Jefferies Financial Group Reiterates Hold Rating for Crinetics Pharmaceuticals (NASDAQ:CRNX)

Crinetics Pharmaceuticals (NASDAQ:CRNX)‘s stock had its “hold” rating reissued by equities research analysts at Jefferies Financial Group in a report issued on Tuesday,Benzinga reports. They presently have a $85.00 price target on the stock, up from their previous price target of $55.00. Jefferies Financial Group’s price objective would suggest a potential upside of 1.75% from the company’s previous close.

A number of other brokerages also recently issued reports on CRNX. Wall Street Zen upgraded Crinetics Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research report on Sunday, May 17th. Robert W. Baird lifted their target price on Crinetics Pharmaceuticals from $62.00 to $85.00 and gave the stock an “outperform” rating in a report on Tuesday. HC Wainwright reissued a “neutral” rating and set a $85.00 target price (up from $81.00) on shares of Crinetics Pharmaceuticals in a research report on Tuesday. Cantor Fitzgerald restated a “neutral” rating on shares of Crinetics Pharmaceuticals in a report on Tuesday. Finally, Citizens Jmp restated a “market outperform” rating and set a $95.00 price target on shares of Crinetics Pharmaceuticals in a report on Thursday, June 11th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Crinetics Pharmaceuticals has a consensus rating of “Moderate Buy” and an average target price of $77.60.

Crinetics Pharmaceuticals Price Performance

Shares of Crinetics Pharmaceuticals stock traded up $41.51 during trading hours on Tuesday, reaching $83.53. The company’s stock had a trading volume of 62,357,986 shares, compared to its average volume of 1,758,528. The firm has a 50 day moving average price of $36.77 and a 200-day moving average price of $41.51. The stock has a market cap of $8.81 billion, a P/E ratio of -16.29 and a beta of 0.23. Crinetics Pharmaceuticals has a one year low of $25.83 and a one year high of $83.59.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($1.23) EPS for the quarter, missing analysts’ consensus estimates of ($1.22) by ($0.01). The business had revenue of $10.73 million during the quarter, compared to the consensus estimate of $8.51 million. Crinetics Pharmaceuticals had a negative net margin of 2,747.18% and a negative return on equity of 43.96%. The firm’s revenue was up 2873.4% on a year-over-year basis. During the same period in the previous year, the business posted ($1.04) EPS. As a group, sell-side analysts forecast that Crinetics Pharmaceuticals will post -4.86 EPS for the current fiscal year.

Insider Activity

In other news, Director Stephanie Okey sold 6,900 shares of the firm’s stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $35.67, for a total transaction of $246,123.00. Following the transaction, the director owned 6,400 shares in the company, valued at approximately $228,288. This trade represents 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 link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Jeff E. Knight sold 85,163 shares of Crinetics Pharmaceuticals stock in a transaction dated Wednesday, April 8th. The shares were sold at an average price of $40.10, for a total value of $3,415,036.30. Following the completion of the sale, the insider owned 105,289 shares of the company’s stock, valued at $4,222,088.90. The trade was a 44.72% 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. 3.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in CRNX. First Light Asset Management LLC increased its holdings in shares of Crinetics Pharmaceuticals by 9.0% during the third quarter. First Light Asset Management LLC now owns 941,516 shares of the company’s stock valued at $39,214,000 after acquiring an additional 77,380 shares in the last quarter. JPMorgan Chase & Co. grew its position 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 purchasing an additional 926,765 shares during the last quarter. WINTON GROUP Ltd purchased a new stake in Crinetics Pharmaceuticals during the 3rd quarter worth approximately $2,841,000. Aberdeen Group plc increased its stake in Crinetics Pharmaceuticals by 98.4% during the 4th quarter. Aberdeen Group plc now owns 674,533 shares of the company’s stock valued at $31,400,000 after purchasing an additional 334,584 shares in the last quarter. Finally, Farallon Capital Management LLC increased its stake in Crinetics Pharmaceuticals by 24.2% during the 3rd quarter. Farallon Capital Management LLC now owns 5,770,098 shares of the company’s stock valued at $240,325,000 after purchasing an additional 1,124,000 shares in the last quarter. Hedge funds and other institutional investors own 98.51% of the company’s stock.

Trending Headlines about Crinetics Pharmaceuticals

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

• Positive Sentiment: Vertex agreed to acquire Crinetics Pharmaceuticals for $85.00 per share in cash, valuing the company at roughly $10 billion and likely setting a near-term floor near the deal price. Vertex to Acquire Crinetics Pharmaceuticals
• Positive Sentiment: Analyst coverage turned more constructive, with Robert W. Baird raising its price target to $85 and reiterating an outperform rating, reinforcing the takeover valuation. Benzinga coverage of Robert W. Baird update
• Neutral Sentiment: Cantor Fitzgerald and HC Wainwright both reiterated neutral views, indicating the stock is now largely trading on deal terms rather than on standalone fundamentals. Benzinga analyst updates
• Neutral Sentiment: Law firms Brodsky & Smith, Ademi LLP, and Halper Sadeh announced investigations into whether Crinetics’ board secured a fair price for shareholders, which could create headline risk but does not change the announced deal. Brodsky & Smith investigation

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.