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We recently published a list of 10 Stocks That Analysts Are Talking About. In this article, we are going to take a look at where Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) stands against other stocks that analysts are talking about.
Like any other informed investor, we are always on the hunt for stocks that analysts are talking about. Analysts use their in-depth research expertise, industry knowledge, and industry connections to figure out how well companies are doing every quarter.
Once they stumble upon something that could change the course of that company’s stock, they come out with analyst updates. These are usually in the form of an upgrade or downgrade, or simply an update on a previously assigned rating.
For retail investors, going through these reports saves a lot of time. This is why we came up with 10 stocks that analysts are talking about this week. To come up with the list of 10 stocks that analysts are talking about, we considered companies that received an analyst upgrade or coverage in the last 5 days.
A doctor and a patient discussing the success of the clinical trial for a new nonpeptide somatostatin receptor agonist.
Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)
Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) is a clinical-stage pharmaceutical company committed to developing, discovering, and commercializing novel therapeutics for rare endocrine-related and endocrine disorders. Crinetics Pharmaceuticals (NASDAQ:CRNX) received an upgrade from Jefferies to Buy from Hold with a repeated target price of $55.
The stock declined recently due to concerns related to atumelnant, an experimental therapy for CAH (Congenital Adrenal Hyperplasia). Even though the results were positive, analysts opine that higher expectations caused the sell-off. CRNX is trading down 23% YTD.
Taking the opportunity of the recent sell-off, Jeffries upgraded the stock. It said that the $1 billion opportunity wasn’t properly being priced in and after the sell-off, the stock is a buy. Crenessity, a CAH treatment by Neurocrine, was also launched recently but analysts believe CRNX has a very good opportunity to differentiate itself as a better product, helping its marketing efforts once its own drug is approved.
Overall, CRNX ranks 6th on our list of stocks that analysts are talking about. While we acknowledge the potential of CRNX as a leading AI investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as CRNX but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.