Crinetics Pharmaceuticals (CRNX) Rating Increased to Hold at Zacks Investment Research

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Crinetics Pharmaceuticals (NASDAQ:CRNX) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Monday, Zacks.com reports.

According to Zacks, “Crinetics Pharmaceuticals Inc is a clinical stage pharmaceutical company. It focuses on the discovery, development and commercialization of novel therapeutics for rare endocrine diseases and endocrine-related tumors. The company’s product pipeline consists of CRN00808 for the treatment of Acromegaly, CRN02481 for the treatment of Hyperinsulinemias and CRN01941 for the treatment of Neuroendocrine Tumors which are in clinical stage. Crinetics Pharmaceuticals Inc is based in San Diego, United States. “

A number of other research firms also recently commented on CRNX. Cantor Fitzgerald assumed coverage on Crinetics Pharmaceuticals in a report on Monday, March 11th. They set an “overweight” rating and a $40.00 price objective for the company. HC Wainwright assumed coverage on Crinetics Pharmaceuticals in a report on Thursday, February 14th. They set a “buy” rating and a $35.00 price objective for the company. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $37.20.

CRNX traded up $0.19 during trading on Monday, hitting $26.38. The company’s stock had a trading volume of 33,400 shares, compared to its average volume of 61,982. The company has a market capitalization of $632.17 million and a PE ratio of -11.83. The company has a debt-to-equity ratio of 0.04, a quick ratio of 21.03 and a current ratio of 18.04. Crinetics Pharmaceuticals has a twelve month low of $19.23 and a twelve month high of $42.00.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings data on Monday, May 13th. The company reported ($0.37) EPS for the quarter, topping analysts’ consensus estimates of ($0.41) by $0.04. The business had revenue of $0.37 million during the quarter, compared to the consensus estimate of $0.25 million. Crinetics Pharmaceuticals had a negative return on equity of 26.96% and a negative net margin of 1,303.31%. As a group, equities research analysts forecast that Crinetics Pharmaceuticals will post -1.94 earnings per share for the current fiscal year.

In related news, major shareholder Vivo Capital Fund Viii, L.P. sold 417,000 shares of the stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $22.25, for a total value of $9,278,250.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Ventures Iv L.P. 5Am sold 154,839 shares of the stock in a transaction on Monday, March 18th. The shares were sold at an average price of $24.25, for a total value of $3,754,845.75. The disclosure for this sale can be found here.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Legal & General Group Plc acquired a new stake in Crinetics Pharmaceuticals in the 3rd quarter valued at $30,000. BNP Paribas Arbitrage SA acquired a new stake in Crinetics Pharmaceuticals in the 1st quarter valued at $42,000. Marshall Wace North America L.P. acquired a new stake in Crinetics Pharmaceuticals in the 1st quarter valued at $43,000. Citigroup Inc. boosted its position in Crinetics Pharmaceuticals by 80.5% in the 1st quarter. Citigroup Inc. now owns 2,710 shares of the company’s stock valued at $61,000 after buying an additional 1,209 shares during the last quarter. Finally, New York State Common Retirement Fund purchased a new position in Crinetics Pharmaceuticals in the 4th quarter valued at about $123,000. Hedge funds and other institutional investors own 69.19% of the company’s stock.

About Crinetics Pharmaceuticals

Crinetics Pharmaceuticals, Inc, a clinical stage pharmaceutical company, focuses on the discovery, development, and commercialization of therapeutics for rare endocrine diseases and endocrine-related tumors. Its lead product candidate is CRN00808, an oral selective nonpeptide somatostatin receptor type 2 biased agonist, which is in Phase I clinical trials used for the treatment of acromegaly.

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