Crinetics Pharmaceuticals (NASDAQ:CRNX) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Crinetics Pharmaceuticals (NASDAQ:CRNX) to a hold rating in a research note issued to investors on Saturday morning,Wall Street Zen reports.

A number of other equities analysts have also recently weighed in on CRNX. Cantor Fitzgerald reissued a “neutral” rating on shares of Crinetics Pharmaceuticals in a research note on Wednesday, September 2nd. Evercore cut shares of Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 7th. TD Cowen downgraded shares of Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Wednesday, July 8th. Oppenheimer restated a “market perform” rating on shares of Crinetics Pharmaceuticals in a report on Tuesday, July 7th. Finally, UBS Group restated a “neutral” rating and issued a $85.00 price target (up from $55.00) on shares of Crinetics Pharmaceuticals in a research report on Tuesday, July 28th. Five equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Crinetics Pharmaceuticals presently has an average rating of “Hold” and a consensus target price of $81.00.

Crinetics Pharmaceuticals Stock Performance

Shares of NASDAQ:CRNX opened at $84.95 on Friday. The company has a market capitalization of $9.01 billion, a PE ratio of -16.86 and a beta of 0.08. The stock has a fifty day moving average of $79.85 and a 200-day moving average of $52.46. Crinetics Pharmaceuticals has a one year low of $30.25 and a one year high of $85.01.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its earnings results on Monday, August 3rd. The company reported ($1.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.18) by $0.04. Crinetics Pharmaceuticals had a negative return on equity of 44.22% and a negative net margin of 1,189.88%.The business had revenue of $25.12 million for the quarter, compared to analysts’ expectations of $14.84 million. During the same period in the previous year, the firm posted ($1.23) EPS. The company’s quarterly revenue was up 2336.9% on a year-over-year basis. As a group, research analysts forecast that Crinetics Pharmaceuticals will post -4.83 EPS for the current fiscal year.

Insider Activity

In other Crinetics Pharmaceuticals news, Director Coelho Vivaldi sold 3,000 shares of Crinetics Pharmaceuticals stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $40.00, for a total transaction of $120,000.00. Following the transaction, the director owned 19,225 shares of the company’s stock, valued at $769,000. The trade was a 13.50% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available 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 stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $35.67, for a total transaction of $246,123.00. Following the completion of the sale, the director directly owned 6,400 shares of the company’s stock, valued at $228,288. This trade represents a 51.88% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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 institutional investors have recently modified their holdings of CRNX. Smartleaf Asset Management LLC increased its stake in shares of Crinetics Pharmaceuticals by 107.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 639 shares of the company’s stock worth $30,000 after acquiring an additional 331 shares during the last quarter. Headlands Technologies LLC acquired a new stake in Crinetics Pharmaceuticals during the second quarter valued at $30,000. Raymond James Financial Inc. purchased a new position in Crinetics Pharmaceuticals in the second quarter valued at about $45,000. Parallel Advisors LLC increased its position in Crinetics Pharmaceuticals by 34.6% in the 4th quarter. Parallel Advisors LLC now owns 1,225 shares of the company’s stock worth $57,000 after purchasing an additional 315 shares during the last quarter. Finally, Arax Advisory Partners increased its position in Crinetics Pharmaceuticals by 131.2% in the 4th quarter. Arax Advisory Partners now owns 1,498 shares of the company’s stock worth $70,000 after purchasing an additional 850 shares during the last quarter. Institutional investors and hedge funds 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.