Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Given Consensus Recommendation of “Hold” by Analysts

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) have been assigned a consensus rating of “Hold” from the seventeen brokerages that are presently covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, ten have assigned a hold recommendation and six have issued a buy recommendation on the company. The average 12 month price objective among analysts that have covered the stock in the last year is $78.2727.

CRNX has been the subject of a number of recent analyst reports. UBS Group initiated coverage on Crinetics Pharmaceuticals in a research note on Thursday, July 2nd. They set a “buy” rating and a $55.00 price objective for the company. Oppenheimer reaffirmed a “market perform” rating on shares of Crinetics Pharmaceuticals in a research report on Tuesday, July 7th. Cantor Fitzgerald cut Crinetics Pharmaceuticals from an “overweight” rating to a “hold” rating in a research note on Tuesday, July 7th. Piper Sandler cut Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 7th. Finally, Citizens Jmp downgraded shares of Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 7th.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Crinetics Pharmaceuticals

A number of hedge funds have recently bought and sold shares of the company. Wellington Management Group LLP raised its stake in Crinetics Pharmaceuticals by 44.3% during the third 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 in the last quarter. Farallon Capital Management LLC grew its position in shares of Crinetics Pharmaceuticals by 20.2% in the 4th quarter. Farallon Capital Management LLC now owns 6,933,098 shares of the company’s stock worth $322,736,000 after acquiring an additional 1,163,000 shares in the last quarter. Janus Henderson Group PLC increased its holdings in shares of Crinetics Pharmaceuticals by 1.8% in the 1st quarter. Janus Henderson Group PLC now owns 4,520,251 shares of the company’s stock valued at $164,227,000 after acquiring an additional 79,560 shares during the last quarter. Paradigm Biocapital Advisors LP increased its holdings in shares of Crinetics Pharmaceuticals by 8.8% in the 3rd quarter. Paradigm Biocapital Advisors LP now owns 2,550,774 shares of the company’s stock valued at $106,240,000 after acquiring an additional 207,221 shares during the last quarter. Finally, Siren L.L.C. raised its position in shares of Crinetics Pharmaceuticals by 26.3% during the 1st 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. 98.51% of the stock is currently owned by institutional investors and hedge funds.

Crinetics Pharmaceuticals Price Performance

NASDAQ:CRNX opened at $83.67 on Tuesday. The firm has a 50-day moving average of $41.28 and a two-hundred day moving average of $42.77. The stock has a market cap of $8.82 billion, a P/E ratio of -16.31 and a beta of 0.23. Crinetics Pharmaceuticals has a 1-year low of $25.83 and a 1-year high of $83.76.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its earnings results 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). Crinetics Pharmaceuticals had a negative net margin of 2,747.18% and a negative return on equity of 43.96%. The business had revenue of $10.73 million for the quarter, compared to analyst estimates of $8.51 million. During the same quarter in the prior year, the business earned ($1.04) earnings per share. The firm’s revenue was up 2873.4% on a year-over-year basis. As a group, equities analysts expect that Crinetics Pharmaceuticals will post -4.86 earnings per share for the current year.

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.