Oppenheimer Reiterates Market Perform Rating for Crinetics Pharmaceuticals (NASDAQ:CRNX)

Crinetics Pharmaceuticals (NASDAQ:CRNX)‘s stock had its “market perform” rating reiterated by equities researchers at Oppenheimer in a research note issued to investors on Tuesday,Benzinga reports.

A number of other research firms also recently weighed in on CRNX. Citizens Jmp reiterated a “market outperform” rating and set a $95.00 target price on shares of Crinetics Pharmaceuticals in a report on Thursday, June 11th. HC Wainwright restated a “neutral” rating and set a $85.00 price target (up from $81.00) on shares of Crinetics Pharmaceuticals in a research report on Tuesday. Cantor Fitzgerald reiterated a “neutral” rating on shares of Crinetics Pharmaceuticals in a report on Tuesday. Wall Street Zen upgraded shares of Crinetics Pharmaceuticals from a “strong sell” rating to a “sell” rating in a report on Sunday, May 17th. Finally, UBS Group assumed coverage on shares of Crinetics Pharmaceuticals in a research note on Thursday, July 2nd. They issued a “buy” rating and a $55.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $76.78.

Crinetics Pharmaceuticals Trading Up 98.8%

Shares of NASDAQ CRNX opened at $83.56 on Tuesday. Crinetics Pharmaceuticals has a 12 month low of $25.83 and a 12 month high of $83.59. The firm has a market capitalization of $8.81 billion, a PE ratio of -16.29 and a beta of 0.23. The firm has a fifty day simple moving average of $36.77 and a two-hundred day simple moving average of $41.51.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($1.23) earnings per share (EPS) 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 company had revenue of $10.73 million for the quarter, compared to analysts’ expectations of $8.51 million. During the same quarter in the prior year, the firm earned ($1.04) EPS. Crinetics Pharmaceuticals’s quarterly revenue was up 2873.4% compared to the same quarter last year. On average, sell-side analysts predict that Crinetics Pharmaceuticals will post -4.86 earnings per share for the current year.

Insiders Place Their Bets

In other Crinetics Pharmaceuticals news, insider Jeff E. Knight sold 85,163 shares of the 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 transaction, the insider owned 105,289 shares of the company’s stock, valued at approximately $4,222,088.90. This represents a 44.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through 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 firm’s 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 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 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 currently owned by corporate insiders.

Institutional Trading of Crinetics Pharmaceuticals

A number of hedge funds and other institutional investors have recently bought and sold shares of CRNX. First Light Asset Management LLC boosted its stake in shares of Crinetics Pharmaceuticals by 9.0% in the third quarter. First Light Asset Management LLC now owns 941,516 shares of the company’s stock worth $39,214,000 after acquiring an additional 77,380 shares during the period. JPMorgan Chase & Co. raised its position in shares of Crinetics Pharmaceuticals by 279.2% during the third quarter. JPMorgan Chase & Co. now owns 1,258,722 shares of the company’s stock valued at $52,426,000 after buying an additional 926,765 shares during the last quarter. WINTON GROUP Ltd purchased a new position in shares of Crinetics Pharmaceuticals in the third quarter worth $2,841,000. Aberdeen Group plc grew its stake in Crinetics Pharmaceuticals by 98.4% during the fourth 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 in the last quarter. Finally, Farallon Capital Management LLC increased 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. Hedge funds and other institutional investors own 98.51% of the company’s stock.

Crinetics Pharmaceuticals News Roundup

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

• Positive Sentiment: Vertex Pharmaceuticals agreed to acquire Crinetics Pharmaceuticals for $85.00 per share in cash, sending shares sharply higher as investors price in the deal premium. Vertex to Acquire Crinetics Pharmaceuticals
• Positive Sentiment: HC Wainwright raised its price target on Crinetics to $85 from $81, reinforcing the transaction value and offering additional support for the stock. HC Wainwright price target update
• Neutral Sentiment: Analysts at Cantor Fitzgerald reiterated a neutral rating on Crinetics, signaling a wait-and-see stance after the takeover announcement. Cantor Fitzgerald rating reaffirmation
• Neutral Sentiment: Investor-rights firms have launched fair-price investigations into the transaction, which could create headline noise but does not change the announced deal terms for now. Halper Sadeh investigation

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.