Crinetics Pharmaceuticals (NASDAQ:CRNX) Lowered to “Hold” Rating by Lifesci Capital

Lifesci Capital cut shares of Crinetics Pharmaceuticals (NASDAQ:CRNX) from a strong-buy rating to a hold rating in a research report report published on Tuesday,Zacks.com reports.

A number of other equities research analysts have also commented on the stock. JonesTrading reissued a “hold” rating and set a $85.00 price objective on shares of Crinetics Pharmaceuticals in a report on Tuesday. Citizens Jmp reaffirmed a “market outperform” rating and issued a $95.00 target price on shares of Crinetics Pharmaceuticals in a research note on Thursday, June 11th. Jefferies Financial Group reissued a “hold” rating and set a $85.00 price target (up from $55.00) on shares of Crinetics Pharmaceuticals in a research note on Tuesday. Oppenheimer reissued a “market perform” rating on shares of Crinetics Pharmaceuticals in a report on Tuesday. Finally, Robert W. Baird boosted their price objective on shares of Crinetics Pharmaceuticals from $62.00 to $85.00 and gave the stock an “outperform” rating in a research report on Tuesday. Seven equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $78.27.

Crinetics Pharmaceuticals Price Performance

NASDAQ CRNX opened at $83.53 on Tuesday. The stock’s 50 day simple moving average is $37.67 and its 200 day simple moving average is $41.76. Crinetics Pharmaceuticals has a one year low of $25.83 and a one year high of $83.63. The firm has a market cap of $8.81 billion, a PE ratio of -16.28 and a beta of 0.23.

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

Insider Activity at Crinetics Pharmaceuticals

In related news, Director Coelho Rogerio Vivaldi sold 3,000 shares of the business’s stock in a transaction that occurred 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 directly owned 19,225 shares of the company’s stock, valued at $769,000. The trade was a 13.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephanie Okey sold 6,900 shares of the stock in a transaction that occurred 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 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 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 insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in CRNX. Glenmede Trust Co. NA grew its stake in shares of Crinetics Pharmaceuticals by 72.6% during the first quarter. Glenmede Trust Co. NA now owns 29,245 shares of the company’s stock worth $1,062,000 after purchasing an additional 12,301 shares during the period. Janus Henderson Group PLC lifted its stake 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 valued at $164,227,000 after buying an additional 79,560 shares during the period. ADAR1 Capital Management LLC lifted 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 buying an additional 829,963 shares during the period. Amundi boosted its holdings in Crinetics Pharmaceuticals by 131.8% during the first quarter. Amundi now owns 13,034 shares of the company’s stock worth $473,000 after buying an additional 7,412 shares during the last quarter. Finally, California State Teachers Retirement System boosted its holdings in Crinetics Pharmaceuticals by 23.4% during the first quarter. California State Teachers Retirement System now owns 105,563 shares of the company’s stock worth $3,834,000 after buying an additional 19,995 shares during the last quarter. 98.51% of the stock is currently owned by institutional investors.

More Crinetics Pharmaceuticals News

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

• Positive Sentiment: Vertex’s $85-per-share cash offer gives CRNX shareholders a sizable acquisition premium and effectively anchors the stock near the deal value. Article Title
• Positive Sentiment: The acquisition validates Crinetics’ rare-disease pipeline, including PALSONIFY and Atumelnant, which were cited as key strategic assets in the transaction. Article Title
• Neutral Sentiment: Multiple analysts have kept hold/neutral views or raised targets to the deal price, suggesting limited upside beyond the takeover value. Article Title
• Negative Sentiment: Piper Sandler and Lifesci Capital downgraded Crinetics from strong buy to hold, which may temper enthusiasm after the rally. Article Title
• Negative Sentiment: Recent insider selling and unusual put option activity could signal some caution around the stock’s near-term trading. 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.