Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Given Consensus Rating of “Hold” by Brokerages

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) has received an average recommendation of “Hold” from the seventeen brokerages that are covering the stock, MarketBeat Ratings reports. One investment 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 brokerages that have issued a report on the stock in the last year is $81.00.

CRNX has been the topic of several research analyst reports. TD Cowen cut shares of Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Wednesday, July 8th. Weiss Ratings reissued a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a research note on Friday, July 17th. HC Wainwright cut Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating and boosted their target price for the stock from $81.00 to $85.00 in a research report on Tuesday, July 7th. Lifesci Capital lowered Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 7th. Finally, Citizens Jmp lowered Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 7th.

Crinetics Pharmaceuticals Trading Down 0.1%

Crinetics Pharmaceuticals stock opened at $83.52 on Friday. The firm’s 50 day simple moving average is $54.15 and its 200 day simple moving average is $46.24. The firm has a market capitalization of $8.81 billion, a PE ratio of -16.28 and a beta of 0.23. Crinetics Pharmaceuticals has a 1-year low of $25.83 and a 1-year high of $84.00.

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

Insider Activity

In related news, Director Coelho Rogerio Vivaldi sold 3,000 shares of the firm’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 $769,000. This trade represents a 13.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 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 that occurred on Wednesday, June 17th. The shares were sold at an average price of $35.67, for a total transaction of $246,123.00. Following the sale, the director owned 6,400 shares of the company’s stock, valued at approximately $228,288. The trade was a 51.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Wellington Management Group LLP increased its holdings in shares of Crinetics Pharmaceuticals by 44.3% in the 3rd quarter. Wellington Management Group LLP now owns 8,381,991 shares of the company’s stock worth $349,110,000 after buying an additional 2,574,683 shares during the last quarter. Baker BROS. Advisors LP lifted its holdings in shares of Crinetics Pharmaceuticals by 488.9% during the 4th quarter. Baker BROS. Advisors LP now owns 1,648,869 shares of the company’s stock worth $76,755,000 after acquiring an additional 1,368,869 shares during the last quarter. Farallon Capital Management LLC lifted its holdings in shares of Crinetics Pharmaceuticals by 20.2% during the 4th quarter. Farallon Capital Management LLC now owns 6,933,098 shares of the company’s stock worth $322,736,000 after acquiring an additional 1,163,000 shares during the last quarter. ADAR1 Capital Management LLC lifted its holdings in shares of Crinetics Pharmaceuticals by 268.3% during the 1st quarter. ADAR1 Capital Management LLC now owns 1,139,331 shares of the company’s stock worth $41,381,000 after acquiring an additional 829,963 shares during the last quarter. Finally, GW&K Investment Management LLC grew its position in Crinetics Pharmaceuticals by 73.6% in the fourth quarter. GW&K Investment Management LLC now owns 1,476,325 shares of the company’s stock worth $68,723,000 after acquiring an additional 625,779 shares in the last quarter. Hedge funds and other institutional investors 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.