Crinetics Pharmaceuticals’ (CRNX) “Neutral” Rating Reiterated at Cantor Fitzgerald

Cantor Fitzgerald restated their neutral rating on shares of Crinetics Pharmaceuticals (NASDAQ:CRNX) in a research report report published on Wednesday morning,Benzinga reports.

A number of other equities analysts also recently issued reports on CRNX. Evercore downgraded Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 7th. Wall Street Zen raised shares of Crinetics Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research report on Sunday, July 12th. UBS Group reiterated a “neutral” rating and set a $85.00 price target (up from $55.00) on shares of Crinetics Pharmaceuticals in a report on Tuesday, July 28th. Weiss Ratings restated a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a research report on Friday, July 17th. Finally, Jefferies Financial Group downgraded shares of Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating and increased their target price for the company from $55.00 to $85.00 in a research report on Tuesday, July 7th. Five investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Crinetics Pharmaceuticals currently has a consensus rating of “Hold” and an average price target of $81.00.

Crinetics Pharmaceuticals Stock Performance

Shares of CRNX opened at $84.95 on Wednesday. The company has a market capitalization of $9.01 billion, a PE ratio of -16.86 and a beta of 0.08. The stock’s 50-day moving average price is $78.89 and its two-hundred day moving average price is $52.11. Crinetics Pharmaceuticals has a 12 month low of $30.25 and a 12 month high of $85.01.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings results on Monday, August 3rd. The company reported ($1.14) EPS for the quarter, beating analysts’ consensus estimates of ($1.18) by $0.04. The business had revenue of $25.12 million for the quarter, compared to analysts’ expectations of $14.84 million. Crinetics Pharmaceuticals had a negative net margin of 1,189.88% and a negative return on equity of 44.22%. The business’s quarterly revenue was up 2336.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($1.23) earnings per share. Equities research analysts predict that Crinetics Pharmaceuticals will post -4.83 EPS for the current fiscal year.

Insider Buying and Selling

In other Crinetics Pharmaceuticals news, Director Stephanie Okey sold 6,900 shares of the business’s stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $35.67, for a total value of $246,123.00. Following the completion of the transaction, the director owned 6,400 shares of the company’s stock, valued at $228,288. The trade was a 51.88% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Coelho Vivaldi sold 3,000 shares of the 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 transaction, 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.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

A number of large investors have recently added to or reduced their stakes in CRNX. BlackRock Inc. bought a new stake in Crinetics Pharmaceuticals in the second quarter worth $365,179,000. Wellington Management Group LLP grew its stake in shares of Crinetics Pharmaceuticals by 44.3% during 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 during the last quarter. Farallon Capital Management LLC increased its holdings in shares of Crinetics Pharmaceuticals by 20.2% in the fourth quarter. Farallon Capital Management LLC now owns 6,933,098 shares of the company’s stock worth $322,736,000 after buying an additional 1,163,000 shares during the period. Jupiter Topco LLC purchased a new position in shares of Crinetics Pharmaceuticals in the second quarter worth about $170,509,000. Finally, Janus Henderson Group PLC lifted its stake in shares of Crinetics Pharmaceuticals by 1.8% in the 1st quarter. Janus Henderson Group PLC now owns 4,520,251 shares of the company’s stock valued at $164,227,000 after acquiring an additional 79,560 shares during the last quarter. Hedge funds and other institutional investors own 98.51% of the company’s stock.

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.