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

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) have earned an average rating of “Hold” from the seventeen ratings firms that are covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, eleven have given a hold recommendation and five have given a buy recommendation to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $81.00.

CRNX has been the subject of a number of analyst reports. Cantor Fitzgerald downgraded Crinetics Pharmaceuticals from an “overweight” rating to a “hold” rating in a research note on Tuesday, July 7th. Evercore 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. Wall Street Zen raised shares of Crinetics Pharmaceuticals from a “strong sell” rating to a “sell” rating in a report on Sunday, July 12th. Finally, Jefferies Financial Group lowered shares of Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating and upped their target price for the stock from $55.00 to $85.00 in a research note on Tuesday, July 7th.

Crinetics Pharmaceuticals Price Performance

Shares of NASDAQ CRNX opened at $84.86 on Wednesday. The stock has a market capitalization of $9.00 billion, a P/E ratio of -16.84 and a beta of 0.12. The company has a 50-day moving average price of $71.04 and a 200-day moving average price of $49.93. Crinetics Pharmaceuticals has a 1 year low of $30.00 and a 1 year high of $84.86.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its earnings results on Monday, August 3rd. The company reported ($1.14) EPS 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 company had revenue of $25.12 million during the quarter, compared to the consensus estimate of $14.84 million. During the same period in the previous year, the firm posted ($1.23) earnings per share. The firm’s revenue for the quarter was up 2336.9% on a year-over-year basis. As a group, equities research analysts anticipate that Crinetics Pharmaceuticals will post -4.83 earnings per share for the current fiscal year.

Insider Activity

In other Crinetics Pharmaceuticals news, Director Coelho Rogerio Vivaldi sold 3,000 shares of the stock in a transaction dated 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 owned 19,225 shares in the company, valued at approximately $769,000. This trade represents a 13.50% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible 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 stock was sold at an average price of $35.67, for a total transaction of $246,123.00. Following the transaction, the director directly owned 6,400 shares in the company, valued at approximately $228,288. This represents 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. 3.80% of the stock is currently owned by insiders.

Institutional Trading of Crinetics Pharmaceuticals

A number of institutional investors and hedge funds have recently modified their holdings of the business. Smartleaf Asset Management LLC increased its position in shares of Crinetics Pharmaceuticals by 107.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 639 shares of the company’s stock valued at $30,000 after acquiring an additional 331 shares during the last quarter. Headlands Technologies LLC purchased a new position in Crinetics Pharmaceuticals in the second quarter worth $30,000. Raymond James Financial Inc. bought a new position in Crinetics Pharmaceuticals in the 2nd quarter valued at $45,000. Parallel Advisors LLC grew its stake in Crinetics Pharmaceuticals by 34.6% in the 4th quarter. Parallel Advisors LLC now owns 1,225 shares of the company’s stock valued at $57,000 after purchasing an additional 315 shares during the period. Finally, Arax Advisory Partners increased its position in shares of Crinetics Pharmaceuticals by 131.2% during the 4th quarter. Arax Advisory Partners now owns 1,498 shares of the company’s stock valued at $70,000 after purchasing an additional 850 shares during the last quarter. 98.51% of the stock is owned by hedge funds and other institutional investors.

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.