Citizens Jmp Has Lowered Expectations for Crinetics Pharmaceuticals (NASDAQ:CRNX) Stock Price

Crinetics Pharmaceuticals (NASDAQ:CRNX) had its price target dropped by equities researchers at Citizens Jmp from $108.00 to $105.00 in a report released on Thursday,Benzinga reports. The firm presently has a “market outperform” rating on the stock. Citizens Jmp’s price target points to a potential upside of 96.85% from the stock’s previous close.

Other research analysts have also recently issued reports about the stock. Morgan Stanley lifted their target price on shares of Crinetics Pharmaceuticals from $77.00 to $80.00 and gave the stock an “overweight” rating in a report on Tuesday. JMP Securities raised their price target on shares of Crinetics Pharmaceuticals from $86.00 to $143.00 and gave the company a “market outperform” rating in a research report on Friday, September 26th. Oppenheimer boosted their price objective on shares of Crinetics Pharmaceuticals from $73.00 to $87.00 and gave the stock an “outperform” rating in a report on Tuesday, September 30th. The Goldman Sachs Group increased their target price on Crinetics Pharmaceuticals from $35.00 to $40.00 and gave the company a “neutral” rating in a research note on Friday, September 26th. Finally, Robert W. Baird boosted their price target on Crinetics Pharmaceuticals from $58.00 to $62.00 and gave the stock an “outperform” rating in a research note on Friday, September 26th. Eleven equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Crinetics Pharmaceuticals currently has a consensus rating of “Moderate Buy” and a consensus target price of $77.55.

Crinetics Pharmaceuticals Trading Up 16.1%

Crinetics Pharmaceuticals stock opened at $53.34 on Thursday. The business’s fifty day simple moving average is $45.76 and its two-hundred day simple moving average is $38.26. Crinetics Pharmaceuticals has a 12 month low of $24.10 and a 12 month high of $57.99. The company has a market capitalization of $5.06 billion, a price-to-earnings ratio of -11.77 and a beta of 0.20.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings results on Thursday, November 6th. The company reported ($1.38) earnings per share for the quarter, missing the consensus estimate of ($1.27) by ($0.11). The firm had revenue of $0.14 million during the quarter, compared to analysts’ expectations of $0.39 million. During the same period in the previous year, the firm earned ($0.96) EPS. On average, equities research analysts predict that Crinetics Pharmaceuticals will post -3.73 EPS for the current year.

Insider Buying and Selling at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, insider Dana Pizzuti sold 5,000 shares of the stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $42.66, for a total value of $213,300.00. Following the transaction, the insider owned 66,270 shares of the company’s stock, valued at approximately $2,827,078.20. This represents a 7.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Isabel Kalofonos sold 2,500 shares of the firm’s stock in a transaction dated 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 transaction, the insider directly owned 834 shares in the company, valued at $45,870. The trade was a 74.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 4.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

Institutional investors have recently made changes to their positions in the business. Rhumbline Advisers increased its stake in shares of Crinetics Pharmaceuticals by 6.3% in the first quarter. Rhumbline Advisers now owns 131,950 shares of the company’s stock worth $4,426,000 after purchasing an additional 7,872 shares in the last quarter. Intech Investment Management LLC boosted its holdings in Crinetics Pharmaceuticals by 32.1% in the 1st quarter. Intech Investment Management LLC now owns 56,950 shares of the company’s stock worth $1,910,000 after buying an additional 13,845 shares during the period. Segall Bryant & Hamill LLC boosted its holdings in Crinetics Pharmaceuticals by 20.7% in the 2nd quarter. Segall Bryant & Hamill LLC now owns 176,517 shares of the company’s stock worth $5,077,000 after buying an additional 30,243 shares during the period. Walleye Capital LLC increased its stake in Crinetics Pharmaceuticals by 53.5% in the 2nd quarter. Walleye Capital LLC now owns 190,373 shares of the company’s stock worth $5,475,000 after buying an additional 66,391 shares in the last quarter. Finally, Assenagon Asset Management S.A. bought a new stake in Crinetics Pharmaceuticals during the third quarter valued at about $514,000. Institutional investors own 98.51% of the company’s stock.

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.