Cantor Fitzgerald Reiterates “Neutral” Rating for Crinetics Pharmaceuticals (NASDAQ:CRNX)

Crinetics Pharmaceuticals (NASDAQ:CRNX)‘s stock had its “neutral” rating reiterated by analysts at Cantor Fitzgerald in a report released on Tuesday,Benzinga reports.

Several other brokerages have also commented on CRNX. Citizens Jmp restated a “market outperform” rating and issued a $95.00 price target on shares of Crinetics Pharmaceuticals in a research note on Thursday, June 11th. Oppenheimer reduced their price objective on Crinetics Pharmaceuticals from $87.00 to $84.00 and set an “outperform” rating for the company in a research report on Monday, May 11th. Weiss Ratings reissued a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a report on Monday, April 20th. HC Wainwright reissued a “buy” rating and issued a $81.00 price objective on shares of Crinetics Pharmaceuticals in a report on Monday, June 15th. Finally, Wall Street Zen upgraded Crinetics Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research report on Sunday, May 17th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $76.78.

Crinetics Pharmaceuticals Stock Performance

Crinetics Pharmaceuticals stock opened at $42.03 on Tuesday. Crinetics Pharmaceuticals has a one year low of $25.83 and a one year high of $57.99. The company has a 50-day simple moving average of $36.77 and a 200-day simple moving average of $41.51. The firm has a market capitalization of $4.43 billion, a P/E ratio of -8.19 and a beta of 0.23.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued 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 firm had revenue of $10.73 million during the quarter, compared to the consensus estimate of $8.51 million. Crinetics Pharmaceuticals had a negative net margin of 2,747.18% and a negative return on equity of 43.96%. The company’s revenue for the quarter was up 2873.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($1.04) earnings per share. As a group, sell-side analysts forecast that Crinetics Pharmaceuticals will post -4.86 earnings per share for the current year.

Insider Transactions at Crinetics Pharmaceuticals

In related news, Director Stephanie Okey sold 6,900 shares of the stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $35.67, for a total value of $246,123.00. Following the completion of the transaction, the director owned 6,400 shares in the company, valued at $228,288. This represents a 51.88% 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, insider Jeff E. Knight sold 85,163 shares of the firm’s stock in a transaction dated Wednesday, April 8th. The shares were sold at an average price of $40.10, for a total transaction of $3,415,036.30. Following the transaction, the insider directly owned 105,289 shares in the company, valued at approximately $4,222,088.90. The trade was a 44.72% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 3.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. First Light Asset Management LLC boosted its stake in Crinetics Pharmaceuticals by 9.0% during the third quarter. First Light Asset Management LLC now owns 941,516 shares of the company’s stock valued at $39,214,000 after buying an additional 77,380 shares in the last quarter. JPMorgan Chase & Co. raised its position in Crinetics Pharmaceuticals by 279.2% in the third quarter. JPMorgan Chase & Co. now owns 1,258,722 shares of the company’s stock worth $52,426,000 after acquiring an additional 926,765 shares in the last quarter. WINTON GROUP Ltd bought a new stake in Crinetics Pharmaceuticals in the third quarter worth about $2,841,000. Aberdeen Group plc lifted its holdings in Crinetics Pharmaceuticals by 98.4% in the 4th quarter. Aberdeen Group plc now owns 674,533 shares of the company’s stock valued at $31,400,000 after acquiring an additional 334,584 shares during the last quarter. Finally, Farallon Capital Management LLC lifted its holdings in Crinetics Pharmaceuticals by 24.2% in the 3rd quarter. Farallon Capital Management LLC now owns 5,770,098 shares of the company’s stock valued at $240,325,000 after acquiring an additional 1,124,000 shares during the last quarter. Institutional investors and hedge funds 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.