Cantor Fitzgerald Reiterates Neutral Rating for Crinetics Pharmaceuticals (NASDAQ:CRNX)

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report)'s stock had its "neutral" rating reissued by equities researchers at Cantor Fitzgerald in a report released on Tuesday,Benzinga reports.

Other research analysts have also recently issued research reports about the company. Weiss Ratings restated a "sell (d-)" rating on shares of Crinetics Pharmaceuticals in a research note on Monday, April 20th. UBS Group initiated coverage on Crinetics Pharmaceuticals in a research note on Thursday, July 2nd. They issued a "buy" rating and a $55.00 target price for the company. HC Wainwright reiterated a "buy" rating and set a $81.00 target price on shares of Crinetics Pharmaceuticals in a report on Monday, June 15th. Citizens Jmp reissued a "market outperform" rating and set a $95.00 price target on shares of Crinetics Pharmaceuticals in a research report on Thursday, June 11th. Finally, Wall Street Zen upgraded Crinetics Pharmaceuticals from a "strong sell" rating to a "sell" rating in a report on Sunday, May 17th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, Crinetics Pharmaceuticals currently has a consensus rating of "Moderate Buy" and a consensus price target of $76.78.

Crinetics Pharmaceuticals Stock Performance

CRNX opened at $42.03 on Tuesday. The company's 50 day simple moving average is $36.77 and its 200 day simple moving average is $41.51. Crinetics Pharmaceuticals has a 1 year low of $25.83 and a 1 year high of $57.99. The stock has a market capitalization of $4.43 billion, a PE ratio of -8.19 and a beta of 0.23.

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%. Crinetics Pharmaceuticals's revenue for the quarter was up 2873.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($1.04) earnings per share. As a group, sell-side analysts expect that Crinetics Pharmaceuticals will post -4.86 earnings per share for the current fiscal year.

Insider Activity at Crinetics Pharmaceuticals

In related news, Director Stephanie Okey sold 6,900 shares of the company'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 sale, the director directly owned 6,400 shares of the company's stock, valued at approximately $228,288. This represents a 51.88% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Jeff E. Knight sold 85,163 shares of the firm's stock in a transaction on Wednesday, April 8th. The stock was sold at an average price of $40.10, for a total value of $3,415,036.30. Following the transaction, the insider owned 105,289 shares in the company, valued at $4,222,088.90. This trade represents a 44.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Crinetics Pharmaceuticals by 11.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 59,311 shares of the company's stock valued at $1,995,000 after buying an additional 6,148 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Crinetics Pharmaceuticals by 6.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 347,581 shares of the company's stock valued at $11,658,000 after acquiring an additional 22,305 shares during the period. Strs Ohio bought a new position in shares of Crinetics Pharmaceuticals during the first quarter valued at approximately $124,000. Invesco Ltd. raised its position in shares of Crinetics Pharmaceuticals by 11.7% during the 2nd quarter. Invesco Ltd. now owns 78,140 shares of the company's stock worth $2,247,000 after purchasing an additional 8,181 shares during the period. Finally, Sei Investments Co. raised its position in shares of Crinetics Pharmaceuticals by 20.6% during the 2nd quarter. Sei Investments Co. now owns 60,180 shares of the company's stock worth $1,731,000 after purchasing an additional 10,269 shares during the period. 98.51% of the stock is 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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