Crinetics Pharmaceuticals (NASDAQ:CRNX) Downgraded to “Hold” Rating by UBS Group

UBS Group downgraded shares of Crinetics Pharmaceuticals (NASDAQ:CRNX) from a strong-buy rating to a hold rating in a report issued on Monday,Zacks.com reports.

Other equities analysts have also issued research reports about the stock. Citizens Jmp lowered shares of Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 7th. Piper Sandler cut shares of Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 7th. Lifesci Capital downgraded Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 7th. Oppenheimer reaffirmed a “market perform” rating on shares of Crinetics Pharmaceuticals in a research report on Tuesday, July 7th. Finally, TD Cowen cut Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Wednesday, July 8th. Five analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $81.00.

Crinetics Pharmaceuticals Price Performance

Shares of CRNX stock opened at $83.86 on Monday. The firm’s 50-day simple moving average is $51.34 and its 200-day simple moving average is $45.55. Crinetics Pharmaceuticals has a 1-year low of $25.83 and a 1-year high of $84.00. The firm has a market cap of $8.84 billion, a P/E ratio of -16.35 and a beta of 0.23.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its 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 company had revenue of $10.73 million during the quarter, compared to analysts’ expectations of $8.51 million. During the same quarter in the previous year, the firm posted ($1.04) earnings per share. Crinetics Pharmaceuticals’s revenue for the quarter was up 2873.4% compared to the same quarter last year. Analysts expect that Crinetics Pharmaceuticals will post -4.86 earnings per share for the current fiscal year.

Insider Activity at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, Director Stephanie Okey sold 6,900 shares of Crinetics Pharmaceuticals 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 transaction, the director directly owned 6,400 shares of the company’s stock, valued at $228,288. The trade was a 51.88% decrease in their ownership of the stock. The sale 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, Director Coelho Rogerio Vivaldi sold 3,000 shares of Crinetics Pharmaceuticals 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 transaction, the director directly owned 19,225 shares in the company, valued at approximately $769,000. This trade represents a 13.50% 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. Company insiders own 3.80% of the company’s stock.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

Hedge funds and other institutional investors have recently made changes to their positions in the business. Smartleaf Asset Management LLC boosted its position in Crinetics Pharmaceuticals by 107.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 639 shares of the company’s stock worth $30,000 after purchasing an additional 331 shares during the period. Headlands Technologies LLC purchased a new position in Crinetics Pharmaceuticals in the second quarter valued at about $30,000. Raymond James Financial Inc. purchased a new position in Crinetics Pharmaceuticals in the second quarter valued at about $45,000. Parallel Advisors LLC lifted its stake in shares of Crinetics Pharmaceuticals by 34.6% during the fourth quarter. Parallel Advisors LLC now owns 1,225 shares of the company’s stock worth $57,000 after purchasing an additional 315 shares in the last quarter. Finally, Arax Advisory Partners lifted its stake in shares of Crinetics Pharmaceuticals by 131.2% during the fourth quarter. Arax Advisory Partners now owns 1,498 shares of the company’s stock worth $70,000 after purchasing an additional 850 shares in the last quarter. Institutional investors and hedge funds own 98.51% of the company’s stock.

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.