Crinetics Pharmaceuticals (NASDAQ:CRNX) Raised to Hold at Wall Street Zen

Key Points

• Wall Street Zen upgraded Crinetics Pharmaceuticals to “Hold,” aligning with the broader analyst consensus of “Hold” and a consensus price target of $81.00.
• Crinetics reported quarterly revenue of $25.12 million, up 2,336.9% year over year and above estimates, while its EPS loss of $1.14 was narrower than expected.
• Shares opened at $84.95, near their 12-month high of $85.01, giving the company a market capitalization of approximately $9.01 billion; institutional investors own 98.51% of the stock.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) was upgraded by stock analysts at Wall Street Zen to a "hold" rating in a research report issued on Saturday, Wall Street Zen reports.

CRNX has been the topic of several other reports. HC Wainwright cut Crinetics Pharmaceuticals from a "buy" rating to a "hold" rating and lifted their target price for the stock from $81.00 to $85.00 in a report on Tuesday, July 7th. TD Cowen lowered Crinetics Pharmaceuticals from a "buy" rating to a "hold" rating in a research note on Wednesday, July 8th. Oppenheimer reissued a "market perform" rating on shares of Crinetics Pharmaceuticals in a research note on Tuesday, July 7th. Jefferies Financial Group downgraded Crinetics Pharmaceuticals from a "buy" rating to a "hold" rating and lifted their price objective for the stock from $55.00 to $85.00 in a research note on Tuesday, July 7th. Finally, Evercore cut Crinetics Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 7th. Five investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $81.00.

Crinetics Pharmaceuticals Price Performance

NASDAQ CRNX opened at $84.95 on Friday. The business has a 50-day moving average price of $78.89 and a 200-day moving average price of $52.11. Crinetics Pharmaceuticals has a twelve month low of $30.25 and a twelve month high of $85.01. The firm has a market cap of $9.01 billion, a price-to-earnings ratio of -16.86 and a beta of 0.08.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last announced its quarterly earnings data on Monday, August 3rd. The company reported ($1.14) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($1.18) by $0.04. Crinetics Pharmaceuticals had a negative net margin of 1,189.88% and a negative return on equity of 44.22%. The business had revenue of $25.12 million during the quarter, compared to analyst estimates of $14.84 million. During the same period last year, the firm posted ($1.23) EPS. The company's revenue was up 2336.9% on a year-over-year basis. Research analysts expect that Crinetics Pharmaceuticals will post -4.83 EPS for the current fiscal year.

Insider Activity at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, Director Stephanie Okey sold 6,900 shares of the company's stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $35.67, for a total value of $246,123.00. Following the transaction, the director owned 6,400 shares of the company's stock, valued at $228,288. This represents a 51.88% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through 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 stock was sold at an average price of $40.00, for a total value of $120,000.00. Following the completion of 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. 3.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Parkman Healthcare Partners LLC lifted its holdings in Crinetics Pharmaceuticals by 0.4% during the 3rd quarter. Parkman Healthcare Partners LLC now owns 73,725 shares of the company's stock valued at $3,071,000 after buying an additional 313 shares in the last quarter. Parallel Advisors LLC grew its stake in Crinetics Pharmaceuticals by 34.6% in the fourth quarter. Parallel Advisors LLC now owns 1,225 shares of the company's stock worth $57,000 after purchasing an additional 315 shares in the last quarter. Smartleaf Asset Management LLC grew its stake in 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 in the last quarter. Brooklyn Investment Group increased its holdings in Crinetics Pharmaceuticals by 6.3% during the 4th quarter. Brooklyn Investment Group now owns 5,890 shares of the company's stock worth $280,000 after purchasing an additional 348 shares during the period. Finally, Commerce Bank increased its holdings in Crinetics Pharmaceuticals by 5.9% during the 4th quarter. Commerce Bank now owns 8,019 shares of the company's stock worth $373,000 after purchasing an additional 444 shares during the period. 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.

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