Crinetics Pharmaceuticals (NASDAQ:CRNX) Receives “Hold” Rating from TD Cowen

TD Cowen reaffirmed their hold rating on shares of Crinetics Pharmaceuticals (NASDAQ:CRNX) in a research report report published on Wednesday morning,Benzinga reports.

Several other research firms also recently issued reports on CRNX. Oppenheimer restated a “market perform” rating on shares of Crinetics Pharmaceuticals in a report on Tuesday. UBS Group assumed coverage on shares of Crinetics Pharmaceuticals in a report on Thursday, July 2nd. They issued a “buy” rating and a $55.00 target price for the company. Jefferies Financial Group downgraded shares of Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating and lifted their target price for the stock from $55.00 to $85.00 in a research report on Tuesday. Robert W. Baird lifted their target price on shares of Crinetics Pharmaceuticals from $62.00 to $85.00 and gave the stock an “outperform” rating in a research report on Tuesday. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a report on Monday, April 20th. Seven analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $78.27.

Crinetics Pharmaceuticals Stock Performance

NASDAQ CRNX opened at $83.49 on Wednesday. Crinetics Pharmaceuticals has a 1 year low of $25.83 and a 1 year high of $83.63. The business’s fifty day moving average is $38.57 and its two-hundred day moving average is $42.03. The stock has a market capitalization of $8.80 billion, a P/E ratio of -16.27 and a beta of 0.23.

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

Insider Buying and Selling

In other Crinetics Pharmaceuticals news, Director Coelho Rogerio Vivaldi sold 3,000 shares of Crinetics Pharmaceuticals stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $40.00, for a total transaction of $120,000.00. Following the completion of the sale, the director owned 19,225 shares of the company’s stock, valued at $769,000. This trade represents a 13.50% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephanie Okey sold 6,900 shares of the business’s stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $35.67, for a total transaction of $246,123.00. Following the transaction, the director owned 6,400 shares in the company, valued at approximately $228,288. This represents a 51.88% 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. 3.80% of the stock is owned by corporate insiders.

Institutional Trading of Crinetics Pharmaceuticals

A number of institutional investors have recently bought and sold shares of CRNX. Wellington Management Group LLP lifted its holdings in shares of Crinetics Pharmaceuticals by 44.3% during the 3rd quarter. Wellington Management Group LLP now owns 8,381,991 shares of the company’s stock valued at $349,110,000 after buying an additional 2,574,683 shares during the last quarter. Farallon Capital Management LLC increased its holdings in Crinetics Pharmaceuticals by 20.2% in the fourth quarter. Farallon Capital Management LLC now owns 6,933,098 shares of the company’s stock worth $322,736,000 after buying an additional 1,163,000 shares during the last quarter. Janus Henderson Group PLC increased its holdings in Crinetics Pharmaceuticals by 1.8% in the first quarter. Janus Henderson Group PLC now owns 4,520,251 shares of the company’s stock worth $164,227,000 after buying an additional 79,560 shares during the last quarter. Paradigm Biocapital Advisors LP increased its holdings in Crinetics Pharmaceuticals by 8.8% in the third quarter. Paradigm Biocapital Advisors LP now owns 2,550,774 shares of the company’s stock worth $106,240,000 after buying an additional 207,221 shares during the last quarter. Finally, Siren L.L.C. raised its position in Crinetics Pharmaceuticals by 26.3% during the first quarter. Siren L.L.C. now owns 1,903,636 shares of the company’s stock valued at $69,140,000 after acquiring an additional 396,000 shares in the last quarter. Institutional investors and hedge funds own 98.51% of the company’s stock.

More Crinetics Pharmaceuticals News

Here are the key news stories impacting Crinetics Pharmaceuticals this week:

• Positive Sentiment: Vertex’s $85-per-share cash acquisition offers shareholders a large premium and sets a clear takeout value for Crinetics Pharmaceuticals (CRNX). Article Title
• Positive Sentiment: Crinetics’ approved PALSONIFY and its Phase 3 pipeline asset Atumelnant make the company strategically attractive as Vertex expands beyond cystic fibrosis. Article Title
• Neutral Sentiment: Multiple analysts reassessed the stock around the deal, with several price targets clustering near $85, suggesting limited upside beyond the offer price. Article Title
• Negative Sentiment: Law firms have launched shareholder investigations into whether the board obtained a fair price and ran a fair sale process, which could create legal overhang. Article Title
• Negative Sentiment: Several brokerage downgrades and insider-selling headlines may add caution, though they are secondary to the acquisition news. Article Title

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.