Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Given Average Rating of “Moderate Buy” by Brokerages

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) has been given an average recommendation of “Moderate Buy” by the ten ratings firms that are covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, eight have issued a buy rating and one has issued a strong buy rating on the company. The average 1 year price objective among brokers that have covered the stock in the last year is $76.1250.

Several equities analysts recently weighed in on CRNX shares. Lifesci Capital raised Crinetics Pharmaceuticals to a “strong-buy” rating in a research note on Friday, February 13th. Citizens Jmp restated a “market outperform” rating and issued a $95.00 price target on shares of Crinetics Pharmaceuticals in a research report on Thursday. Weiss Ratings restated a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a research report on Monday, April 20th. Wall Street Zen upgraded Crinetics Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research report on Sunday, May 17th. Finally, Oppenheimer dropped their target price on shares of Crinetics Pharmaceuticals from $87.00 to $84.00 and set an “outperform” rating for the company in a report on Monday, May 11th.

Crinetics Pharmaceuticals Trading Down 2.3%

Shares of Crinetics Pharmaceuticals stock opened at $33.53 on Friday. Crinetics Pharmaceuticals has a 12-month low of $25.83 and a 12-month high of $57.99. The stock has a market cap of $3.54 billion, a PE ratio of -6.54 and a beta of 0.24. The company has a 50-day moving average of $37.38 and a two-hundred day moving average of $42.69.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its earnings results on Thursday, May 7th. The company reported ($1.23) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.22) by ($0.01). Crinetics Pharmaceuticals had a negative net margin of 2,747.18% and a negative return on equity of 43.96%. The company had revenue of $10.73 million during the quarter, compared to analysts’ expectations of $8.51 million. During the same period last year, the business posted ($1.04) earnings per share. The company’s quarterly revenue was up 2873.4% on a year-over-year basis. On average, sell-side analysts forecast that Crinetics Pharmaceuticals will post -4.85 EPS for the current fiscal year.

Insider Buying and Selling at Crinetics Pharmaceuticals

In other news, CEO Richard Scott Struthers sold 21,981 shares of the firm’s stock in a transaction that occurred on Monday, March 16th. The shares were 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 directly owned 404,778 shares of the company’s stock, valued at $15,126,553.86. This trade represents a 5.15% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Stephen F. Betz sold 10,612 shares of the firm’s stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $37.37, for a total transaction of $396,570.44. Following the transaction, the insider directly owned 137,101 shares of the company’s stock, valued at approximately $5,123,464.37. This trade represents a 7.18% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 127,667 shares of company stock worth $5,003,411. 3.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

Several hedge funds have recently bought and sold shares of the stock. Parkman Healthcare Partners LLC increased its position in Crinetics Pharmaceuticals by 0.4% during the third quarter. Parkman Healthcare Partners LLC now owns 73,725 shares of the company’s stock worth $3,071,000 after buying an additional 313 shares in the last quarter. Parallel Advisors LLC increased its position in Crinetics Pharmaceuticals by 34.6% during the 4th quarter. Parallel Advisors LLC now owns 1,225 shares of the company’s stock worth $57,000 after purchasing an additional 315 shares in the last quarter. PNC Financial Services Group Inc. increased its position in Crinetics Pharmaceuticals by 5.8% during the 3rd quarter. PNC Financial Services Group Inc. now owns 5,952 shares of the company’s stock worth $248,000 after purchasing an additional 327 shares in the last quarter. Smartleaf Asset Management LLC increased its position in Crinetics Pharmaceuticals by 107.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 639 shares of the company’s stock worth $30,000 after purchasing an additional 331 shares in the last quarter. Finally, Brooklyn Investment Group increased its position in Crinetics Pharmaceuticals by 6.3% during the 4th quarter. Brooklyn Investment Group now owns 5,890 shares of the company’s stock worth $280,000 after purchasing an additional 348 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.