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

Crinetics Pharmaceuticals (NASDAQ:CRNX) was downgraded by analysts at Evercore from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

A number of other research firms also recently weighed in on CRNX. HC Wainwright downgraded shares of Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating and raised their price target for the company from $81.00 to $85.00 in a research note on Tuesday. Cantor Fitzgerald downgraded shares of Crinetics Pharmaceuticals from an “overweight” rating to a “hold” rating in a report on Tuesday. UBS Group started coverage on Crinetics Pharmaceuticals in a report on Thursday, July 2nd. They set a “buy” rating and a $55.00 price objective on the stock. JonesTrading lowered Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating and set a $85.00 price objective on the stock. in a research report on Tuesday. Finally, Oppenheimer reaffirmed a “market perform” rating on shares of Crinetics Pharmaceuticals in a report on Tuesday. Six investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Crinetics Pharmaceuticals currently has an average rating of “Hold” and a consensus price target of $78.27.

Crinetics Pharmaceuticals Price Performance

Crinetics Pharmaceuticals stock opened at $83.49 on Tuesday. The firm has a market capitalization of $8.80 billion, a PE ratio of -16.27 and a beta of 0.23. The company’s 50-day moving average is $38.57 and its 200-day moving average is $42.03. Crinetics Pharmaceuticals has a fifty-two week low of $25.83 and a fifty-two week high of $83.63.

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 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 firm had revenue of $10.73 million for the quarter, compared to the consensus estimate of $8.51 million. During the same quarter last year, the business posted ($1.04) EPS. Crinetics Pharmaceuticals’s revenue for the quarter was up 2873.4% on a year-over-year basis. As a group, analysts expect that Crinetics Pharmaceuticals will post -4.86 EPS for the current year.

Insiders Place Their Bets

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 stock was sold at an average price of $40.00, for a total value of $120,000.00. Following the completion of the sale, the director owned 19,225 shares in the company, valued at $769,000. The trade was a 13.50% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available 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 Crinetics Pharmaceuticals stock in a transaction that occurred on 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. This trade 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. Insiders own 3.80% of the company’s stock.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

Hedge funds have recently bought and sold shares of the business. Glenmede Trust Co. NA increased its holdings in shares of Crinetics Pharmaceuticals by 72.6% in the 1st 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 in 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 last quarter. ADAR1 Capital Management LLC raised its position in Crinetics Pharmaceuticals by 268.3% in the 1st quarter. ADAR1 Capital Management LLC now owns 1,139,331 shares of the company’s stock worth $41,381,000 after buying an additional 829,963 shares during the last quarter. Amundi raised its position in Crinetics Pharmaceuticals by 131.8% in the 1st 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 lifted its stake in Crinetics Pharmaceuticals by 23.4% during the 1st quarter. California State Teachers Retirement System now owns 105,563 shares of the company’s stock valued at $3,834,000 after acquiring an additional 19,995 shares during the period. Institutional investors own 98.51% of the company’s stock.

Key Crinetics Pharmaceuticals News

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

• Positive Sentiment: Vertex’s $85-per-share cash acquisition gives CRNX holders a firm takeout price and validates the company’s rare-disease franchise. Article Title
• Positive Sentiment: The deal highlights the commercial value of PALSONIFY and the upside in Atumelnant, reinforcing Crinetics’ strategic appeal. Article Title
• Positive Sentiment: Several firms have lifted targets or reiterated bullish views near the deal price, suggesting limited downside unless the transaction changes. Article Title
• Neutral Sentiment: TD Cowen issued a “Hold” rating, while other brokers also moved to hold, signaling that the stock may already be close to fair value under the acquisition terms. Article Title
• Neutral Sentiment: An investor-alert law firm announced an investigation into the fairness of the proposed sale process, which adds legal headline risk but does not necessarily change the deal economics. Article Title
• Negative Sentiment: Multiple analyst downgrades to “Hold” and an insider sale are weighing on sentiment around the stock’s post-rally valuation. Article Title

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.