Crinetics Pharmaceuticals (NASDAQ:CRNX) Given Hold Rating at JonesTrading

Crinetics Pharmaceuticals (NASDAQ:CRNX)‘s stock had its “hold” rating reissued by analysts at JonesTrading in a report released on Tuesday,Benzinga reports. They presently have a $85.00 price objective on the stock. JonesTrading’s price objective would suggest a potential upside of 1.77% from the stock’s current price.

Other equities research analysts also recently issued research reports about the stock. Wall Street Zen raised shares of Crinetics Pharmaceuticals from a “strong sell” rating to a “sell” rating in a report on Sunday, May 17th. UBS Group started coverage on shares of Crinetics Pharmaceuticals in a research note on Thursday, July 2nd. They set a “buy” rating and a $55.00 target price on the stock. Oppenheimer restated a “market perform” rating on shares of Crinetics Pharmaceuticals in a research report on Tuesday. Jefferies Financial Group reaffirmed a “hold” rating and issued a $85.00 price target (up from $55.00) on shares of Crinetics Pharmaceuticals in a research note on Tuesday. Finally, Citizens Jmp reaffirmed a “market outperform” rating and issued a $95.00 price target on shares of Crinetics Pharmaceuticals in a research note on Thursday, June 11th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $78.27.

Crinetics Pharmaceuticals Trading Up 98.7%

CRNX traded up $41.49 during trading hours on Tuesday, hitting $83.53. The company’s stock had a trading volume of 63,570,792 shares, compared to its average volume of 1,768,016. Crinetics Pharmaceuticals has a fifty-two week low of $25.83 and a fifty-two week high of $83.59. The firm has a market capitalization of $8.81 billion, a PE ratio of -16.28 and a beta of 0.23. The company has a 50-day simple moving average of $36.77 and a 200 day simple moving average of $41.51.

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 the consensus estimate of $8.51 million. During the same period in the previous year, the firm earned ($1.04) EPS. The firm’s revenue was up 2873.4% on a year-over-year basis. Research analysts expect that Crinetics Pharmaceuticals will post -4.86 earnings per share for the current fiscal year.

Insider Buying and Selling at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, Director Stephanie Okey sold 6,900 shares of the stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $35.67, for a total value of $246,123.00. Following the transaction, the director owned 6,400 shares of the company’s stock, valued at approximately $228,288. This represents a 51.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Jeff E. Knight sold 85,163 shares of the stock in a transaction dated Wednesday, April 8th. The shares were 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 directly owned 105,289 shares in the company, valued at $4,222,088.90. The trade was a 44.72% 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. 3.80% of the stock is owned by company insiders.

Institutional Trading of Crinetics Pharmaceuticals

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Wellington Management Group LLP raised its position in shares of Crinetics Pharmaceuticals by 44.3% in the 3rd quarter. Wellington Management Group LLP now owns 8,381,991 shares of the company’s stock valued at $349,110,000 after acquiring an additional 2,574,683 shares during the period. Baker BROS. Advisors LP grew its holdings in Crinetics Pharmaceuticals by 488.9% during the fourth quarter. Baker BROS. Advisors LP now owns 1,648,869 shares of the company’s stock valued at $76,755,000 after purchasing an additional 1,368,869 shares during the period. Farallon Capital Management LLC increased its stake 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 valued at $322,736,000 after purchasing an additional 1,163,000 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Crinetics Pharmaceuticals by 279.2% in the third quarter. JPMorgan Chase & Co. now owns 1,258,722 shares of the company’s stock valued at $52,426,000 after purchasing an additional 926,765 shares in the last quarter. Finally, ADAR1 Capital Management LLC increased its stake in Crinetics Pharmaceuticals by 268.3% in the first quarter. ADAR1 Capital Management LLC now owns 1,139,331 shares of the company’s stock valued at $41,381,000 after purchasing an additional 829,963 shares in the last quarter. 98.51% of the stock is owned by institutional investors.

Key Headlines Impacting Crinetics Pharmaceuticals

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

• Positive Sentiment: Vertex agreed to acquire Crinetics Pharmaceuticals for $85.00 per share in cash, valuing the company at roughly $10 billion and likely setting a near-term floor near the deal price. Vertex to Acquire Crinetics Pharmaceuticals
• Positive Sentiment: Analyst coverage turned more constructive, with Robert W. Baird raising its price target to $85 and reiterating an outperform rating, reinforcing the takeover valuation. Benzinga coverage of Robert W. Baird update
• Neutral Sentiment: Cantor Fitzgerald and HC Wainwright both reiterated neutral views, indicating the stock is now largely trading on deal terms rather than on standalone fundamentals. Benzinga analyst updates
• Neutral Sentiment: Law firms Brodsky & Smith, Ademi LLP, and Halper Sadeh announced investigations into whether Crinetics’ board secured a fair price for shareholders, which could create headline risk but does not change the announced deal. Brodsky & Smith investigation

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.