Crinetics Pharmaceuticals (NASDAQ:CRNX) Upgraded to Buy at The Goldman Sachs Group

Crinetics Pharmaceuticals (NASDAQ:CRNX) was upgraded by analysts at The Goldman Sachs Group from a “neutral” rating to a “buy” rating in a report issued on Monday, Marketbeat reports. The brokerage currently has a $67.00 target price on the stock. The Goldman Sachs Group’s price objective indicates a potential upside of 25.82% from the stock’s previous close.

CRNX has been the topic of several other research reports. Oppenheimer lifted their price target on shares of Crinetics Pharmaceuticals from $73.00 to $87.00 and gave the company an “outperform” rating in a report on Tuesday, September 30th. JPMorgan Chase & Co. dropped their target price on shares of Crinetics Pharmaceuticals from $53.00 to $52.00 and set an “overweight” rating for the company in a research report on Wednesday, September 24th. Wall Street Zen upgraded shares of Crinetics Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Saturday, January 3rd. Leerink Partners increased their price target on shares of Crinetics Pharmaceuticals from $80.00 to $88.00 and gave the stock an “outperform” rating in a research note on Monday, September 29th. Finally, Citizens Jmp cut their price objective on Crinetics Pharmaceuticals from $108.00 to $105.00 and set a “market outperform” rating on the stock in a research report on Thursday. Twelve equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Crinetics Pharmaceuticals presently has a consensus rating of “Moderate Buy” and an average target price of $80.00.

Crinetics Pharmaceuticals Trading Up 0.0%

Crinetics Pharmaceuticals stock opened at $53.25 on Monday. Crinetics Pharmaceuticals has a 1-year low of $24.10 and a 1-year high of $57.99. The firm has a market cap of $5.05 billion, a P/E ratio of -11.75 and a beta of 0.20. The firm has a 50-day moving average of $46.16 and a 200-day moving average of $38.64.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings data 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 business had revenue of $0.14 million during the quarter, compared to analyst estimates of $0.39 million. During the same period in the prior year, the business posted ($0.96) EPS. Research analysts forecast that Crinetics Pharmaceuticals will post -3.73 earnings per share for the current fiscal year.

Insider Activity at Crinetics Pharmaceuticals

In related news, insider Isabel Kalofonos sold 2,500 shares of the company’s stock in a transaction dated Monday, January 5th. The shares were sold at an average price of $55.00, for a total value of $137,500.00. Following the transaction, the insider owned 834 shares in the company, valued at $45,870. The trade was a 74.99% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Dana Pizzuti sold 5,000 shares of Crinetics Pharmaceuticals stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $42.66, for a total transaction of $213,300.00. Following the completion of the transaction, the insider directly owned 66,270 shares of the company’s stock, valued at $2,827,078.20. This trade represents a 7.02% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 4.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

Institutional investors and hedge funds have recently made changes to their positions in the company. Wellington Management Group LLP raised its holdings in 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 acquiring an additional 2,574,683 shares during the last quarter. Farallon Capital Management LLC raised its stake in shares of Crinetics Pharmaceuticals by 24.2% in the third quarter. Farallon Capital Management LLC now owns 5,770,098 shares of the company’s stock worth $240,325,000 after purchasing an additional 1,124,000 shares during the last quarter. Paradigm Biocapital Advisors LP raised its stake in shares of Crinetics Pharmaceuticals by 8.8% in the third quarter. Paradigm Biocapital Advisors LP now owns 2,550,774 shares of the company’s stock worth $106,240,000 after purchasing an additional 207,221 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Crinetics Pharmaceuticals by 1.0% during the second quarter. Geode Capital Management LLC now owns 2,213,325 shares of the company’s stock valued at $63,662,000 after purchasing an additional 22,393 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its position in shares of Crinetics Pharmaceuticals by 279.2% during the third quarter. JPMorgan Chase & Co. now owns 1,258,722 shares of the company’s stock valued at $52,426,000 after buying an additional 926,765 shares during the last quarter. Institutional investors own 98.51% of the company’s stock.

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.