Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Receives Consensus Recommendation of “Hold” from Analysts

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) have received a consensus recommendation of “Hold” from the sixteen analysts that are presently covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, eleven have assigned a hold recommendation and four have issued a buy recommendation on the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $83.90.

Several research firms have recently issued reports on CRNX. UBS Group reaffirmed a “neutral” rating and set a $85.00 price objective (up from $55.00) on shares of Crinetics Pharmaceuticals in a research report on Tuesday, July 28th. Evercore cut Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 7th. Robert W. Baird upped their price target on Crinetics Pharmaceuticals from $62.00 to $85.00 and gave the company an “outperform” rating in a report on Tuesday, July 7th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a research note on Friday, July 17th. Finally, Citizens Jmp cut shares of Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 7th.

Insider Activity at Crinetics Pharmaceuticals

In related news, Director Coelho Vivaldi sold 3,000 shares of Crinetics Pharmaceuticals stock in a transaction 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 sale, the director directly owned 19,225 shares in the company, valued at $769,000. This trade represents a 13.50% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

Several large investors have recently bought and sold shares of CRNX. BlackRock Inc. acquired a new stake in Crinetics Pharmaceuticals during the 2nd quarter worth $365,179,000. Jupiter Topco LLC acquired a new position in Crinetics Pharmaceuticals in the second quarter valued at $170,509,000. Baker BROS. Advisors LP increased its stake in Crinetics Pharmaceuticals by 488.9% in 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. Bank of America Corp DE purchased a new stake in shares of Crinetics Pharmaceuticals in the second quarter valued at about $49,884,000. Finally, ADAR1 Capital Management LLC purchased a new stake in shares of Crinetics Pharmaceuticals in the second quarter valued at about $45,730,000. Institutional investors and hedge funds own 98.51% of the company’s stock.

Crinetics Pharmaceuticals Stock Performance

Crinetics Pharmaceuticals stock opened at $84.95 on Friday. The company has a fifty day simple moving average of $84.50 and a 200-day simple moving average of $56.40. The stock has a market cap of $9.01 billion, a P/E ratio of -16.86 and a beta of 0.08. Crinetics Pharmaceuticals has a 12-month low of $30.25 and a 12-month high of $85.01.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its earnings results on Monday, August 3rd. The company reported ($1.14) EPS for the quarter, beating the consensus estimate of ($1.18) by $0.04. The firm had revenue of $25.12 million for the quarter, compared to analyst estimates of $14.84 million. Crinetics Pharmaceuticals had a negative return on equity of 44.22% and a negative net margin of 1,189.88%.Crinetics Pharmaceuticals’s revenue for the quarter was up 2336.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($1.23) earnings per share. As a group, sell-side analysts forecast that Crinetics Pharmaceuticals will post -4.83 earnings per share for the current fiscal year.

Crinetics Pharmaceuticals Company Profile

Crinetics Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on developing orally delivered, nonpeptide therapies for endocrine diseases and other conditions with significant unmet medical needs. The company’s research platform is designed to create selective small-molecule medicines that can act on clinically important hormone receptors.

Crinetics’ lead product candidate is paltusotine, an oral somatostatin receptor type 2 agonist being developed for endocrine disorders including acromegaly and carcinoid syndrome.