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

The Goldman Sachs Group upgraded shares of Crinetics Pharmaceuticals (NASDAQ:CRNX) from a neutral rating to a buy rating in a report published on Monday, MarketBeat.com reports. They currently have $67.00 target price on the stock.

Several other research analysts have also commented on CRNX. Oppenheimer lifted their price target on Crinetics Pharmaceuticals from $73.00 to $87.00 and gave the stock an “outperform” rating in a report on Tuesday, September 30th. Leerink Partners boosted their target price on shares of Crinetics Pharmaceuticals from $80.00 to $88.00 and gave the company an “outperform” rating in a report on Monday, September 29th. JPMorgan Chase & Co. cut their price target on shares of Crinetics Pharmaceuticals from $53.00 to $52.00 and set an “overweight” rating for the company in a report on Wednesday, September 24th. JMP Securities upped their price objective on Crinetics Pharmaceuticals from $86.00 to $143.00 and gave the company a “market outperform” rating in a report on Friday, September 26th. Finally, Wall Street Zen raised Crinetics Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Saturday, January 3rd. Twelve investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $80.00.

Crinetics Pharmaceuticals Price Performance

CRNX opened at $55.42 on Monday. The firm has a market capitalization of $5.26 billion, a price-to-earnings ratio of -12.23 and a beta of 0.20. The company’s 50 day simple moving average is $46.90 and its two-hundred day simple moving average is $39.10. Crinetics Pharmaceuticals has a 1-year low of $24.10 and a 1-year high of $57.99.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its quarterly earnings results on Thursday, November 6th. The company reported ($1.38) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.27) by ($0.11). The firm had revenue of $0.14 million during the quarter, compared to analyst estimates of $0.39 million. During the same period in the previous year, the business earned ($0.96) EPS. On average, equities analysts anticipate that Crinetics Pharmaceuticals will post -3.73 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Crinetics Pharmaceuticals news, insider Dana Pizzuti sold 5,000 shares of the business’s stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $42.66, for a total transaction of $213,300.00. Following the sale, the insider directly owned 66,270 shares in the company, valued at $2,827,078.20. This represents a 7.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Isabel Kalofonos sold 2,500 shares of the stock in a transaction dated Monday, January 5th. The stock was sold at an average price of $55.00, for a total transaction of $137,500.00. Following the sale, the insider directly owned 834 shares in the company, valued at $45,870. This represents a 74.99% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 4.60% of the company’s stock.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

A number of hedge funds have recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Crinetics Pharmaceuticals by 11.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 59,311 shares of the company’s stock valued at $1,995,000 after buying an additional 6,148 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings 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 purchasing an additional 22,305 shares during the period. Intech Investment Management LLC grew its stake in Crinetics Pharmaceuticals by 32.1% during the 1st quarter. Intech Investment Management LLC now owns 56,950 shares of the company’s stock worth $1,910,000 after purchasing an additional 13,845 shares in the last quarter. Strs Ohio purchased a new stake in Crinetics Pharmaceuticals during the 1st quarter worth about $124,000. Finally, Rhumbline Advisers increased its holdings in Crinetics Pharmaceuticals by 6.3% during the 1st quarter. Rhumbline Advisers now owns 131,950 shares of the company’s stock worth $4,426,000 after purchasing an additional 7,872 shares during the period. 98.51% of the stock is currently owned by institutional investors and hedge funds.

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.