Cantor Fitzgerald Reaffirms “Neutral” Rating for Crinetics Pharmaceuticals (NASDAQ:CRNX)

Crinetics Pharmaceuticals (NASDAQ:CRNX)‘s stock had its “neutral” rating reissued by analysts at Cantor Fitzgerald in a note issued to investors on Wednesday, Benzinga reports.

Several other research firms have also issued reports on CRNX. TD Cowen lowered shares of Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Wednesday, July 8th. Jefferies Financial Group cut shares of Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating and upped their price objective for the stock from $55.00 to $85.00 in a report on Tuesday, July 7th. Wall Street Zen raised shares of Crinetics Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research report on Sunday, July 12th. UBS Group restated a “neutral” rating and set a $85.00 target price (up from $55.00) on shares of Crinetics Pharmaceuticals in a report on Tuesday, July 28th. Finally, Evercore cut Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 7th. Five equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Crinetics Pharmaceuticals currently has a consensus rating of “Hold” and a consensus target price of $81.00.

Crinetics Pharmaceuticals Stock Performance

CRNX opened at $84.95 on Wednesday. The stock has a fifty day moving average price of $75.95 and a 200 day moving average price of $51.29. Crinetics Pharmaceuticals has a 1 year low of $30.25 and a 1 year high of $85.01. The stock has a market cap of $9.01 billion, a price-to-earnings ratio of -16.86 and a beta of 0.12.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its quarterly earnings results on Monday, August 3rd. The company reported ($1.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.18) by $0.04. Crinetics Pharmaceuticals had a negative return on equity of 44.22% and a negative net margin of 1,189.88%.The business had revenue of $25.12 million during the quarter, compared to analyst estimates of $14.84 million. During the same period in the previous year, the company earned ($1.23) EPS. The firm’s revenue was up 2336.9% on a year-over-year basis. As a group, sell-side analysts forecast that Crinetics Pharmaceuticals will post -4.83 earnings per share for the current fiscal year.

Insider Transactions at Crinetics Pharmaceuticals

In related 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 value of $246,123.00. Following the completion of the transaction, the director directly owned 6,400 shares of the company’s stock, valued at $228,288. This trade represents a 51.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available 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 the business’s stock in a transaction 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 completion of the sale, the director directly owned 19,225 shares in the company, valued at $769,000. This trade represents a 13.50% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CRNX. Smartleaf Asset Management LLC grew its stake in shares of Crinetics Pharmaceuticals by 107.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 639 shares of the company’s stock valued at $30,000 after purchasing an additional 331 shares during the period. Headlands Technologies LLC acquired a new stake in shares of Crinetics Pharmaceuticals during the 2nd quarter worth about $30,000. Raymond James Financial Inc. acquired a new position in Crinetics Pharmaceuticals in the second quarter valued at about $45,000. Parallel Advisors LLC increased its holdings 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 buying an additional 315 shares in the last quarter. Finally, Arax Advisory Partners boosted its holdings in shares of Crinetics Pharmaceuticals by 131.2% in the 4th quarter. Arax Advisory Partners now owns 1,498 shares of the company’s stock worth $70,000 after acquiring an additional 850 shares in the last quarter. Institutional investors 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.