Crinetics Pharmaceuticals' (CRNX) "Neutral" Rating Reiterated at UBS Group

Key Points

• UBS Group reiterated its “Neutral” rating on Crinetics Pharmaceuticals while raising its price target to $85 from $55, implying roughly 1.37% upside.
• Analyst sentiment remains cautious, with the stock carrying a consensus “Hold” rating and an average price target of $81 after several firms recently downgraded shares.
• Crinetics opened at $83.85 near its 52-week high, despite reporting a quarterly EPS loss of $1.23; revenue rose 2,873.4% year over year to $10.73 million.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report)'s stock had its "neutral" rating reiterated by investment analysts at UBS Group in a report released on Tuesday,Benzinga reports. They presently have a $85.00 target price on the stock, up from their previous target price of $55.00. UBS Group's target price points to a potential upside of 1.37% from the stock's current price.

Other research analysts have also recently issued reports about the stock. Lifesci Capital cut shares of Crinetics Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 7th. JonesTrading downgraded shares of Crinetics Pharmaceuticals from a "buy" rating to a "hold" rating and set a $85.00 target price for the company. in a research report on Tuesday, July 7th. Robert W. Baird boosted their target price 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. Piper Sandler cut Crinetics Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 7th. Finally, Cantor Fitzgerald downgraded Crinetics Pharmaceuticals from an "overweight" rating to a "hold" rating in a research note 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's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $81.00.

Crinetics Pharmaceuticals Stock Performance

NASDAQ CRNX opened at $83.85 on Tuesday. Crinetics Pharmaceuticals has a one year low of $25.83 and a one year high of $84.00. The stock has a 50-day moving average of $50.36 and a 200 day moving average of $45.34. The company has a market capitalization of $8.84 billion, a price-to-earnings ratio of -16.34 and a beta of 0.23.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last issued its earnings results on Thursday, May 7th. The company reported ($1.23) earnings per share for the quarter, missing analysts' consensus estimates of ($1.22) by ($0.01). The business had revenue of $10.73 million during the quarter, compared to analysts' expectations of $8.51 million. Crinetics Pharmaceuticals had a negative return on equity of 43.96% and a negative net margin of 2,747.18%.Crinetics Pharmaceuticals's quarterly revenue was up 2873.4% compared to the same quarter last year. During the same period last year, the firm posted ($1.04) EPS. On average, equities analysts predict that Crinetics Pharmaceuticals will post -4.86 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Crinetics Pharmaceuticals news, Director Stephanie Okey sold 6,900 shares of the stock in a transaction that occurred on Wednesday, June 17th. The shares were 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 in the company, valued at approximately $228,288. This trade represents a 51.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible 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 Crinetics Pharmaceuticals stock in a transaction 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 transaction, the director owned 19,225 shares in the company, valued at $769,000. This represents a 13.50% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 3.80% of the company's stock.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

A number of hedge funds have recently modified their holdings of the business. Parkman Healthcare Partners LLC raised its holdings in Crinetics Pharmaceuticals by 0.4% in the 3rd quarter. Parkman Healthcare Partners LLC now owns 73,725 shares of the company's stock worth $3,071,000 after purchasing an additional 313 shares during the period. Parallel Advisors LLC grew its holdings in Crinetics Pharmaceuticals by 34.6% during the fourth 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 period. Smartleaf Asset Management LLC grew its holdings in Crinetics Pharmaceuticals by 107.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 639 shares of the company's stock valued at $30,000 after purchasing an additional 331 shares during the period. Brooklyn Investment Group increased its position in Crinetics Pharmaceuticals by 6.3% in the fourth quarter. Brooklyn Investment Group now owns 5,890 shares of the company's stock worth $280,000 after buying an additional 348 shares in the last quarter. Finally, Commerce Bank increased its position in Crinetics Pharmaceuticals by 5.9% in the fourth quarter. Commerce Bank now owns 8,019 shares of the company's stock worth $373,000 after buying an additional 444 shares in the last quarter. 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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