Crinetics Pharmaceuticals’ (CRNX) “Hold” Rating Reaffirmed at TD Cowen

Crinetics Pharmaceuticals (NASDAQ:CRNX)‘s stock had its “hold” rating reiterated by research analysts at TD Cowen in a report released on Wednesday,Benzinga reports.

Several other research firms have also weighed in on CRNX. Robert W. Baird lifted their target price on Crinetics Pharmaceuticals from $62.00 to $85.00 and gave the stock an “outperform” rating in a report on Tuesday. HC Wainwright downgraded Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating and increased their price target for the stock from $81.00 to $85.00 in a report on Tuesday. Oppenheimer reiterated a “market perform” rating on shares of Crinetics Pharmaceuticals in a report on Tuesday. Wall Street Zen upgraded Crinetics Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research report on Sunday, May 17th. Finally, UBS Group assumed coverage on Crinetics Pharmaceuticals in a research note on Thursday, July 2nd. They set a “buy” rating and a $55.00 target price for the company. 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 company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $78.27.

Crinetics Pharmaceuticals Stock Down 0.0%

Crinetics Pharmaceuticals stock traded down $0.04 during midday trading on Wednesday, hitting $83.50. 5,043,446 shares of the stock were exchanged, compared to its average volume of 1,932,057. The stock has a market capitalization of $8.80 billion, a PE ratio of -16.28 and a beta of 0.23. The company has a fifty day simple moving average of $37.67 and a two-hundred day simple moving average of $41.76. Crinetics Pharmaceuticals has a 52 week low of $25.83 and a 52 week high of $83.63.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its earnings results on Thursday, May 7th. The company reported ($1.23) earnings per share for the quarter, missing the consensus estimate of ($1.22) by ($0.01). The firm 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 company’s revenue for the quarter was up 2873.4% on a year-over-year basis. During the same quarter last year, the business posted ($1.04) earnings per share. As a group, equities research analysts anticipate that Crinetics Pharmaceuticals will post -4.86 EPS for the current fiscal year.

Insider Buying and Selling

In other Crinetics Pharmaceuticals news, Director Coelho Rogerio Vivaldi sold 3,000 shares of the company’s stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $40.00, for a total transaction of $120,000.00. Following the completion of the transaction, the director owned 19,225 shares of the company’s stock, valued at $769,000. This represents a 13.50% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 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 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 transaction, the director directly owned 6,400 shares of the company’s stock, valued at approximately $228,288. This trade represents a 51.88% decrease in their position. The SEC filing for this sale provides additional information. 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 Investors Weigh In On Crinetics Pharmaceuticals

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. First Light Asset Management LLC boosted its stake in shares of Crinetics Pharmaceuticals by 9.0% during the 3rd quarter. First Light Asset Management LLC now owns 941,516 shares of the company’s stock worth $39,214,000 after buying an additional 77,380 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of Crinetics Pharmaceuticals by 279.2% in the third quarter. JPMorgan Chase & Co. now owns 1,258,722 shares of the company’s stock valued at $52,426,000 after acquiring an additional 926,765 shares during the last quarter. WINTON GROUP Ltd acquired a new stake in shares of Crinetics Pharmaceuticals in the third quarter valued at about $2,841,000. Aberdeen Group plc raised its holdings in Crinetics Pharmaceuticals by 98.4% during the fourth quarter. Aberdeen Group plc now owns 674,533 shares of the company’s stock worth $31,400,000 after acquiring an additional 334,584 shares in the last quarter. Finally, Farallon Capital Management LLC boosted its position in Crinetics Pharmaceuticals by 24.2% during the third quarter. Farallon Capital Management LLC now owns 5,770,098 shares of the company’s stock valued at $240,325,000 after purchasing an additional 1,124,000 shares during the last quarter. 98.51% of the stock is owned by institutional investors.

Key Headlines Impacting Crinetics Pharmaceuticals

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.