Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Receives Average Recommendation of "Hold" from Analysts

Key Points

• Analysts hold a mixed view: Of 17 firms covering Crinetics Pharmaceuticals, 11 rate the stock “Hold,” five rate it “Buy” and one rates it “Sell.” The average 12-month price target is $81.00.
• CRNX opened at $83.52, near its 12-month high of $84.00, with an $8.81 billion market capitalization. The stock has risen well above its 50-day and 200-day moving averages.
• Institutional ownership remains high at 98.51%, with several hedge funds increasing their stakes, while two directors sold shares under pre-arranged trading plans. The company’s latest quarter showed sharply higher revenue of $10.73 million but a $1.23 per-share loss.

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Get Free Report) has been assigned an average rating of "Hold" from the seventeen ratings firms that are currently covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, eleven have given a hold rating and five have issued a buy rating on the company. The average twelve-month target price among brokers that have covered the stock in the last year is $81.00.

CRNX has been the topic of several research reports. Wall Street Zen upgraded Crinetics Pharmaceuticals from a "strong sell" rating to a "sell" rating in a research note on Sunday, July 12th. Evercore cut Crinetics Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 7th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Crinetics Pharmaceuticals in a report on Friday, July 17th. TD Cowen lowered shares of Crinetics Pharmaceuticals from a "buy" rating to a "hold" rating in a research report on Wednesday, July 8th. Finally, Piper Sandler downgraded shares of Crinetics Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 7th.

Insider Activity at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, Director Coelho Rogerio Vivaldi sold 3,000 shares of the business's stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $40.00, for a total transaction of $120,000.00. Following the sale, the director owned 19,225 shares of the company's stock, valued at $769,000. The trade was a 13.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephanie Okey sold 6,900 shares of the 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 sale, the director owned 6,400 shares in the company, valued at approximately $228,288. This represents a 51.88% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

Hedge funds have recently made changes to their positions in the stock. Wellington Management Group LLP raised its stake 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 valued at $349,110,000 after purchasing an additional 2,574,683 shares during the period. Baker BROS. Advisors LP boosted its stake in Crinetics Pharmaceuticals by 488.9% in the 4th quarter. Baker BROS. Advisors LP now owns 1,648,869 shares of the company's stock worth $76,755,000 after purchasing an additional 1,368,869 shares during the period. Farallon Capital Management LLC boosted its stake in Crinetics Pharmaceuticals by 20.2% in the 4th quarter. Farallon Capital Management LLC now owns 6,933,098 shares of the company's stock worth $322,736,000 after purchasing an additional 1,163,000 shares during the period. ADAR1 Capital Management LLC grew its holdings in Crinetics Pharmaceuticals by 268.3% during the 1st quarter. ADAR1 Capital Management LLC now owns 1,139,331 shares of the company's stock valued at $41,381,000 after buying an additional 829,963 shares in the last quarter. Finally, GW&K Investment Management LLC grew its holdings in Crinetics Pharmaceuticals by 73.6% during the 4th quarter. GW&K Investment Management LLC now owns 1,476,325 shares of the company's stock valued at $68,723,000 after buying an additional 625,779 shares in the last quarter. 98.51% of the stock is currently owned by hedge funds and other institutional investors.

Crinetics Pharmaceuticals Stock Down 0.1%

Crinetics Pharmaceuticals stock opened at $83.52 on Friday. The firm has a 50 day moving average price of $54.15 and a 200-day moving average price of $46.24. Crinetics Pharmaceuticals has a twelve month low of $25.83 and a twelve month high of $84.00. The company has a market capitalization of $8.81 billion, a P/E ratio of -16.28 and a beta of 0.23.

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

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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