Crinetics Pharmaceuticals (NASDAQ:CRNX) Receives Market Perform Rating from Oppenheimer

Key Points

• Oppenheimer reaffirmed its “market perform” rating on Crinetics Pharmaceuticals, while the broader analyst view remains Moderate Buy with an average price target of $76.78.
• The stock closed around $83.56, near its 52-week high of $83.59, giving the company a market value of about $8.81 billion.
• Recent earnings showed revenue growth of 2,873.4% year over year to $10.73 million, though the company still posted a quarterly loss and analysts expect a full-year EPS of -4.86.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report)'s stock had its "market perform" rating reaffirmed by research analysts at Oppenheimer in a research report issued to clients and investors on Tuesday,Benzinga reports.

Several other equities analysts have also issued reports on the company. Cantor Fitzgerald reaffirmed a "neutral" rating on shares of Crinetics Pharmaceuticals in a report on Tuesday. Robert W. Baird lifted their price target on Crinetics Pharmaceuticals from $62.00 to $85.00 and gave the stock an "outperform" rating in a report on Tuesday. HC Wainwright reissued a "neutral" rating and issued a $85.00 price objective (up from $81.00) on shares of Crinetics Pharmaceuticals in a research report on Tuesday. Wall Street Zen upgraded Crinetics Pharmaceuticals from a "strong sell" rating to a "sell" rating in a research note on Sunday, May 17th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Crinetics Pharmaceuticals in a research report on Monday, April 20th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $76.78.

Crinetics Pharmaceuticals Price Performance

CRNX opened at $83.56 on Tuesday. Crinetics Pharmaceuticals has a fifty-two week low of $25.83 and a fifty-two week high of $83.59. The firm has a market capitalization of $8.81 billion, a P/E ratio of -16.29 and a beta of 0.23. The company's 50-day moving average is $36.77 and its 200 day moving average is $41.51.

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

Insider Activity

In other news, Director Stephanie Okey sold 6,900 shares of the business's stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $35.67, for a total value of $246,123.00. Following the completion of 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Jeff E. Knight sold 85,163 shares of the stock in a transaction dated Wednesday, April 8th. The shares were sold at an average price of $40.10, for a total value of $3,415,036.30. Following the sale, the insider owned 105,289 shares of the company's stock, valued at $4,222,088.90. This 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. Corporate insiders own 3.80% of the company's stock.

Institutional Trading of Crinetics Pharmaceuticals

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Wellington Management Group LLP increased its stake in shares of Crinetics Pharmaceuticals by 44.3% in the third quarter. Wellington Management Group LLP now owns 8,381,991 shares of the company's stock worth $349,110,000 after buying an additional 2,574,683 shares during the period. Farallon Capital Management LLC boosted its position in Crinetics Pharmaceuticals by 20.2% during 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. Janus Henderson Group PLC grew its holdings in Crinetics Pharmaceuticals by 1.8% in the 1st quarter. Janus Henderson Group PLC now owns 4,520,251 shares of the company's stock worth $164,227,000 after acquiring an additional 79,560 shares during the last quarter. Paradigm Biocapital Advisors LP increased its position in shares of Crinetics Pharmaceuticals by 8.8% in the third quarter. Paradigm Biocapital Advisors LP now owns 2,550,774 shares of the company's stock valued at $106,240,000 after acquiring an additional 207,221 shares during the period. Finally, Siren L.L.C. boosted its holdings in shares of Crinetics Pharmaceuticals by 26.3% during the first quarter. Siren L.L.C. now owns 1,903,636 shares of the company's stock worth $69,140,000 after purchasing an additional 396,000 shares during the period. Institutional investors own 98.51% of the company's stock.

Crinetics Pharmaceuticals News Roundup

Here are the key news stories impacting Crinetics Pharmaceuticals this week:

• Positive Sentiment: Vertex Pharmaceuticals agreed to acquire Crinetics Pharmaceuticals for $85.00 per share in cash, sending shares sharply higher as investors price in the deal premium. Vertex to Acquire Crinetics Pharmaceuticals
• Positive Sentiment: HC Wainwright raised its price target on Crinetics to $85 from $81, reinforcing the transaction value and offering additional support for the stock. HC Wainwright price target update
• Neutral Sentiment: Analysts at Cantor Fitzgerald reiterated a neutral rating on Crinetics, signaling a wait-and-see stance after the takeover announcement. Cantor Fitzgerald rating reaffirmation
• Neutral Sentiment: Investor-rights firms have launched fair-price investigations into the transaction, which could create headline noise but does not change the announced deal terms for now. Halper Sadeh investigation

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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