Crinetics Pharmaceuticals (NASDAQ:CRNX) Lowered to “Strong Sell” Rating by Wall Street Zen

Wall Street Zen cut shares of Crinetics Pharmaceuticals (NASDAQ:CRNX) from a sell rating to a strong sell rating in a report released on Saturday.

Several other brokerages have also recently commented on CRNX. Weiss Ratings reiterated a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a report on Monday, April 20th. The Goldman Sachs Group upgraded shares of Crinetics Pharmaceuticals from a “neutral” rating to a “buy” rating and set a $67.00 price target on the stock in a research report on Monday, January 12th. Lifesci Capital raised shares of Crinetics Pharmaceuticals to a “strong-buy” rating in a research note on Friday, February 13th. Finally, Citizens Jmp decreased their price objective on shares of Crinetics Pharmaceuticals from $97.00 to $95.00 and set a “market outperform” rating for the company in a research report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Crinetics Pharmaceuticals has a consensus rating of “Moderate Buy” and an average target price of $76.50.

Crinetics Pharmaceuticals Trading Down 13.8%

Shares of CRNX opened at $37.48 on Friday. The company has a market capitalization of $3.95 billion, a PE ratio of -7.31 and a beta of 0.28. Crinetics Pharmaceuticals has a 12 month low of $25.83 and a 12 month high of $57.99. The stock’s 50-day moving average price is $38.41 and its two-hundred day moving average price is $43.89.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($1.23) earnings per share for the quarter, missing the consensus estimate of ($1.22) by ($0.01). Crinetics Pharmaceuticals had a negative net margin of 2,747.18% and a negative return on equity of 46.02%. The company had revenue of $10.73 million during the quarter, compared to analyst estimates of $8.51 million. During the same period in the previous year, the company posted ($1.04) EPS. The company’s quarterly revenue was up 2873.4% on a year-over-year basis. Equities research analysts predict that Crinetics Pharmaceuticals will post -4.95 EPS for the current fiscal year.

Insider Buying and Selling at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, insider Jeff E. Knight sold 85,163 shares of the stock in a transaction that occurred on Wednesday, April 8th. The stock was sold at an average price of $40.10, for a total transaction of $3,415,036.30. Following the transaction, the insider directly owned 105,289 shares in the company, valued at approximately $4,222,088.90. This represents a 44.72% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Stephen F. Betz sold 10,612 shares of the firm’s stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $37.37, for a total transaction of $396,570.44. Following the sale, the insider directly owned 137,101 shares of the company’s stock, valued at approximately $5,123,464.37. This trade represents a 7.18% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 142,380 shares of company stock valued at $5,569,475 over the last ninety days. Insiders own 4.60% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of CRNX. Lisanti Capital Growth LLC bought a new position in shares of Crinetics Pharmaceuticals during the 3rd quarter worth about $953,000. Universal Beteiligungs und Servicegesellschaft mbH increased its position in Crinetics Pharmaceuticals by 13.5% in the 3rd quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 387,925 shares of the company’s stock valued at $16,157,000 after buying an additional 46,220 shares in the last quarter. Candriam S.C.A. raised its stake in Crinetics Pharmaceuticals by 7.4% during the 3rd quarter. Candriam S.C.A. now owns 745,094 shares of the company’s stock worth $31,033,000 after buying an additional 51,225 shares during the period. JPMorgan Chase & Co. raised its stake in Crinetics Pharmaceuticals by 279.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,258,722 shares of the company’s stock worth $52,426,000 after buying an additional 926,765 shares during the period. Finally, WINTON GROUP Ltd bought a new position in Crinetics Pharmaceuticals in the third quarter worth approximately $2,841,000. 98.51% of the stock is owned by institutional investors.

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.