TD Cowen Reiterates "Hold" Rating for Crinetics Pharmaceuticals (NASDAQ:CRNX)

Key Points

• TD Cowen reiterated a “Hold” rating on Crinetics Pharmaceuticals, and several other firms also moved to or maintained neutral stances after the recent takeover news.
• The article notes that Vertex has agreed to buy Crinetics for $85 per share in cash, a deal that has pushed the stock close to the offer price and reduced further upside.
• Crinetics reported a recent quarterly EPS miss but beat revenue expectations, while insider selling and heavy institutional ownership were also highlighted in the report.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report)'s stock had its "hold" rating reaffirmed by TD Cowen in a research report issued on Wednesday,Benzinga reports.

A number of other research firms have also recently issued reports on CRNX. Oppenheimer reiterated a "market perform" rating on shares of Crinetics Pharmaceuticals in a research note on Tuesday. Lifesci Capital cut Crinetics Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a report on Tuesday. JonesTrading lowered Crinetics Pharmaceuticals from a "buy" rating to a "hold" rating and set a $85.00 price objective on the stock. in a research note on Tuesday. Weiss Ratings restated a "sell (d-)" rating on shares of Crinetics Pharmaceuticals in a report on Monday, April 20th. Finally, Piper Sandler lowered Crinetics Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research note on Tuesday. Seven investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $78.27.

Crinetics Pharmaceuticals Stock Performance

Shares of NASDAQ CRNX traded down $0.04 during midday trading on Wednesday, reaching $83.50. 5,043,446 shares of the company traded hands, compared to its average volume of 1,932,057. The stock's 50-day simple moving average is $37.67 and its 200-day simple moving average is $41.76. Crinetics Pharmaceuticals has a 12 month low of $25.83 and a 12 month high of $83.63. The firm has a market cap of $8.80 billion, a PE ratio of -16.28 and a beta of 0.23.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last announced its earnings results 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 for 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 company's revenue for the quarter was up 2873.4% compared to the same quarter last year. During the same quarter last year, the business earned ($1.04) EPS. On average, equities research analysts expect that Crinetics Pharmaceuticals will post -4.86 EPS for the current year.

Insider Buying and Selling at Crinetics Pharmaceuticals

In related news, Director Stephanie Okey sold 6,900 shares of the firm'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 transaction, the director owned 6,400 shares in the company, valued at $228,288. This trade represents a 51.88% decrease in their ownership of the stock. 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 Coelho Rogerio Vivaldi sold 3,000 shares of Crinetics Pharmaceuticals 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 completion of the sale, the director owned 19,225 shares of the company's stock, valued at approximately $769,000. The trade was a 13.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of CRNX. First Light Asset Management LLC boosted its stake 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 valued at $39,214,000 after acquiring an additional 77,380 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Crinetics Pharmaceuticals by 279.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,258,722 shares of the company's stock valued at $52,426,000 after purchasing an additional 926,765 shares during the period. WINTON GROUP Ltd bought a new position in shares of Crinetics Pharmaceuticals in the 3rd quarter worth $2,841,000. Aberdeen Group plc boosted its position in shares of Crinetics Pharmaceuticals by 98.4% in the 4th quarter. Aberdeen Group plc now owns 674,533 shares of the company's stock worth $31,400,000 after purchasing an additional 334,584 shares during the last quarter. Finally, Farallon Capital Management LLC grew its stake in shares of Crinetics Pharmaceuticals by 24.2% during the third quarter. Farallon Capital Management LLC now owns 5,770,098 shares of the company's stock worth $240,325,000 after purchasing an additional 1,124,000 shares during the period. Institutional investors own 98.51% of the company's stock.

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

About Crinetics Pharmaceuticals

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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