Zacks Investment Research Upgrades Crinetics Pharmaceuticals (CRNX) to “Hold”

Zacks Investment Research upgraded shares of Crinetics Pharmaceuticals (NASDAQ:CRNX) from a sell rating to a hold rating in a research report released on Monday, Zacks.com reports.

According to Zacks, “Crinetics Pharmaceuticals Inc is a clinical stage pharmaceutical company. It focuses on the discovery, development and commercialization of novel therapeutics for rare endocrine diseases and endocrine-related tumors. The company’s product pipeline consists of CRN00808 for the treatment of Acromegaly, CRN02481 for the treatment of Hyperinsulinemias and CRN01941 for the treatment of Neuroendocrine Tumors which are in clinical stage. Crinetics Pharmaceuticals Inc is based in San Diego, United States. “

Other equities research analysts have also recently issued reports about the company. HC Wainwright started coverage on Crinetics Pharmaceuticals in a report on Thursday, February 14th. They issued a buy rating and a $35.00 target price for the company. Cantor Fitzgerald started coverage on Crinetics Pharmaceuticals in a report on Monday, March 11th. They issued an overweight rating and a $40.00 target price for the company. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The company currently has a consensus rating of Buy and an average price target of $37.20.

Shares of CRNX stock opened at $25.87 on Monday. Crinetics Pharmaceuticals has a twelve month low of $19.23 and a twelve month high of $42.00. The firm has a market capitalization of $635.32 million and a price-to-earnings ratio of -11.60. The company has a debt-to-equity ratio of 0.04, a current ratio of 18.04 and a quick ratio of 18.04.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its earnings results on Monday, May 13th. The company reported ($0.37) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.41) by $0.04. Crinetics Pharmaceuticals had a negative return on equity of 26.96% and a negative net margin of 1,303.31%. The business had revenue of $0.37 million during the quarter, compared to analysts’ expectations of $0.25 million. As a group, equities analysts forecast that Crinetics Pharmaceuticals will post -1.94 EPS for the current year.

In other Crinetics Pharmaceuticals news, major shareholder Ventures Iv L.P. 5Am sold 154,839 shares of the company’s stock in a transaction on Monday, March 18th. The stock was sold at an average price of $24.25, for a total value of $3,754,845.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Vivo Capital Fund Viii, L.P. sold 417,000 shares of the company’s stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $22.25, for a total value of $9,278,250.00. The disclosure for this sale can be found here.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Rhumbline Advisers purchased a new stake in shares of Crinetics Pharmaceuticals during the 4th quarter worth $254,000. TIAA CREF Investment Management LLC purchased a new stake in shares of Crinetics Pharmaceuticals during the 3rd quarter worth $268,000. Vanguard Group Inc. purchased a new stake in shares of Crinetics Pharmaceuticals during the 3rd quarter worth $7,103,000. Bank of New York Mellon Corp purchased a new stake in shares of Crinetics Pharmaceuticals during the 3rd quarter worth $453,000. Finally, Emory University purchased a new stake in shares of Crinetics Pharmaceuticals during the 4th quarter worth $2,577,000. Hedge funds and other institutional investors own 71.44% of the company’s stock.

About Crinetics Pharmaceuticals

Crinetics Pharmaceuticals, Inc, a clinical stage pharmaceutical company, focuses on the discovery, development, and commercialization of therapeutics for rare endocrine diseases and endocrine-related tumors. Its lead product candidate is CRN00808, an oral selective nonpeptide somatostatin receptor type 2 biased agonist, which is in Phase I clinical trials used for the treatment of acromegaly.

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