Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Given Consensus Rating of “Hold” by Brokerages

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) have been assigned an average rating of “Hold” from the seventeen ratings firms that are covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and five have given a buy rating to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $81.00.

A number of research firms have weighed in on CRNX. UBS Group restated a “neutral” rating and issued a $85.00 price target (up from $55.00) on shares of Crinetics Pharmaceuticals in a report on Tuesday, July 28th. Lifesci Capital lowered shares of Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 7th. Cantor Fitzgerald cut shares of Crinetics Pharmaceuticals from an “overweight” rating to a “hold” rating in a research report on Tuesday, July 7th. Evercore downgraded shares of Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 7th. Finally, Citizens Jmp lowered shares of Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 7th.

Crinetics Pharmaceuticals Stock Performance

NASDAQ:CRNX opened at $84.95 on Wednesday. The firm has a market capitalization of $9.01 billion, a price-to-earnings ratio of -16.86 and a beta of 0.08. The firm’s fifty day simple moving average is $75.95 and its 200 day simple moving average is $51.29. Crinetics Pharmaceuticals has a twelve month low of $30.25 and a twelve month high of $85.01.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings data on Monday, August 3rd. The company reported ($1.14) EPS for the quarter, topping analysts’ consensus estimates of ($1.18) by $0.04. Crinetics Pharmaceuticals had a negative return on equity of 44.22% and a negative net margin of 1,189.88%.The company had revenue of $25.12 million for the quarter, compared to analysts’ expectations of $14.84 million. During the same quarter in the previous year, the firm posted ($1.23) earnings per share. The firm’s quarterly revenue was up 2336.9% on a year-over-year basis. On average, analysts predict that Crinetics Pharmaceuticals will post -4.83 earnings per share for the current year.

Insiders Place Their Bets

In other Crinetics Pharmaceuticals news, Director Stephanie Okey sold 6,900 shares of the company’s stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $35.67, for a total value 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. The transaction was disclosed in a filing with the SEC, 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 the firm’s stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $40.00, for a total value of $120,000.00. Following the sale, the director owned 19,225 shares of the company’s stock, valued at $769,000. This represents 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. Insiders own 3.80% of the company’s stock.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

A number of hedge funds have recently bought and sold shares of the business. HighTower Advisors LLC purchased a new stake in Crinetics Pharmaceuticals during the 2nd quarter worth approximately $207,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Crinetics Pharmaceuticals during the 2nd quarter valued at approximately $494,000. California State Teachers Retirement System grew its position in shares of Crinetics Pharmaceuticals by 3,523.8% during the second quarter. California State Teachers Retirement System now owns 3,825,409 shares of the company’s stock worth $143,147,000 after buying an additional 3,719,846 shares in the last quarter. Nykredit A S acquired a new stake in shares of Crinetics Pharmaceuticals during the second quarter worth approximately $93,000. Finally, Montanova Capital LLC grew its position in shares of Crinetics Pharmaceuticals by 13.6% during the second quarter. Montanova Capital LLC now owns 1,186,279 shares of the company’s stock worth $44,391,000 after buying an additional 142,400 shares in the last quarter. Institutional investors and hedge funds 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.