Crinetics Pharmaceuticals (NASDAQ:CRNX) Receives Neutral Rating from HC Wainwright

Crinetics Pharmaceuticals (NASDAQ:CRNX)‘s stock had its “neutral” rating reaffirmed by stock analysts at HC Wainwright in a research report issued on Tuesday,Benzinga reports. They presently have a $85.00 price objective on the stock, up from their prior price objective of $81.00. HC Wainwright’s price objective suggests a potential upside of 102.24% from the stock’s current price.

Several other equities research analysts also recently issued reports on CRNX. Citizens Jmp restated a “market outperform” rating and set a $95.00 target price on shares of Crinetics Pharmaceuticals in a research report on Thursday, June 11th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a research report on Monday, April 20th. Cantor Fitzgerald reiterated a “neutral” rating on shares of Crinetics Pharmaceuticals in a research note on Tuesday. UBS Group assumed coverage on Crinetics Pharmaceuticals in a report on Thursday, July 2nd. They set a “buy” rating and a $55.00 price objective on the stock. Finally, Wall Street Zen upgraded Crinetics Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 17th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Crinetics Pharmaceuticals has an average rating of “Moderate Buy” and a consensus target price of $76.78.

Crinetics Pharmaceuticals Stock Down 0.5%

NASDAQ CRNX opened at $42.03 on Tuesday. The firm has a market cap of $4.43 billion, a P/E ratio of -8.19 and a beta of 0.23. The company’s 50 day moving average is $36.77 and its 200-day moving average is $41.51. Crinetics Pharmaceuticals has a 12-month low of $25.83 and a 12-month high of $57.99.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings data on Thursday, May 7th. The company reported ($1.23) EPS for the quarter, missing the consensus estimate of ($1.22) by ($0.01). Crinetics Pharmaceuticals had a negative return on equity of 43.96% and a negative net margin of 2,747.18%.The business had revenue of $10.73 million during the quarter, compared to the consensus estimate of $8.51 million. During the same period last year, the business posted ($1.04) earnings per share. The firm’s quarterly revenue was up 2873.4% on a year-over-year basis. Equities analysts expect that Crinetics Pharmaceuticals will post -4.86 EPS for the current year.

Insider Buying and Selling at Crinetics Pharmaceuticals

In related news, Director Stephanie Okey sold 6,900 shares of the business’s stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $35.67, for a total transaction of $246,123.00. Following the completion of the transaction, the director directly owned 6,400 shares in the company, valued at $228,288. The trade was a 51.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Jeff E. Knight sold 85,163 shares of the company’s stock in a transaction dated Wednesday, April 8th. The stock was sold at an average price of $40.10, for a total value of $3,415,036.30. Following the completion of the transaction, the insider owned 105,289 shares in the company, valued at $4,222,088.90. This represents a 44.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 3.80% of the company’s stock.

Institutional Trading of Crinetics Pharmaceuticals

A number of large investors have recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Crinetics Pharmaceuticals by 11.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 59,311 shares of the company’s stock worth $1,995,000 after purchasing an additional 6,148 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Crinetics Pharmaceuticals by 6.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 347,581 shares of the company’s stock valued at $11,658,000 after purchasing an additional 22,305 shares in the last quarter. Strs Ohio bought a new stake in Crinetics Pharmaceuticals during the first quarter valued at approximately $124,000. Invesco Ltd. lifted its position in Crinetics Pharmaceuticals by 11.7% during the second quarter. Invesco Ltd. now owns 78,140 shares of the company’s stock valued at $2,247,000 after purchasing an additional 8,181 shares during the last quarter. Finally, Sei Investments Co. grew its stake in Crinetics Pharmaceuticals by 20.6% in the 2nd quarter. Sei Investments Co. now owns 60,180 shares of the company’s stock worth $1,731,000 after buying an additional 10,269 shares in 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.