Wall Street Zen Upgrades Crinetics Pharmaceuticals (NASDAQ:CRNX) to “Hold”

Crinetics Pharmaceuticals (NASDAQ:CRNX) was upgraded by Wall Street Zen to a “hold” rating in a note issued to investors on Saturday, Wall Street Zen reports.

A number of other analysts have also recently weighed in on CRNX. Cantor Fitzgerald reaffirmed a “neutral” rating on shares of Crinetics Pharmaceuticals in a research report on Wednesday, September 2nd. Citizens Jmp lowered Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 7th. Oppenheimer restated a “market perform” rating on shares of Crinetics Pharmaceuticals in a research note on Tuesday, July 7th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a report on Friday, July 17th. Finally, Piper Sandler lowered shares of Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 7th. Five analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Crinetics Pharmaceuticals has a consensus rating of “Hold” and a consensus target price of $81.00.

Crinetics Pharmaceuticals Stock Performance

NASDAQ CRNX opened at $84.95 on Friday. The firm’s fifty day moving average is $78.89 and its two-hundred day moving average is $52.17. Crinetics Pharmaceuticals has a one year low of $30.25 and a one year high of $85.01. The firm has a market cap of $9.01 billion, a PE ratio of -16.86 and a beta of 0.08.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its earnings results on Monday, August 3rd. The company reported ($1.14) earnings per share for the quarter, topping the consensus estimate of ($1.18) by $0.04. Crinetics Pharmaceuticals had a negative net margin of 1,189.88% and a negative return on equity of 44.22%. The business had revenue of $25.12 million during the quarter, compared to the consensus estimate of $14.84 million. During the same quarter in the prior year, the firm earned ($1.23) earnings per share. The business’s quarterly revenue was up 2336.9% compared to the same quarter last year. Research analysts predict that Crinetics Pharmaceuticals will post -4.83 earnings per share for the current year.

Insider Buying and Selling

In other Crinetics Pharmaceuticals news, Director Stephanie Okey sold 6,900 shares of the stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $35.67, for a total value of $246,123.00. Following the completion of the transaction, the director owned 6,400 shares in the company, valued at approximately $228,288. This represents a 51.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Coelho Vivaldi sold 3,000 shares of the firm’s stock in a transaction 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 completion of the sale, the director directly owned 19,225 shares of the company’s stock, valued at approximately $769,000. This trade represents a 13.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.80% of the stock is owned by insiders.

Institutional Trading of Crinetics Pharmaceuticals

Several hedge funds and other institutional investors have recently made changes to their positions in CRNX. GW&K Investment Management LLC grew its position in Crinetics Pharmaceuticals by 73.6% during the fourth quarter. GW&K Investment Management LLC now owns 1,476,325 shares of the company’s stock worth $68,723,000 after buying an additional 625,779 shares during the period. Glenmede Trust Co. NA lifted its position in shares of Crinetics Pharmaceuticals by 72.6% during the 1st quarter. Glenmede Trust Co. NA now owns 29,245 shares of the company’s stock valued at $1,062,000 after acquiring an additional 12,301 shares during the period. Sector Gamma AS acquired a new stake in shares of Crinetics Pharmaceuticals during the 4th quarter valued at approximately $5,353,000. Rice Hall James & Associates LLC purchased a new stake in shares of Crinetics Pharmaceuticals during the 2nd quarter worth approximately $7,346,000. Finally, Braun Stacey Associates Inc. purchased a new stake in shares of Crinetics Pharmaceuticals during the 1st quarter worth approximately $11,797,000. Institutional investors and hedge funds 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.