Crinetics Pharmaceuticals (NASDAQ:CRNX) Stock Rating Upgraded by The Goldman Sachs Group

Crinetics Pharmaceuticals (NASDAQ:CRNX) was upgraded by analysts at The Goldman Sachs Group from a “neutral” rating to a “buy” rating in a report released on Monday, Marketbeat Ratings reports. The brokerage presently has a $67.00 target price on the stock. The Goldman Sachs Group’s price objective would indicate a potential upside of 23.37% from the company’s current price.

Several other equities research analysts also recently issued reports on CRNX. Weiss Ratings restated a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a research note on Wednesday, October 8th. Wall Street Zen upgraded shares of Crinetics Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Saturday, January 3rd. Morgan Stanley boosted their price objective on shares of Crinetics Pharmaceuticals from $77.00 to $80.00 and gave the stock an “overweight” rating in a report on Tuesday, January 6th. Robert W. Baird increased their target price on shares of Crinetics Pharmaceuticals from $58.00 to $62.00 and gave the company an “outperform” rating in a research note on Friday, September 26th. Finally, Citizens Jmp decreased their target price on Crinetics Pharmaceuticals from $108.00 to $105.00 and set a “market outperform” rating on the stock in a research report on Thursday, January 8th. Twelve analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $80.00.

Crinetics Pharmaceuticals Stock Performance

Crinetics Pharmaceuticals stock opened at $54.31 on Monday. Crinetics Pharmaceuticals has a 52 week low of $24.10 and a 52 week high of $57.99. The firm has a market capitalization of $5.15 billion, a PE ratio of -11.99 and a beta of 0.20. The business’s 50-day simple moving average is $46.64 and its 200-day simple moving average is $38.99.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its earnings results on Thursday, November 6th. The company reported ($1.38) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.27) by ($0.11). The business had revenue of $0.14 million during the quarter, compared to analysts’ expectations of $0.39 million. During the same quarter in the prior year, the business earned ($0.96) earnings per share. Research analysts forecast that Crinetics Pharmaceuticals will post -3.73 earnings per share for the current year.

Insider Activity

In other Crinetics Pharmaceuticals news, insider Isabel Kalofonos sold 2,500 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Monday, January 5th. The stock was sold at an average price of $55.00, for a total transaction of $137,500.00. Following the sale, the insider directly owned 834 shares of the company’s stock, valued at approximately $45,870. The trade was a 74.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Dana Pizzuti sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $42.66, for a total value of $213,300.00. Following the completion of the sale, the insider owned 66,270 shares in the company, valued at approximately $2,827,078.20. This represents a 7.02% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 6.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

Several hedge funds and other institutional investors have recently modified their holdings of CRNX. Wellington Management Group LLP grew its position in Crinetics Pharmaceuticals by 44.3% in the third quarter. Wellington Management Group LLP now owns 8,381,991 shares of the company’s stock valued at $349,110,000 after acquiring an additional 2,574,683 shares during the period. Farallon Capital Management LLC boosted its stake in shares of Crinetics Pharmaceuticals by 24.2% in the 3rd 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 in the last quarter. JPMorgan Chase & Co. grew its holdings 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 worth $52,426,000 after purchasing an additional 926,765 shares during the last quarter. Ameriprise Financial Inc. increased its position in shares of Crinetics Pharmaceuticals by 157.7% during the 3rd quarter. Ameriprise Financial Inc. now owns 614,816 shares of the company’s stock worth $25,607,000 after purchasing an additional 376,206 shares in the last quarter. Finally, American Century Companies Inc. lifted its holdings in Crinetics Pharmaceuticals by 33.6% during the 3rd quarter. American Century Companies Inc. now owns 1,133,535 shares of the company’s stock valued at $47,212,000 after purchasing an additional 284,897 shares during the last quarter. Institutional investors own 98.51% of the company’s stock.

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.