Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX – Get Free Report) has earned a consensus rating of “Moderate Buy” from the ten brokerages that are presently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, eight have assigned a buy rating and one has issued a strong buy rating on the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $76.1250.
A number of research analysts recently issued reports on CRNX shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a report on Monday, April 20th. Wall Street Zen upgraded Crinetics Pharmaceuticals from a “strong sell” rating to a “sell” rating in a report on Sunday, May 17th. Citizens Jmp reduced their price objective on shares of Crinetics Pharmaceuticals from $97.00 to $95.00 and set a “market outperform” rating on the stock in a report on Friday, May 8th. Lifesci Capital upgraded shares of Crinetics Pharmaceuticals to a “strong-buy” rating in a report on Friday, February 13th. Finally, Oppenheimer reduced their price objective on shares of Crinetics Pharmaceuticals from $87.00 to $84.00 and set an “outperform” rating on the stock in a report on Monday, May 11th.
View Our Latest Research Report on CRNX
Crinetics Pharmaceuticals Price Performance
Crinetics Pharmaceuticals (NASDAQ:CRNX – Get Free Report) last released its earnings results on Thursday, May 7th. The company reported ($1.23) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.22) by ($0.01). The company had revenue of $10.73 million during the quarter, compared to analysts’ expectations of $8.51 million. Crinetics Pharmaceuticals had a negative net margin of 2,747.18% and a negative return on equity of 43.96%. The company’s revenue for the quarter was up 2873.4% on a year-over-year basis. During the same quarter last year, the business posted ($1.04) earnings per share. Sell-side analysts expect that Crinetics Pharmaceuticals will post -4.82 earnings per share for the current year.
Insiders Place Their Bets
In other news, insider Jeff E. Knight sold 85,163 shares of the firm’s stock in a transaction on Wednesday, April 8th. The shares were sold at an average price of $40.10, for a total value of $3,415,036.30. Following the sale, the insider directly owned 105,289 shares in the company, valued at approximately $4,222,088.90. This trade represents a 44.72% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Stephen F. Betz sold 10,612 shares of the firm’s stock in a transaction on Monday, March 16th. The shares were sold at an average price of $37.37, for a total transaction of $396,570.44. Following the completion of the sale, the insider owned 137,101 shares in the company, valued at $5,123,464.37. The trade was a 7.18% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 142,380 shares of company stock worth $5,569,475. 3.80% of the stock is currently owned by insiders.
Institutional Investors Weigh In On Crinetics Pharmaceuticals
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Lisanti Capital Growth LLC purchased a new stake in shares of Crinetics Pharmaceuticals in the third quarter valued at about $953,000. First Light Asset Management LLC boosted its holdings in shares of Crinetics Pharmaceuticals by 9.0% in the third quarter. First Light Asset Management LLC now owns 941,516 shares of the company’s stock valued at $39,214,000 after acquiring an additional 77,380 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH boosted its holdings in shares of Crinetics Pharmaceuticals by 13.5% in the third quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 387,925 shares of the company’s stock valued at $16,157,000 after acquiring an additional 46,220 shares in the last quarter. Candriam S.C.A. boosted its holdings in shares of Crinetics Pharmaceuticals by 7.4% in the third quarter. Candriam S.C.A. now owns 745,094 shares of the company’s stock valued at $31,033,000 after acquiring an additional 51,225 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in shares of Crinetics Pharmaceuticals by 279.2% in the third quarter. JPMorgan Chase & Co. now owns 1,258,722 shares of the company’s stock valued at $52,426,000 after acquiring an additional 926,765 shares in the last quarter. 98.51% of the stock is currently owned by institutional investors and hedge funds.
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.
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