Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Given Consensus Recommendation of "Hold" by Brokerages

Key Points

• Crinetics Pharmaceuticals has a consensus “Hold” rating from 17 analysts, with 11 holds, five buys and one sell; the average 12-month price target is $81, below the reported share price of $84.86.
• The company beat quarterly expectations, reporting an adjusted loss of $1.14 per share versus estimates of $1.18 and revenue of $25.12 million versus $14.84 million expected. Revenue increased 2,336.9% year over year, though Crinetics remains deeply unprofitable.
• Institutional investors own 98.51% of the stock, including major new or expanded positions from BlackRock, Wellington Management and Farallon Capital. Two directors sold shares through pre-arranged Rule 10b5-1 plans, while insider ownership stands at 3.80%.

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Get Free Report) have received a consensus recommendation of "Hold" from the seventeen research firms that are currently covering the firm, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, eleven have issued a hold recommendation and five have given a buy recommendation to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $81.00.

Several research firms recently issued reports on CRNX. Wall Street Zen upgraded shares of Crinetics Pharmaceuticals from a "strong sell" rating to a "sell" rating in a report on Sunday, July 12th. HC Wainwright downgraded Crinetics Pharmaceuticals from a "buy" rating to a "hold" rating and increased their price target for the stock from $81.00 to $85.00 in a report on Tuesday, July 7th. Evercore lowered Crinetics Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 7th. TD Cowen downgraded Crinetics Pharmaceuticals from a "buy" rating to a "hold" rating in a research note on Wednesday, July 8th. Finally, Cantor Fitzgerald lowered Crinetics Pharmaceuticals from an "overweight" rating to a "hold" rating in a research report on Tuesday, July 7th.

Insider Buying and Selling

In other Crinetics Pharmaceuticals news, Director Stephanie Okey sold 6,900 shares of the business'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 value of $246,123.00. Following the transaction, the director directly owned 6,400 shares of the company's stock, valued at approximately $228,288. The trade was a 51.88% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Coelho Rogerio 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 value of $120,000.00. Following the transaction, the director owned 19,225 shares in the company, valued at $769,000. The trade was a 13.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 3.80% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. bought a new stake in Crinetics Pharmaceuticals in the second quarter valued at $365,179,000. Wellington Management Group LLP boosted its position in shares of Crinetics Pharmaceuticals by 44.3% during the 3rd quarter. Wellington Management Group LLP now owns 8,381,991 shares of the company's stock worth $349,110,000 after purchasing an additional 2,574,683 shares in the last quarter. Farallon Capital Management LLC grew its stake in shares of Crinetics Pharmaceuticals by 20.2% in the 4th quarter. Farallon Capital Management LLC now owns 6,933,098 shares of the company's stock valued at $322,736,000 after buying an additional 1,163,000 shares during the period. Jupiter Topco LLC acquired a new stake in shares of Crinetics Pharmaceuticals in the 2nd quarter valued at about $170,509,000. Finally, Janus Henderson Group PLC grew its stake in Crinetics Pharmaceuticals by 1.8% in the first quarter. Janus Henderson Group PLC now owns 4,520,251 shares of the company's stock valued at $164,227,000 after acquiring an additional 79,560 shares during the period. 98.51% of the stock is owned by institutional investors.

Crinetics Pharmaceuticals Stock Performance

Crinetics Pharmaceuticals stock opened at $84.86 on Wednesday. The firm has a market cap of $9.00 billion, a price-to-earnings ratio of -16.84 and a beta of 0.12. Crinetics Pharmaceuticals has a 52-week low of $30.00 and a 52-week high of $84.86. The firm has a 50 day moving average price of $71.04 and a two-hundred day moving average price of $49.93.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last posted its quarterly earnings data on Monday, August 3rd. The company reported ($1.14) 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 company had revenue of $25.12 million for the quarter, compared to analyst estimates of $14.84 million. During the same period in the prior year, the firm posted ($1.23) EPS. The company's quarterly revenue was up 2336.9% on a year-over-year basis. As a group, equities research analysts predict that Crinetics Pharmaceuticals will post -4.83 EPS for the current fiscal year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source