Crinetics Pharmaceuticals (NASDAQ:CRNX) Downgraded by Citizens Jmp to Hold

Citizens Jmp downgraded shares of Crinetics Pharmaceuticals (NASDAQ:CRNX) from a strong-buy rating to a hold rating in a report published on Tuesday morning,Zacks.com reports.

Other research analysts have also recently issued reports about the company. TD Cowen reaffirmed a “hold” rating on shares of Crinetics Pharmaceuticals in a research report on Wednesday. HC Wainwright cut shares of Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating and raised their target price for the stock from $81.00 to $85.00 in a research note on Tuesday. Lifesci Capital cut shares of Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research note on Tuesday. Oppenheimer reaffirmed a “market perform” rating on shares of Crinetics Pharmaceuticals in a report on Tuesday. Finally, Robert W. Baird upped their price target on shares of Crinetics Pharmaceuticals from $62.00 to $85.00 and gave the stock an “outperform” rating in a research report on Tuesday. Six research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $78.27.

Crinetics Pharmaceuticals Price Performance

NASDAQ:CRNX opened at $83.49 on Tuesday. The firm has a market capitalization of $8.80 billion, a price-to-earnings ratio of -16.27 and a beta of 0.23. Crinetics Pharmaceuticals has a one year low of $25.83 and a one year high of $83.63. The business has a fifty day moving average price of $38.57 and a 200-day moving average price of $42.03.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its earnings results on Thursday, May 7th. The company reported ($1.23) EPS for the quarter, missing analysts’ consensus estimates 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 company had revenue of $10.73 million during 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. Crinetics Pharmaceuticals’s revenue for the quarter was up 2873.4% compared to the same quarter last year. On average, equities research analysts expect that Crinetics Pharmaceuticals will post -4.86 earnings per share for the current fiscal year.

Insider Buying and Selling

In other 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 sale, the director owned 6,400 shares in the company, valued at $228,288. This trade represents a 51.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, 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 Crinetics Pharmaceuticals 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 sale, the director owned 19,225 shares in the company, valued at approximately $769,000. The trade was a 13.50% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 3.80% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Smartleaf Asset Management LLC increased its holdings in shares of Crinetics Pharmaceuticals by 107.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 639 shares of the company’s stock worth $30,000 after purchasing an additional 331 shares during the last quarter. Headlands Technologies LLC bought a new position in Crinetics Pharmaceuticals during the second quarter valued at approximately $30,000. Parallel Advisors LLC boosted its stake in Crinetics Pharmaceuticals by 34.6% during the fourth 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. Arax Advisory Partners grew its holdings in Crinetics Pharmaceuticals by 131.2% during 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 in the last quarter. Finally, Raymond James Financial Inc. purchased a new position in Crinetics Pharmaceuticals during the 2nd quarter valued at approximately $45,000. Institutional investors own 98.51% of the company’s stock.

More Crinetics Pharmaceuticals News

Here are the key news stories impacting Crinetics Pharmaceuticals this week:

• Positive Sentiment: Vertex’s $85-per-share cash acquisition gives CRNX holders a firm takeout price and validates the company’s rare-disease franchise. Article Title
• Positive Sentiment: The deal highlights the commercial value of PALSONIFY and the upside in Atumelnant, reinforcing Crinetics’ strategic appeal. Article Title
• Positive Sentiment: Several firms have lifted targets or reiterated bullish views near the deal price, suggesting limited downside unless the transaction changes. Article Title
• Neutral Sentiment: TD Cowen issued a “Hold” rating, while other brokers also moved to hold, signaling that the stock may already be close to fair value under the acquisition terms. Article Title
• Neutral Sentiment: An investor-alert law firm announced an investigation into the fairness of the proposed sale process, which adds legal headline risk but does not necessarily change the deal economics. Article Title
• Negative Sentiment: Multiple analyst downgrades to “Hold” and an insider sale are weighing on sentiment around the stock’s post-rally valuation. Article Title

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.