Crinetics Pharmaceuticals (NASDAQ:CRNX) Rating Increased to Sell at Wall Street Zen

Wall Street Zen upgraded shares of Crinetics Pharmaceuticals (NASDAQ:CRNX) from a strong sell rating to a sell rating in a research report report published on Sunday morning.

CRNX has been the subject of a number of other research reports. Oppenheimer dropped their price target on Crinetics Pharmaceuticals from $87.00 to $84.00 and set an “outperform” rating for the company in a research note on Monday, May 11th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a research note on Monday, April 20th. Citizens Jmp dropped their price target on Crinetics Pharmaceuticals from $97.00 to $95.00 and set a “market outperform” rating for the company in a research note on Friday, May 8th. Finally, Lifesci Capital raised Crinetics Pharmaceuticals to a “strong-buy” rating in a research note on Friday, February 13th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $76.13.

Crinetics Pharmaceuticals Stock Performance

Shares of Crinetics Pharmaceuticals stock opened at $36.77 on Friday. Crinetics Pharmaceuticals has a 52-week low of $25.83 and a 52-week high of $57.99. The stock has a market capitalization of $3.88 billion, a price-to-earnings ratio of -7.17 and a beta of 0.28. The company’s 50 day moving average price is $37.91 and its 200-day moving average price is $43.70.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($1.23) EPS for the quarter, missing analysts’ consensus estimates 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 business had revenue of $10.73 million during the quarter, compared to analysts’ expectations of $8.51 million. During the same period in the previous year, the business earned ($1.04) EPS. The business’s revenue was up 2873.4% compared to the same quarter last year. As a group, equities research analysts forecast that Crinetics Pharmaceuticals will post -4.82 earnings per share for the current fiscal year.

Insider Buying and Selling at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, CEO Richard Scott Struthers sold 21,981 shares of the firm’s stock in a transaction on Monday, March 16th. The stock was sold at an average price of $37.37, for a total transaction of $821,429.97. Following the completion of the transaction, the chief executive officer owned 404,778 shares of the company’s stock, valued at approximately $15,126,553.86. This trade represents a 5.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Coelho Rogerio Vivaldi sold 5,000 shares of the firm’s stock in a transaction on Thursday, March 12th. The shares were sold at an average price of $36.15, for a total value of $180,750.00. Following the transaction, the director directly owned 16,300 shares of the company’s stock, valued at $589,245. This represents a 23.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 142,380 shares of company stock valued at $5,569,475. Company insiders own 3.80% of the company’s stock.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Wellington Management Group LLP lifted its position in Crinetics Pharmaceuticals by 44.3% during the third quarter. Wellington Management Group LLP now owns 8,381,991 shares of the company’s stock valued at $349,110,000 after buying an additional 2,574,683 shares during the period. Farallon Capital Management LLC increased its holdings in shares of Crinetics Pharmaceuticals by 20.2% during the fourth quarter. Farallon Capital Management LLC now owns 6,933,098 shares of the company’s stock valued at $322,736,000 after acquiring an additional 1,163,000 shares in the last quarter. Janus Henderson Group PLC increased its holdings in shares of Crinetics Pharmaceuticals by 15.1% during the fourth quarter. Janus Henderson Group PLC now owns 4,440,691 shares of the company’s stock valued at $206,604,000 after acquiring an additional 581,900 shares in the last quarter. Paradigm Biocapital Advisors LP increased its holdings in shares of Crinetics Pharmaceuticals by 8.8% during 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 in the last quarter. Finally, Siren L.L.C. increased 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 valued at $69,140,000 after acquiring an additional 396,000 shares in the last quarter. Hedge funds and other institutional investors own 98.51% of the company’s 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.