Wall Street Zen upgraded shares of Crinetics Pharmaceuticals (NASDAQ:CRNX – Free Report) to a hold rating in a research note published on Saturday,Wall Street Zen reports.
Several other brokerages have also issued reports on CRNX. Piper Sandler lowered Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 7th. Citizens Jmp lowered shares of Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 7th. Robert W. Baird upped their price objective on shares of Crinetics Pharmaceuticals from $62.00 to $85.00 and gave the company an “outperform” rating in a research note on Tuesday, July 7th. Oppenheimer reaffirmed a “market perform” rating on shares of Crinetics Pharmaceuticals in a report on Tuesday, July 7th. Finally, Evercore cut shares of Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 7th. Five investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $81.00.
Check Out Our Latest Report on Crinetics Pharmaceuticals
Crinetics Pharmaceuticals Price Performance
Crinetics Pharmaceuticals (NASDAQ:CRNX – Get Free Report) last posted its quarterly earnings data on Monday, August 3rd. The company reported ($1.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.18) by $0.04. The firm had revenue of $25.12 million during the quarter, compared to analysts’ expectations of $14.84 million. Crinetics Pharmaceuticals had a negative return on equity of 44.22% and a negative net margin of 1,189.88%.The company’s revenue for the quarter was up 2336.9% compared to the same quarter last year. During the same period in the prior year, the business earned ($1.23) EPS. On average, equities analysts expect that Crinetics Pharmaceuticals will post -4.83 earnings per share for the current fiscal year.
Insider Buying and Selling
In other news, Director Coelho Vivaldi sold 3,000 shares of the stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $40.00, for a total transaction of $120,000.00. Following the completion of the sale, the director owned 19,225 shares of the company’s stock, valued at approximately $769,000. This represents a 13.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephanie Okey sold 6,900 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the director owned 6,400 shares in the company, valued at $228,288. This represents a 51.88% 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. Corporate insiders own 3.80% of the company’s stock.
Hedge Funds Weigh In On Crinetics Pharmaceuticals
A number of hedge funds have recently modified their holdings of the company. Smartleaf Asset Management LLC boosted its holdings 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 worth $30,000 after purchasing an additional 331 shares during the period. Headlands Technologies LLC purchased a new position in Crinetics Pharmaceuticals during the 2nd quarter valued at about $30,000. Parallel Advisors LLC raised its position in Crinetics Pharmaceuticals by 34.6% during the 4th quarter. Parallel Advisors LLC now owns 1,225 shares of the company’s stock valued at $57,000 after purchasing an additional 315 shares during the last quarter. Arax Advisory Partners raised its position 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 purchasing an additional 850 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in Crinetics Pharmaceuticals in the 2nd quarter worth approximately $45,000. Hedge funds and other institutional investors own 98.51% of the company’s stock.
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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