Crinetics Pharmaceuticals (NASDAQ:CRNX) Sees Large Volume Increase Following Analyst Upgrade

Key Points

• Crinetics Pharmaceuticals shares jumped in heavy trading after Robert W. Baird raised its price target from $62 to $85 and kept an outperform rating. Volume rose 71% to 3.27 million shares, with the stock last trading near $83.51.
• Analyst sentiment is mixed but generally constructive, with several firms recently adjusting ratings or targets, including UBS starting coverage with a buy rating and Citizens JMP reaffirming market outperform. MarketBeat shows an average rating of Hold and an average price target of $78.27.
• Insider selling and institutional ownership are notable: directors Rogerio Vivaldi Coelho and Stephanie Okey both sold shares under pre-arranged 10b5-1 plans, while hedge funds and other institutions own 98.51% of the stock.

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Get Free Report) saw unusually-high trading volume on Wednesday after Robert W. Baird raised their price target on the stock from $62.00 to $85.00. Robert W. Baird currently has an outperform rating on the stock. 3,272,635 shares changed hands during trading, an increase of 71% from the previous session's volume of 1,911,163 shares.The stock last traded at $83.5050 and had previously closed at $83.53.

A number of other research firms also recently issued reports on CRNX. Weiss Ratings restated a "sell (d-)" rating on shares of Crinetics Pharmaceuticals in a research note on Monday, April 20th. Oppenheimer dropped their price objective on shares of Crinetics Pharmaceuticals from $87.00 to $84.00 and set an "outperform" rating on the stock in a report on Monday, May 11th. UBS Group assumed coverage on shares of Crinetics Pharmaceuticals in a research report on Thursday, July 2nd. They set a "buy" rating and a $55.00 target price for the company. Citizens Jmp reaffirmed a "market outperform" rating and set a $95.00 target price on shares of Crinetics Pharmaceuticals in a report on Thursday, June 11th. Finally, Wall Street Zen upgraded shares of Crinetics Pharmaceuticals from a "strong sell" rating to a "sell" rating in a research report on Sunday, May 17th. Seven investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, Crinetics Pharmaceuticals has an average rating of "Hold" and an average price target of $78.27.

Insider Buying and Selling

In other Crinetics Pharmaceuticals news, Director Coelho Rogerio Vivaldi sold 3,000 shares of Crinetics Pharmaceuticals stock in a transaction that occurred 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 transaction, the director owned 19,225 shares of the company's stock, valued at $769,000. The trade was a 13.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through 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 company's stock in a transaction 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 completion of the transaction, the director directly owned 6,400 shares of the company's stock, valued at $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.

Crinetics Pharmaceuticals News Summary

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

• Positive Sentiment: Vertex announced a definitive agreement to buy Crinetics Pharmaceuticals for $85 per share in cash, giving shareholders a large acquisition premium and lifting the stock toward the offer price. Vertex’s Crinetics Deal Balances Growth with Integration Risk
• Positive Sentiment: The deal underscores the value of PALSONIFY and Atumelnant, suggesting Crinetics’ assets are de-risked enough to attract a major pharma buyer. Vertex Is Buying Crinetics for $10 Billion. Here's What Investors Need to Know.
• Neutral Sentiment: Several analysts moved ratings to “hold” or lowered their stance after the takeover announcement, reflecting limited upside beyond the acquisition price rather than a change in fundamentals.
• Neutral Sentiment: Insider selling and a report questioning valuation may add some noise, but these appear secondary to the takeover-driven move. Crinetics Pharmaceuticals NASDAQ: CRNX Director Sells $120,000.00 in Stock

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Parkman Healthcare Partners LLC grew its holdings in Crinetics Pharmaceuticals by 0.4% during the 3rd quarter. Parkman Healthcare Partners LLC now owns 73,725 shares of the company's stock valued at $3,071,000 after buying an additional 313 shares in the last quarter. Parallel Advisors LLC lifted its holdings in shares of Crinetics Pharmaceuticals by 34.6% in the fourth quarter. Parallel Advisors LLC now owns 1,225 shares of the company's stock worth $57,000 after buying an additional 315 shares in the last quarter. Smartleaf Asset Management LLC lifted its holdings in shares of Crinetics Pharmaceuticals by 107.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 639 shares of the company's stock worth $30,000 after buying an additional 331 shares in the last quarter. Brooklyn Investment Group boosted its position in shares of Crinetics Pharmaceuticals by 6.3% during the fourth quarter. Brooklyn Investment Group now owns 5,890 shares of the company's stock worth $280,000 after acquiring an additional 348 shares during the last quarter. Finally, Commerce Bank boosted its position in shares of Crinetics Pharmaceuticals by 5.9% during the fourth quarter. Commerce Bank now owns 8,019 shares of the company's stock worth $373,000 after acquiring an additional 444 shares during the last quarter. 98.51% of the stock is owned by hedge funds and other institutional investors.

Crinetics Pharmaceuticals Stock Down 0.0%

The company has a market capitalization of $8.80 billion, a PE ratio of -16.28 and a beta of 0.23. The company's 50 day moving average is $37.67 and its two-hundred day moving average is $41.76.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($1.23) EPS for the quarter, missing the consensus estimate 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 analysts' expectations of $8.51 million. During the same quarter in the previous year, the firm earned ($1.04) EPS. The firm's revenue for the quarter was up 2873.4% compared to the same quarter last year. Analysts forecast that Crinetics Pharmaceuticals, Inc. will post -4.86 EPS for the current 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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