Crinetics Pharmaceuticals (NASDAQ:CRNX) Downgraded by Wall Street Zen to “Sell”

Crinetics Pharmaceuticals (NASDAQ:CRNX) was downgraded by analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a note issued to investors on Saturday.

CRNX has been the topic of several other research reports. The Goldman Sachs Group upgraded shares of Crinetics Pharmaceuticals from a “neutral” rating to a “buy” rating and set a $67.00 price objective on the stock in a report on Monday, January 12th. Citizens Jmp decreased their target price on shares of Crinetics Pharmaceuticals from $108.00 to $105.00 and set a “market outperform” rating for the company in a research report on Thursday, January 8th. Weiss Ratings restated a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a report on Wednesday, January 21st. Finally, Morgan Stanley lifted their price target on Crinetics Pharmaceuticals from $77.00 to $80.00 and gave the company an “overweight” rating in a research note on Tuesday, January 6th. Ten research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Crinetics Pharmaceuticals has an average rating of “Moderate Buy” and a consensus price target of $82.50.

Crinetics Pharmaceuticals Stock Down 3.1%

Shares of NASDAQ:CRNX opened at $42.70 on Friday. Crinetics Pharmaceuticals has a twelve month low of $24.10 and a twelve month high of $57.99. The stock’s 50 day moving average is $49.79 and its 200-day moving average is $42.06. The firm has a market capitalization of $4.36 billion, a price-to-earnings ratio of -9.43 and a beta of 0.19.

Insider Buying and Selling at Crinetics Pharmaceuticals

In related news, insider Isabel Kalofonos sold 2,500 shares of the firm’s stock in a transaction dated Monday, January 5th. The shares were sold at an average price of $55.00, for a total transaction of $137,500.00. Following the transaction, the insider directly owned 834 shares of the company’s stock, valued at $45,870. This trade represents a 74.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 4.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Smartleaf Asset Management LLC grew its holdings in shares of Crinetics Pharmaceuticals by 107.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 639 shares of the company’s stock valued at $30,000 after acquiring an additional 331 shares in the last quarter. Farther Finance Advisors LLC lifted its holdings in Crinetics Pharmaceuticals by 523.7% during the third quarter. Farther Finance Advisors LLC now owns 842 shares of the company’s stock worth $35,000 after acquiring an additional 707 shares during the period. Headlands Technologies LLC purchased a new position in Crinetics Pharmaceuticals in the second quarter worth $30,000. Parallel Advisors LLC grew its stake in Crinetics Pharmaceuticals by 34.6% in the 4th quarter. Parallel Advisors LLC now owns 1,225 shares of the company’s stock valued at $57,000 after purchasing an additional 315 shares during the period. Finally, Covestor Ltd grew its stake in Crinetics Pharmaceuticals by 23,983.3% in the 3rd quarter. Covestor Ltd now owns 1,445 shares of the company’s stock valued at $60,000 after purchasing an additional 1,439 shares during the period. Hedge funds and other 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.