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

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

A number of other research analysts also recently commented on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a report on Wednesday, January 21st. Citizens Jmp reduced their price objective on Crinetics Pharmaceuticals from $105.00 to $96.00 and set a “market outperform” rating on the stock in a research note on Monday, March 2nd. The Goldman Sachs Group upgraded Crinetics Pharmaceuticals from a “neutral” rating to a “buy” rating and set a $67.00 price objective on the stock in a research report on Monday, January 12th. Lifesci Capital raised Crinetics Pharmaceuticals to a “strong-buy” rating in a research note on Friday, February 13th. Finally, Morgan Stanley lifted their target price on Crinetics Pharmaceuticals from $77.00 to $80.00 and gave the stock an “overweight” rating in a report on Tuesday, January 6th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has given a Sell rating to the company. According to MarketBeat, Crinetics Pharmaceuticals presently has a consensus rating of “Moderate Buy” and a consensus price target of $76.63.

Crinetics Pharmaceuticals Stock Down 7.3%

Shares of Crinetics Pharmaceuticals stock opened at $33.67 on Friday. The firm has a market cap of $3.53 billion, a price-to-earnings ratio of -6.82 and a beta of 0.23. The business has a 50-day moving average price of $43.49 and a 200-day moving average price of $43.92. Crinetics Pharmaceuticals has a twelve month low of $24.10 and a twelve month high of $57.99.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings data on Thursday, February 26th. The company reported ($1.29) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.37) by $0.08. The business had revenue of $6.16 million for the quarter, compared to the consensus estimate of $4.32 million. Crinetics Pharmaceuticals had a negative return on equity of 41.46% and a negative net margin of 6,046.22%.The company’s revenue was up NaN% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.88) EPS. On average, equities analysts expect that Crinetics Pharmaceuticals will post -3.73 EPS for the current fiscal year.

Insider Buying and Selling

In other news, COO Jeff E. Knight sold 9,911 shares of the business’s stock in a transaction on Monday, March 16th. The shares were sold at an average price of $37.37, for a total transaction of $370,374.07. Following the completion of the sale, the chief operating officer directly owned 112,018 shares of the company’s stock, valued at approximately $4,186,112.66. The trade was a 8.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Tobin Schilke sold 6,713 shares of the company’s stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $39.67, for a total transaction of $266,304.71. Following the completion of the transaction, the chief financial officer owned 78,121 shares in the company, valued at approximately $3,099,060.07. The trade was a 7.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 59,717 shares of company stock worth $2,291,939 over the last ninety days. Corporate insiders own 4.60% of the company’s stock.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

Several large investors have recently added to or reduced their stakes in CRNX. Smartleaf Asset Management LLC grew 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 in the last quarter. Farther Finance Advisors LLC boosted its holdings in shares of Crinetics Pharmaceuticals by 523.7% in the third quarter. Farther Finance Advisors LLC now owns 842 shares of the company’s stock valued at $35,000 after purchasing an additional 707 shares during the period. Headlands Technologies LLC purchased a new stake in shares of Crinetics Pharmaceuticals in the second quarter valued at approximately $30,000. Parallel Advisors LLC grew its stake in Crinetics Pharmaceuticals by 34.6% in the fourth quarter. Parallel Advisors LLC now owns 1,225 shares of the company’s stock worth $57,000 after purchasing an additional 315 shares in the last quarter. Finally, Covestor Ltd grew its stake in Crinetics Pharmaceuticals by 23,983.3% in the third quarter. Covestor Ltd now owns 1,445 shares of the company’s stock worth $60,000 after purchasing an additional 1,439 shares in the last quarter. 98.51% of the stock is 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.