Crinetics Pharmaceuticals (NASDAQ:CRNX) Upgraded to “Buy” at The Goldman Sachs Group

The Goldman Sachs Group upgraded shares of Crinetics Pharmaceuticals (NASDAQ:CRNX) from a neutral rating to a buy rating in a research report released on Monday, Marketbeat reports. They currently have $67.00 price objective on the stock.

CRNX has been the subject of a number of other research reports. Wall Street Zen upgraded Crinetics Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Saturday, January 3rd. JMP Securities upped their price objective on Crinetics Pharmaceuticals from $86.00 to $143.00 and gave the stock a “market outperform” rating in a research report on Friday, September 26th. Morgan Stanley increased their price objective on Crinetics Pharmaceuticals from $77.00 to $80.00 and gave the stock an “overweight” rating in a report on Tuesday, January 6th. JPMorgan Chase & Co. cut their target price on Crinetics Pharmaceuticals from $53.00 to $52.00 and set an “overweight” rating on the stock in a research note on Wednesday, September 24th. Finally, Citizens Jmp decreased their price target on shares of Crinetics Pharmaceuticals from $108.00 to $105.00 and set a “market outperform” rating for the company in a research note on Thursday, January 8th. Twelve analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Crinetics Pharmaceuticals has an average rating of “Moderate Buy” and a consensus target price of $80.00.

Crinetics Pharmaceuticals Stock Performance

Shares of CRNX stock opened at $55.35 on Monday. Crinetics Pharmaceuticals has a 52 week low of $24.10 and a 52 week high of $57.99. The company’s 50 day moving average price is $46.41 and its two-hundred day moving average price is $38.82. The company has a market capitalization of $5.25 billion, a P/E ratio of -12.22 and a beta of 0.20.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings data on Thursday, November 6th. The company reported ($1.38) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.27) by ($0.11). The firm had revenue of $0.14 million for the quarter, compared to the consensus estimate of $0.39 million. During the same period last year, the company earned ($0.96) earnings per share. Analysts forecast that Crinetics Pharmaceuticals will post -3.73 earnings per share for the current year.

Insider Activity at Crinetics Pharmaceuticals

In other news, insider Dana Pizzuti sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $42.66, for a total transaction of $213,300.00. Following the sale, the insider owned 66,270 shares in the company, valued at $2,827,078.20. This represents a 7.02% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Isabel Kalofonos sold 2,500 shares of the stock in a transaction that occurred on Monday, January 5th. The shares were sold at an average price of $55.00, for a total value of $137,500.00. Following the completion of the sale, the insider directly owned 834 shares of the company’s stock, valued at approximately $45,870. The trade was a 74.99% decrease in their position. The SEC filing for this sale provides additional information. 6.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of CRNX. Farther Finance Advisors LLC increased its stake in shares of Crinetics Pharmaceuticals by 523.7% during the 3rd quarter. Farther Finance Advisors LLC now owns 842 shares of the company’s stock worth $35,000 after purchasing an additional 707 shares during the last quarter. Headlands Technologies LLC bought a new position in Crinetics Pharmaceuticals during the second quarter worth about $30,000. Covestor Ltd increased its position in Crinetics Pharmaceuticals by 23,983.3% during the third quarter. Covestor Ltd now owns 1,445 shares of the company’s stock worth $60,000 after buying an additional 1,439 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Crinetics Pharmaceuticals during the second quarter worth approximately $45,000. Finally, Abich Financial Wealth Management LLC bought a new stake in Crinetics Pharmaceuticals in the third quarter valued at approximately $68,000. Institutional investors own 98.51% of the company’s stock.

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.