The Goldman Sachs Group Upgrades Crinetics Pharmaceuticals (NASDAQ:CRNX) to Buy

Crinetics Pharmaceuticals (NASDAQ:CRNX) was upgraded by stock analysts at The Goldman Sachs Group from a “neutral” rating to a “buy” rating in a research note issued on Monday, Marketbeat Ratings reports. The brokerage presently has a $67.00 price target on the stock. The Goldman Sachs Group’s price objective would suggest a potential upside of 25.82% from the company’s previous close.

Several other research analysts also recently commented on CRNX. Citizens Jmp cut their target price on Crinetics Pharmaceuticals from $108.00 to $105.00 and set a “market outperform” rating for the company in a research note on Thursday. Morgan Stanley boosted their price objective on shares of Crinetics Pharmaceuticals from $77.00 to $80.00 and gave the company an “overweight” rating in a research note on Tuesday, January 6th. Robert W. Baird raised their price target on shares of Crinetics Pharmaceuticals from $58.00 to $62.00 and gave the company an “outperform” rating in a report on Friday, September 26th. Wall Street Zen upgraded shares of Crinetics Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Saturday, January 3rd. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a research report on Wednesday, October 8th. Twelve investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Crinetics Pharmaceuticals has an average rating of “Moderate Buy” and a consensus target price of $80.00.

Crinetics Pharmaceuticals Trading Up 0.0%

Shares of CRNX stock opened at $53.25 on Monday. The firm’s 50 day moving average is $46.16 and its 200 day moving average is $38.64. The stock has a market capitalization of $5.05 billion, a P/E ratio of -11.75 and a beta of 0.20. Crinetics Pharmaceuticals has a 12 month low of $24.10 and a 12 month high of $57.99.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its 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 business had revenue of $0.14 million for the quarter, compared to analyst estimates of $0.39 million. During the same quarter last year, the firm earned ($0.96) earnings per share. On average, equities analysts predict that Crinetics Pharmaceuticals will post -3.73 EPS for the current year.

Insiders Place Their Bets

In related news, insider Dana Pizzuti sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $42.66, for a total value of $213,300.00. Following the completion of the sale, the insider owned 66,270 shares in the company, valued at $2,827,078.20. The trade was a 7.02% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Isabel Kalofonos sold 2,500 shares of the stock in a transaction that occurred on Monday, January 5th. The shares were sold at an average price of $55.00, for a total transaction of $137,500.00. Following the transaction, the insider owned 834 shares in the company, valued at $45,870. The trade was a 74.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 4.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

A number of institutional investors have recently made changes to their positions in the business. Parkman Healthcare Partners LLC raised its position in Crinetics Pharmaceuticals by 0.4% in the 3rd quarter. Parkman Healthcare Partners LLC now owns 73,725 shares of the company’s stock worth $3,071,000 after purchasing an additional 313 shares during the period. PNC Financial Services Group Inc. grew its stake in shares of Crinetics Pharmaceuticals by 5.8% during the third quarter. PNC Financial Services Group Inc. now owns 5,952 shares of the company’s stock valued at $248,000 after buying an additional 327 shares during the last quarter. California State Teachers Retirement System increased its holdings in shares of Crinetics Pharmaceuticals by 0.6% in the second quarter. California State Teachers Retirement System now owns 75,484 shares of the company’s stock worth $2,171,000 after buying an additional 487 shares during the period. Arizona State Retirement System lifted its stake in shares of Crinetics Pharmaceuticals by 2.0% in the 3rd quarter. Arizona State Retirement System now owns 26,300 shares of the company’s stock valued at $1,095,000 after acquiring an additional 504 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in Crinetics Pharmaceuticals by 16.2% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,619 shares of the company’s stock valued at $104,000 after purchasing an additional 505 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.