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

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) have been given an average recommendation of “Moderate Buy” by the thirteen brokerages that are currently covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $77.60.

A number of analysts have recently weighed in on the stock. UBS Group assumed coverage on shares of Crinetics Pharmaceuticals in a report on Thursday, July 2nd. They issued a “buy” rating and a $55.00 target price on the stock. Oppenheimer reaffirmed a “market perform” rating on shares of Crinetics Pharmaceuticals in a report on Tuesday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a research report on Monday, April 20th. Wall Street Zen raised Crinetics Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 17th. Finally, Robert W. Baird upped their price objective on Crinetics Pharmaceuticals from $62.00 to $85.00 and gave the company an “outperform” rating in a research report on Tuesday.

Trending Headlines about 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

Insider Activity at Crinetics Pharmaceuticals

In related news, Director Stephanie Okey sold 6,900 shares of the stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $35.67, for a total transaction of $246,123.00. Following the sale, the director owned 6,400 shares in the company, valued at approximately $228,288. This represents a 51.88% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through 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 on 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 completion of the sale, 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 SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 3.80% of the company’s stock.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

Large investors have recently made changes to their positions in the company. Wellington Management Group LLP grew its holdings in Crinetics Pharmaceuticals by 44.3% during the 3rd quarter. Wellington Management Group LLP now owns 8,381,991 shares of the company’s stock valued at $349,110,000 after purchasing an additional 2,574,683 shares during the last quarter. Farallon Capital Management LLC lifted 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 worth $322,736,000 after purchasing an additional 1,163,000 shares during the last quarter. Janus Henderson Group PLC boosted its position in shares of Crinetics Pharmaceuticals by 1.8% during 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. Paradigm Biocapital Advisors LP boosted its position in shares of Crinetics Pharmaceuticals by 8.8% during the third quarter. Paradigm Biocapital Advisors LP now owns 2,550,774 shares of the company’s stock valued at $106,240,000 after buying an additional 207,221 shares during the period. Finally, Siren L.L.C. grew its stake in shares of Crinetics Pharmaceuticals by 26.3% during the first quarter. Siren L.L.C. now owns 1,903,636 shares of the company’s stock valued at $69,140,000 after buying an additional 396,000 shares during the last quarter. 98.51% of the stock is owned by hedge funds and other institutional investors.

Crinetics Pharmaceuticals Trading Up 98.8%

Shares of CRNX stock traded up $41.51 on Tuesday, reaching $83.53. The company’s stock had a trading volume of 62,605,951 shares, compared to its average volume of 1,765,221. The stock’s fifty day simple moving average is $36.77 and its 200-day simple moving average is $41.51. Crinetics Pharmaceuticals has a 1 year low of $25.83 and a 1 year high of $83.59. The company has a market capitalization of $8.81 billion, a price-to-earnings ratio of -16.28 and a beta of 0.23.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings results on Thursday, May 7th. The company reported ($1.23) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 analysts’ expectations of $8.51 million. During the same period in the previous year, the company earned ($1.04) EPS. Crinetics Pharmaceuticals’s revenue for the quarter was up 2873.4% compared to the same quarter last year. Equities research analysts forecast 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.