Crinetics Pharmaceuticals (NASDAQ:CRNX) Earns Neutral Rating from HC Wainwright

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report)'s stock had its "neutral" rating restated by investment analysts at HC Wainwright in a research note issued on Tuesday,Benzinga reports. They currently have a $85.00 target price on the stock, up from their previous target price of $81.00. HC Wainwright's price objective suggests a potential upside of 102.24% from the company's current price.

Several other brokerages also recently commented on CRNX. Weiss Ratings reiterated a "sell (d-)" rating on shares of Crinetics Pharmaceuticals in a report on Monday, April 20th. Cantor Fitzgerald restated a "neutral" rating on shares of Crinetics Pharmaceuticals in a report on Tuesday. Oppenheimer reduced their price objective on shares of Crinetics Pharmaceuticals from $87.00 to $84.00 and set an "outperform" rating for the company in a research report on Monday, May 11th. UBS Group started coverage on shares of Crinetics Pharmaceuticals in a research note on Thursday, July 2nd. They issued a "buy" rating and a $55.00 price objective for the company. Finally, Wall Street Zen raised shares of Crinetics Pharmaceuticals from a "strong sell" rating to a "sell" rating in a research report on Sunday, May 17th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Crinetics Pharmaceuticals presently has a consensus rating of "Moderate Buy" and an average target price of $76.78.

Crinetics Pharmaceuticals Stock Performance

Shares of CRNX opened at $42.03 on Tuesday. The firm has a market capitalization of $4.43 billion, a P/E ratio of -8.19 and a beta of 0.23. Crinetics Pharmaceuticals has a 52 week low of $25.83 and a 52 week high of $57.99. The stock has a 50 day moving average price of $36.77 and a two-hundred day moving average price of $41.51.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last posted 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 company had revenue of $10.73 million during the quarter, compared to the consensus estimate of $8.51 million. Crinetics Pharmaceuticals had a negative net margin of 2,747.18% and a negative return on equity of 43.96%. The firm's revenue for the quarter was up 2873.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($1.04) EPS. On average, equities analysts forecast that Crinetics Pharmaceuticals will post -4.86 earnings per share for the current year.

Insider Transactions at Crinetics Pharmaceuticals

In other news, insider Jeff E. Knight sold 85,163 shares of the stock in a transaction that occurred on Wednesday, April 8th. The shares were sold at an average price of $40.10, for a total transaction of $3,415,036.30. Following the completion of the transaction, the insider directly owned 105,289 shares of the company's stock, valued at $4,222,088.90. This represents a 44.72% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephanie Okey sold 6,900 shares of the firm'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 owned 6,400 shares of the company's stock, valued at approximately $228,288. The trade was a 51.88% 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. Company insiders own 3.80% of the company's stock.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

Several institutional investors have recently bought and sold shares of the company. First Light Asset Management LLC increased its position in Crinetics Pharmaceuticals by 9.0% in the third quarter. First Light Asset Management LLC now owns 941,516 shares of the company's stock worth $39,214,000 after buying an additional 77,380 shares during the last quarter. JPMorgan Chase & Co. lifted its position in shares of Crinetics Pharmaceuticals by 279.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,258,722 shares of the company's stock valued at $52,426,000 after buying an additional 926,765 shares during the last quarter. WINTON GROUP Ltd purchased a new position in shares of Crinetics Pharmaceuticals during the 3rd quarter valued at $2,841,000. Aberdeen Group plc grew its stake in shares of Crinetics Pharmaceuticals by 98.4% during the 4th quarter. Aberdeen Group plc now owns 674,533 shares of the company's stock worth $31,400,000 after acquiring an additional 334,584 shares during the period. Finally, Farallon Capital Management LLC grew its stake in shares of Crinetics Pharmaceuticals by 24.2% during the 3rd quarter. Farallon Capital Management LLC now owns 5,770,098 shares of the company's stock worth $240,325,000 after acquiring an additional 1,124,000 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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