Crinetics Pharmaceuticals’ (CRNX) Neutral Rating Reiterated at UBS Group

UBS Group reaffirmed their neutral rating on shares of Crinetics Pharmaceuticals (NASDAQ:CRNX) in a report published on Tuesday,Benzinga reports. UBS Group currently has a $85.00 price target on the stock, up from their previous price target of $55.00.

Several other analysts have also issued reports on the stock. Jefferies Financial Group lowered shares of Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating and increased their price target for the stock from $55.00 to $85.00 in a research report on Tuesday, July 7th. Robert W. Baird boosted their price objective on shares of Crinetics Pharmaceuticals from $62.00 to $85.00 and gave the company an “outperform” rating in a research report on Tuesday, July 7th. Wall Street Zen upgraded Crinetics Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research note on Sunday, July 12th. JonesTrading downgraded Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating and set a $85.00 target price on the stock. in a report on Tuesday, July 7th. Finally, Cantor Fitzgerald lowered Crinetics Pharmaceuticals from an “overweight” rating to a “hold” rating in a research note on Tuesday, July 7th. Five investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Crinetics Pharmaceuticals currently has a consensus rating of “Hold” and a consensus target price of $81.00.

Crinetics Pharmaceuticals Stock Down 0.3%

CRNX opened at $83.63 on Tuesday. The stock has a market capitalization of $8.82 billion, a price-to-earnings ratio of -16.30 and a beta of 0.23. Crinetics Pharmaceuticals has a twelve month low of $25.83 and a twelve month high of $84.00. The company has a 50-day simple moving average of $53.22 and a 200 day simple moving average of $45.98.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released 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). The firm had revenue of $10.73 million during the quarter, compared to the consensus estimate of $8.51 million. Crinetics Pharmaceuticals had a negative net margin of 2,747.18% and a negative return on equity of 43.96%. Crinetics Pharmaceuticals’s quarterly revenue was up 2873.4% compared to the same quarter last year. During the same period in the prior year, the business earned ($1.04) earnings per share. Sell-side analysts anticipate that Crinetics Pharmaceuticals will post -4.86 EPS for the current fiscal year.

Insider Buying and Selling at Crinetics Pharmaceuticals

In related news, Director Stephanie Okey sold 6,900 shares of the business’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 sale, the director owned 6,400 shares in the company, valued at $228,288. The trade was a 51.88% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 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 on Thursday, July 2nd. The stock was sold at an average price of $40.00, for a total value of $120,000.00. Following the sale, the director owned 19,225 shares in the company, valued at $769,000. This represents a 13.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

Several large investors have recently bought and sold shares of CRNX. Smartleaf Asset Management LLC boosted its stake 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 purchasing an additional 331 shares in the last quarter. Headlands Technologies LLC acquired a new position in shares of Crinetics Pharmaceuticals in the second quarter valued at approximately $30,000. Raymond James Financial Inc. acquired a new position in shares of Crinetics Pharmaceuticals in the second quarter valued at approximately $45,000. Parallel Advisors LLC raised its holdings 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 buying an additional 315 shares during the last quarter. Finally, Arax Advisory Partners raised its holdings in Crinetics Pharmaceuticals by 131.2% in the 4th quarter. Arax Advisory Partners now owns 1,498 shares of the company’s stock valued at $70,000 after buying an additional 850 shares during 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.