Crinetics Pharmaceuticals (NASDAQ:CRNX) Rating Lowered to Sell at Wall Street Zen

Crinetics Pharmaceuticals (NASDAQ:CRNX) was downgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a report released on Saturday.

Several other research analysts also recently commented on the company. The Goldman Sachs Group raised Crinetics Pharmaceuticals from a “neutral” rating to a “buy” rating and set a $67.00 target price for the company in a research note on Monday, January 12th. Morgan Stanley lifted their price target on shares of Crinetics Pharmaceuticals from $77.00 to $80.00 and gave the company an “overweight” rating in a report on Tuesday, January 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a research note on Wednesday, January 21st. Finally, Citizens Jmp cut their target price on shares of Crinetics Pharmaceuticals from $108.00 to $105.00 and set a “market outperform” rating on the stock in a research report on Thursday, January 8th. Ten analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $82.50.

Crinetics Pharmaceuticals Stock Performance

Shares of CRNX opened at $42.70 on Friday. Crinetics Pharmaceuticals has a 52-week low of $24.10 and a 52-week high of $57.99. The firm has a market cap of $4.36 billion, a price-to-earnings ratio of -9.43 and a beta of 0.19. The business’s fifty day moving average is $49.79 and its 200-day moving average is $42.06.

Insider Buying and Selling at Crinetics Pharmaceuticals

In related news, insider Isabel Kalofonos sold 2,500 shares of the stock in a transaction on Monday, January 5th. The stock was 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 in the company, valued at $45,870. This represents a 74.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 4.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

Institutional investors have recently made changes to their positions in the stock. Walleye Capital LLC boosted its stake in Crinetics Pharmaceuticals by 53.5% during the second quarter. Walleye Capital LLC now owns 190,373 shares of the company’s stock worth $5,475,000 after acquiring an additional 66,391 shares in the last quarter. Lisanti Capital Growth LLC bought a new stake in Crinetics Pharmaceuticals in the third quarter valued at $953,000. Segall Bryant & Hamill LLC raised its holdings in shares of Crinetics Pharmaceuticals by 20.7% during the second quarter. Segall Bryant & Hamill LLC now owns 176,517 shares of the company’s stock valued at $5,077,000 after purchasing an additional 30,243 shares during the period. Assenagon Asset Management S.A. bought a new position in shares of Crinetics Pharmaceuticals during the 3rd quarter worth about $514,000. Finally, AXQ Capital LP acquired a new stake in shares of Crinetics Pharmaceuticals in the 2nd quarter valued at about $230,000. 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.