Crinetics Pharmaceuticals’ (CRNX) Neutral Rating Reiterated at Cantor Fitzgerald

Crinetics Pharmaceuticals (NASDAQ:CRNX)‘s stock had its “neutral” rating restated by investment analysts at Cantor Fitzgerald in a report released on Wednesday, Benzinga reports.

Several other equities analysts have also weighed in on the stock. Robert W. Baird increased their price objective on shares of Crinetics Pharmaceuticals from $62.00 to $85.00 and gave the company an “outperform” rating in a report on Tuesday, July 7th. Wall Street Zen upgraded shares of Crinetics Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research report on Sunday, July 12th. HC Wainwright cut shares of Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating and upped their target price for the company from $81.00 to $85.00 in a research report on Tuesday, July 7th. JonesTrading downgraded Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating and set a $85.00 price target on the stock. 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 report on Tuesday, July 7th. Five equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $81.00.

Crinetics Pharmaceuticals Stock Performance

Shares of CRNX stock opened at $84.95 on Wednesday. Crinetics Pharmaceuticals has a 1 year low of $30.25 and a 1 year high of $85.01. The firm’s 50 day moving average is $75.95 and its 200-day moving average is $51.29. The firm has a market capitalization of $9.01 billion, a price-to-earnings ratio of -16.86 and a beta of 0.12.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its quarterly earnings data on Monday, August 3rd. The company reported ($1.14) EPS for the quarter, beating analysts’ consensus estimates of ($1.18) by $0.04. The firm had revenue of $25.12 million for the quarter, compared to analyst estimates of $14.84 million. Crinetics Pharmaceuticals had a negative return on equity of 44.22% and a negative net margin of 1,189.88%.The business’s quarterly revenue was up 2336.9% compared to the same quarter last year. During the same period last year, the company earned ($1.23) EPS. On average, equities research analysts forecast that Crinetics Pharmaceuticals will post -4.83 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, 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 transaction, the director owned 6,400 shares of the company’s stock, valued at $228,288. This trade represents a 51.88% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Coelho Rogerio Vivaldi sold 3,000 shares of the business’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 transaction of $120,000.00. Following the transaction, the director owned 19,225 shares of the company’s stock, valued at approximately $769,000. This represents a 13.50% 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. Company insiders own 3.80% of the company’s stock.

Institutional Trading of Crinetics Pharmaceuticals

A number of large investors have recently made changes to their positions in CRNX. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Crinetics Pharmaceuticals by 11.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 59,311 shares of the company’s stock worth $1,995,000 after acquiring an additional 6,148 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Crinetics Pharmaceuticals by 6.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 347,581 shares of the company’s stock valued at $11,658,000 after buying an additional 22,305 shares in the last quarter. Strs Ohio bought a new stake in shares of Crinetics Pharmaceuticals during the first quarter worth $124,000. Invesco Ltd. increased its holdings in Crinetics Pharmaceuticals by 11.7% during the 2nd quarter. Invesco Ltd. now owns 78,140 shares of the company’s stock worth $2,247,000 after purchasing an additional 8,181 shares in the last quarter. Finally, Sei Investments Co. grew its holdings in shares of Crinetics Pharmaceuticals by 20.6% during the second quarter. Sei Investments Co. now owns 60,180 shares of the company’s stock worth $1,731,000 after buying an additional 10,269 shares in the last quarter. 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.