday, July 2nd. They issued a “buy” rating and a $55.00 target price on the stock. TD Cowen reissued a “hold” rating on shares of Crinetics Pharmaceuticals in a report on Wednesday. Weiss Ratings reissued a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a report on Monday, April 20th. JonesTrading lowered Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating and set a $85.00 price objective on the stock. in a research report on Tuesday. Finally, Robert W. Baird raised their price objective on shares of Crinetics Pharmaceuticals from $62.00 to $85.00 and gave the stock an “outperform” rating in a research note on Tuesday. Six equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $78.27.

Crinetics Pharmaceuticals Trading Down 0.0%

NASDAQ CRNX opened at $83.49 on Tuesday. The company has a fifty day simple moving average of $38.57 and a two-hundred day simple moving average of $42.03. The stock has a market cap of $8.80 billion, a P/E ratio of -16.27 and a beta of 0.23. Crinetics Pharmaceuticals has a 12-month low of $25.83 and a 12-month high of $83.63.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued 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 during the quarter, compared to analysts’ expectations of $8.51 million. Crinetics Pharmaceuticals had a negative net margin of 2,747.18% and a negative return on equity of 43.96%. Crinetics Pharmaceuticals’s quarterly revenue was up 2873.4% on a year-over-year basis. During the same quarter in the prior year, the company earned ($1.04) EPS. As a group, sell-side analysts forecast that Crinetics Pharmaceuticals will post -4.86 earnings per share for the current year.

Insider Activity

In other news, Director Coelho Rogerio Vivaldi sold 3,000 shares of the company’s stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $40.00, for a total value of $120,000.00. Following the transaction, the director owned 19,225 shares of the company’s stock, valued at $769,000. This represents a 13.50% decrease in their position. The sale was disclosed in a document filed with the SEC, 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 the company’s stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $35.67, for a total transaction of $246,123.00. Following the completion of the transaction, the director directly owned 6,400 shares in the company, valued at $228,288. The trade was a 51.88% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 3.80% of the company’s stock.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

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

Key Crinetics Pharmaceuticals News

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

• Positive Sentiment: Vertex’s $85-per-share cash acquisition gives CRNX holders a firm takeout price and validates the company’s rare-disease franchise. Article Title
• Positive Sentiment: The deal highlights the commercial value of PALSONIFY and the upside in Atumelnant, reinforcing Crinetics’ strategic appeal. Article Title
• Positive Sentiment: Several firms have lifted targets or reiterated bullish views near the deal price, suggesting limited downside unless the transaction changes. Article Title
• Neutral Sentiment: TD Cowen issued a “Hold” rating, while other brokers also moved to hold, signaling that the stock may already be close to fair value under the acquisition terms. Article Title
• Neutral Sentiment: An investor-alert law firm announced an investigation into the fairness of the proposed sale process, which adds legal headline risk but does not necessarily change the deal economics. Article Title
• Negative Sentiment: Multiple analyst downgrades to “Hold” and an insider sale are weighing on sentiment around the stock’s post-rally valuation. Article Title

About Crinetics Pharmaceuticals

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.