Crinetics Pharmaceuticals (NASDAQ:CRNX) Stock Rating Lowered by Citizens Jmp

Key Points

• Citizens JMP downgraded Crinetics Pharmaceuticals from “strong-buy” to “hold,” adding to a wave of analyst caution after several other firms also cut ratings to hold.
• The stock has seen mixed analyst sentiment: six Buy ratings, ten Hold ratings, and one Sell rating, with an average target price of $78.27. Recent revisions from Jefferies, JonesTrading, Piper Sandler, and Cantor Fitzgerald all pointed toward a more neutral view.
• Crinetics shares were trading near $83.49, close to the stock’s 1-year high, while the company recently reported a quarterly EPS loss that narrowly missed estimates but posted revenue well above expectations.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) was downgraded by research analysts at Citizens Jmp from a "strong-buy" rating to a "hold" rating in a research note issued on Tuesday,Zacks.com reports.

CRNX has been the subject of several other reports. JonesTrading downgraded Crinetics Pharmaceuticals from a "buy" rating to a "hold" rating and set a $85.00 price objective for the company. in a research report on Tuesday. Jefferies Financial Group lowered Crinetics Pharmaceuticals from a "buy" rating to a "hold" rating and boosted their price target for the stock from $55.00 to $85.00 in a research report on Tuesday. Piper Sandler cut Crinetics Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research note on Tuesday. Robert W. Baird raised their price target on Crinetics Pharmaceuticals from $62.00 to $85.00 and gave the company an "outperform" rating in a report on Tuesday. Finally, Cantor Fitzgerald cut shares of Crinetics Pharmaceuticals from an "overweight" rating to a "hold" rating in a research note on Tuesday. Six research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Crinetics Pharmaceuticals currently has an average rating of "Hold" and an average target price of $78.27.

Crinetics Pharmaceuticals Price Performance

Shares of CRNX stock opened at $83.49 on Tuesday. The firm has a market cap of $8.80 billion, a P/E ratio of -16.27 and a beta of 0.23. The firm has a fifty day moving average of $38.57 and a two-hundred day moving average of $42.03. Crinetics Pharmaceuticals has a 1-year low of $25.83 and a 1-year high of $83.63.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The company reported ($1.23) EPS 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 analyst estimates 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 business's revenue for the quarter was up 2873.4% compared to the same quarter last year. During the same period in the prior year, the firm earned ($1.04) EPS. On average, sell-side analysts expect that Crinetics Pharmaceuticals will post -4.86 EPS for the current year.

Insider Buying and Selling at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, Director Coelho Rogerio Vivaldi sold 3,000 shares of the business's stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $40.00, for a total value of $120,000.00. Following the transaction, the director owned 19,225 shares in the company, 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 SEC, 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 stock in a transaction that occurred 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 completion of the transaction, the director owned 6,400 shares in the company, 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 owned by insiders.

Institutional Trading of Crinetics Pharmaceuticals

Several large investors have recently modified their holdings of the company. Smartleaf Asset Management LLC increased its stake 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 acquiring an additional 331 shares during the period. Headlands Technologies LLC bought a new stake in shares of Crinetics Pharmaceuticals in the 2nd quarter worth about $30,000. Raymond James Financial Inc. bought a new position in Crinetics Pharmaceuticals during the 2nd quarter valued at about $45,000. Parallel Advisors LLC boosted its position in Crinetics Pharmaceuticals by 34.6% in the fourth quarter. Parallel Advisors LLC now owns 1,225 shares of the company's stock valued at $57,000 after buying an additional 315 shares in the last quarter. Finally, Arax Advisory Partners increased its holdings in shares of Crinetics Pharmaceuticals by 131.2% during the fourth quarter. Arax Advisory Partners now owns 1,498 shares of the company's stock worth $70,000 after buying an additional 850 shares in the last quarter. 98.51% of the stock is owned by institutional investors.

Crinetics Pharmaceuticals News Summary

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

• Positive Sentiment: Vertex’s $85-per-share cash acquisition gives CRNX holders a firm takeout price and validates the company’s rare-disease franchise. Article Title
• Positive Sentiment: The deal highlights the commercial value of PALSONIFY and the upside in Atumelnant, reinforcing Crinetics’ strategic appeal. Article Title
• Positive Sentiment: Several firms have lifted targets or reiterated bullish views near the deal price, suggesting limited downside unless the transaction changes. Article Title
• Neutral Sentiment: TD Cowen issued a “Hold” rating, while other brokers also moved to hold, signaling that the stock may already be close to fair value under the acquisition terms. Article Title
• Neutral Sentiment: An investor-alert law firm announced an investigation into the fairness of the proposed sale process, which adds legal headline risk but does not necessarily change the deal economics. Article Title
• Negative Sentiment: Multiple analyst downgrades to “Hold” and an insider sale are weighing on sentiment around the stock’s post-rally valuation. Article Title

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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