Crinetics Pharmaceuticals (NASDAQ:CRNX) Stock Rating Lowered by UBS Group

Crinetics Pharmaceuticals (NASDAQ:CRNX) was downgraded by analysts at UBS Group from a “strong-buy” rating to a “hold” rating in a report issued on Monday,Zacks.com reports.

A number of other brokerages also recently issued reports on CRNX. Cantor Fitzgerald downgraded Crinetics Pharmaceuticals from an “overweight” rating to a “hold” rating in a research report on Tuesday, July 7th. Jefferies Financial Group downgraded Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating and upped their target price for the company from $55.00 to $85.00 in a research report on Tuesday, July 7th. Robert W. Baird increased their target price on Crinetics Pharmaceuticals from $62.00 to $85.00 and gave the stock an “outperform” rating in a report on Tuesday, July 7th. Lifesci Capital cut Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 7th. Finally, Piper Sandler downgraded Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 7th. Five analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $81.00.

Crinetics Pharmaceuticals Stock Up 0.0%

Shares of NASDAQ:CRNX opened at $83.86 on Monday. The company’s 50 day moving average price is $51.34 and its two-hundred day moving average price is $45.55. Crinetics Pharmaceuticals has a 12-month low of $25.83 and a 12-month high of $84.00. The firm has a market cap of $8.84 billion, a PE ratio of -16.35 and a beta of 0.23.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its earnings results on Thursday, May 7th. The company reported ($1.23) EPS for the quarter, missing the consensus estimate of ($1.22) by ($0.01). Crinetics Pharmaceuticals had a negative return on equity of 43.96% and a negative net margin of 2,747.18%.The business had revenue of $10.73 million for the quarter, compared to the consensus estimate of $8.51 million. During the same period in the prior year, the business posted ($1.04) earnings per share. The firm’s revenue for the quarter was up 2873.4% compared to the same quarter last year. On average, research analysts expect that Crinetics Pharmaceuticals will post -4.86 EPS for the current year.

Insider Buying and Selling

In other Crinetics Pharmaceuticals news, Director Stephanie Okey sold 6,900 shares of the company’s stock in a transaction 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 completion of the sale, the director directly owned 6,400 shares in the company, valued at $228,288. This represents a 51.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Coelho Rogerio 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 in the company, 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

Institutional investors and hedge funds have recently modified their holdings of the business. Wellington Management Group LLP boosted its stake in Crinetics Pharmaceuticals by 44.3% in the third quarter. Wellington Management Group LLP now owns 8,381,991 shares of the company’s stock valued at $349,110,000 after buying an additional 2,574,683 shares in the last quarter. Farallon Capital Management LLC boosted its stake in shares of Crinetics Pharmaceuticals by 20.2% in the 4th quarter. Farallon Capital Management LLC now owns 6,933,098 shares of the company’s stock valued at $322,736,000 after purchasing an additional 1,163,000 shares in the last quarter. Janus Henderson Group PLC grew its holdings in shares of Crinetics Pharmaceuticals by 1.8% during the 1st quarter. Janus Henderson Group PLC now owns 4,520,251 shares of the company’s stock valued at $164,227,000 after purchasing an additional 79,560 shares during the last quarter. Paradigm Biocapital Advisors LP grew its holdings in shares of Crinetics Pharmaceuticals by 8.8% during the 3rd quarter. Paradigm Biocapital Advisors LP now owns 2,550,774 shares of the company’s stock valued at $106,240,000 after purchasing an additional 207,221 shares during the last quarter. Finally, Siren L.L.C. increased its position in Crinetics Pharmaceuticals by 26.3% during the 1st quarter. Siren L.L.C. now owns 1,903,636 shares of the company’s stock worth $69,140,000 after purchasing an additional 396,000 shares in the last quarter. 98.51% of the stock is currently owned by institutional investors.

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.