UBS Group Reiterates Neutral Rating for Crinetics Pharmaceuticals (NASDAQ:CRNX)

Crinetics Pharmaceuticals (NASDAQ:CRNX)‘s stock had its “neutral” rating restated by investment analysts at UBS Group in a report issued on Tuesday,Benzinga reports. They currently have a $85.00 price target on the stock, up from their previous price target of $55.00. UBS Group’s target price indicates a potential upside of 1.37% from the stock’s current price.

A number of other equities research analysts have also recently commented on the company. Cantor Fitzgerald cut Crinetics Pharmaceuticals from an “overweight” rating to a “hold” rating in a report on Tuesday, July 7th. Robert W. Baird upped their price objective on Crinetics Pharmaceuticals from $62.00 to $85.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 7th. Evercore cut Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 7th. Wall Street Zen raised Crinetics Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research note on Sunday, July 12th. Finally, HC Wainwright downgraded Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating and lifted their target price for the company from $81.00 to $85.00 in a research note on Tuesday, July 7th. Five research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $81.00.

Crinetics Pharmaceuticals Price Performance

Shares of NASDAQ CRNX opened at $83.85 on Tuesday. The firm has a fifty day moving average price of $50.36 and a 200-day moving average price of $45.34. The stock has a market cap of $8.84 billion, a PE ratio of -16.34 and a beta of 0.23. Crinetics Pharmaceuticals has a 1 year low of $25.83 and a 1 year high of $84.00.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($1.23) EPS 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 43.96%. The firm had revenue of $10.73 million for the quarter, compared to the consensus estimate of $8.51 million. During the same quarter in the previous year, the business earned ($1.04) earnings per share. The firm’s revenue for the quarter was up 2873.4% on a year-over-year basis. On average, research analysts expect that Crinetics Pharmaceuticals will post -4.86 EPS for the current year.

Insiders Place Their Bets

In other Crinetics Pharmaceuticals news, Director Coelho Rogerio Vivaldi sold 3,000 shares of the stock in a transaction dated 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 transaction, the director owned 19,225 shares of the company’s stock, valued at $769,000. This represents a 13.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephanie Okey sold 6,900 shares of the firm’s stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $35.67, for a total value of $246,123.00. Following the transaction, the director owned 6,400 shares of the company’s stock, valued at approximately $228,288. The trade was a 51.88% 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. Insiders own 3.80% of the company’s stock.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

Hedge funds have recently made changes to their positions in the company. Parkman Healthcare Partners LLC boosted its stake in Crinetics Pharmaceuticals by 0.4% during the third quarter. Parkman Healthcare Partners LLC now owns 73,725 shares of the company’s stock valued at $3,071,000 after buying an additional 313 shares during the last quarter. Parallel Advisors LLC grew its holdings in Crinetics Pharmaceuticals by 34.6% during the 4th quarter. Parallel Advisors LLC now owns 1,225 shares of the company’s stock valued at $57,000 after buying an additional 315 shares in the last quarter. Smartleaf Asset Management LLC increased its stake in Crinetics Pharmaceuticals by 107.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 639 shares of the company’s stock worth $30,000 after acquiring an additional 331 shares during the last quarter. Brooklyn Investment Group increased its stake in Crinetics Pharmaceuticals by 6.3% in the 4th quarter. Brooklyn Investment Group now owns 5,890 shares of the company’s stock worth $280,000 after acquiring an additional 348 shares during the last quarter. Finally, Commerce Bank raised its holdings in shares of Crinetics Pharmaceuticals by 5.9% during the 4th quarter. Commerce Bank now owns 8,019 shares of the company’s stock worth $373,000 after acquiring an additional 444 shares in the last quarter. 98.51% of the stock is currently owned by hedge funds and other institutional investors.

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.