Crinetics Pharmaceuticals (NASDAQ:CRNX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Tuesday, Zacks.com reports.

According to Zacks, “Crinetics Pharmaceuticals Inc is a clinical stage pharmaceutical company. It focuses on the discovery, development and commercialization of novel therapeutics for rare endocrine diseases and endocrine-related tumors. The company’s product pipeline consists of CRN00808 for the treatment of Acromegaly, CRN02481 for the treatment of Hyperinsulinemias and CRN01941 for the treatment of Neuroendocrine Tumors which are in clinical stage. Crinetics Pharmaceuticals Inc is based in San Diego, United States. “

CRNX has been the topic of several other reports. Roth Capital started coverage on shares of Crinetics Pharmaceuticals in a research report on Monday, December 23rd. They issued a “buy” rating and a $37.00 target price on the stock. TheStreet raised shares of Crinetics Pharmaceuticals from a “d” rating to a “c-” rating in a research report on Thursday, January 9th. HC Wainwright reissued a “buy” rating and issued a $35.00 target price on shares of Crinetics Pharmaceuticals in a research report on Thursday, November 21st. Finally, ValuEngine downgraded shares of Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Friday. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $37.33.

Shares of Crinetics Pharmaceuticals stock traded up $0.32 during trading on Tuesday, hitting $25.25. The stock had a trading volume of 91,534 shares, compared to its average volume of 87,152. The stock has a 50 day simple moving average of $22.47 and a 200 day simple moving average of $19.83. The company has a market capitalization of $610.83 million, a PE ratio of -11.32 and a beta of 1.10. The company has a quick ratio of 17.18, a current ratio of 17.18 and a debt-to-equity ratio of 0.04. Crinetics Pharmaceuticals has a 1 year low of $14.33 and a 1 year high of $28.81.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its earnings results on Tuesday, November 12th. The company reported ($0.60) earnings per share for the quarter, missing the consensus estimate of ($0.57) by ($0.03). The firm had revenue of $0.51 million for the quarter, compared to analyst estimates of $0.33 million. As a group, equities analysts expect that Crinetics Pharmaceuticals will post -2.16 earnings per share for the current fiscal year.

In related news, Director Matthew K. Fust sold 3,500 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $22.50, for a total transaction of $78,750.00. Following the transaction, the director now directly owns 16,036 shares of the company’s stock, valued at $360,810. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 7.40% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in CRNX. BlackRock Inc. grew its position in Crinetics Pharmaceuticals by 19.9% during the second quarter. BlackRock Inc. now owns 932,424 shares of the company’s stock valued at $23,312,000 after purchasing an additional 154,450 shares in the last quarter. Eventide Asset Management LLC grew its position in Crinetics Pharmaceuticals by 17.8% during the third quarter. Eventide Asset Management LLC now owns 947,000 shares of the company’s stock valued at $14,243,000 after purchasing an additional 143,161 shares in the last quarter. Point72 Asset Management L.P. purchased a new position in Crinetics Pharmaceuticals during the third quarter valued at approximately $1,985,000. Orbimed Advisors LLC grew its position in Crinetics Pharmaceuticals by 6.5% during the second quarter. Orbimed Advisors LLC now owns 2,039,282 shares of the company’s stock valued at $50,982,000 after purchasing an additional 125,000 shares in the last quarter. Finally, Marshall Wace North America L.P. grew its position in Crinetics Pharmaceuticals by 3,768.4% during the second quarter. Marshall Wace North America L.P. now owns 73,925 shares of the company’s stock valued at $1,848,000 after purchasing an additional 72,014 shares in the last quarter. 76.84% of the stock is currently owned by hedge funds and other institutional investors.

Crinetics Pharmaceuticals Company Profile

Crinetics Pharmaceuticals, Inc, a clinical stage pharmaceutical company, focuses on the discovery, development, and commercialization of therapeutics for rare endocrine diseases and endocrine-related tumors. Its lead product candidate is CRN00808, an oral selective nonpeptide somatostatin receptor type 2 biased agonist, which is in Phase I clinical trials used for the treatment of acromegaly.

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