Crinetics Pharmaceuticals (NASDAQ:CRNX) Given New $108.00 Price Target at Citizens Jmp

Crinetics Pharmaceuticals (NASDAQ:CRNX) had its price target lowered by Citizens Jmp from $143.00 to $108.00 in a research note issued to investors on Friday,Benzinga reports. Citizens Jmp currently has a market outperform rating on the stock.

A number of other equities research analysts also recently weighed in on CRNX. JPMorgan Chase & Co. lowered their price objective on shares of Crinetics Pharmaceuticals from $53.00 to $52.00 and set an “overweight” rating for the company in a research report on Wednesday, September 24th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a report on Wednesday, October 8th. JMP Securities increased their price target on Crinetics Pharmaceuticals from $86.00 to $143.00 and gave the stock a “market outperform” rating in a research report on Friday, September 26th. Robert W. Baird boosted their price objective on Crinetics Pharmaceuticals from $58.00 to $62.00 and gave the company an “outperform” rating in a research report on Friday, September 26th. Finally, Oppenheimer increased their target price on Crinetics Pharmaceuticals from $73.00 to $87.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 30th. Twelve equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Crinetics Pharmaceuticals currently has a consensus rating of “Moderate Buy” and a consensus target price of $77.25.

Crinetics Pharmaceuticals Price Performance

Shares of CRNX stock traded down $3.49 on Friday, hitting $40.00. 4,090,934 shares of the stock traded hands, compared to its average volume of 1,255,870. The company’s fifty day moving average is $39.61 and its 200 day moving average is $33.84. Crinetics Pharmaceuticals has a 1-year low of $24.10 and a 1-year high of $62.53. The company has a market capitalization of $3.77 billion, a PE ratio of -8.83 and a beta of 0.25.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its 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 business had revenue of $0.14 million for the quarter, compared to analysts’ expectations of $0.39 million. During the same period last year, the firm posted ($0.96) EPS. As a group, equities research analysts expect that Crinetics Pharmaceuticals will post -3.73 EPS for the current year.

Insider Activity

In related news, Director Matthew K. Fust sold 16,000 shares of Crinetics Pharmaceuticals stock in a transaction dated Friday, September 26th. The shares were sold at an average price of $44.75, for a total transaction of $716,000.00. Following the sale, the director directly owned 22,836 shares in the company, valued at $1,021,911. The trade was a 41.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Dana Pizzuti sold 30,000 shares of the company’s stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $30.43, for a total transaction of $912,900.00. Following the completion of the sale, the insider directly owned 66,270 shares of the company’s stock, valued at $2,016,596.10. The trade was a 31.16% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 66,492 shares of company stock valued at $2,420,687. Company insiders own 4.60% of the company’s stock.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

A number of institutional investors have recently added to or reduced their stakes in CRNX. Vestal Point Capital LP bought a new position in Crinetics Pharmaceuticals during the 1st quarter valued at $50,310,000. JPMorgan Chase & Co. lifted its holdings in shares of Crinetics Pharmaceuticals by 279.2% in the third quarter. JPMorgan Chase & Co. now owns 1,258,722 shares of the company’s stock valued at $52,426,000 after buying an additional 926,765 shares during the period. Nuveen LLC bought a new position in Crinetics Pharmaceuticals during the first quarter valued at about $18,881,000. Candriam S.C.A. bought a new position in Crinetics Pharmaceuticals during the first quarter valued at about $16,398,000. Finally, Bank of America Corp DE grew its holdings in Crinetics Pharmaceuticals by 88.0% during the second quarter. Bank of America Corp DE now owns 573,282 shares of the company’s stock worth $16,488,000 after acquiring an additional 268,356 shares during the period. 98.51% of the stock is currently owned by institutional investors and hedge funds.

About Crinetics Pharmaceuticals

Crinetics Pharmaceuticals, Inc, a clinical-stage pharmaceutical company, focuses on the discovery, development, and commercialization of novel therapeutics for rare endocrine diseases and endocrine-related tumors. The company's lead product candidate is paltusotine, an oral selective nonpeptide somatostatin receptor type 2 agonist, which is in Phase 3 trial for the treatment of acromegaly; and Phase 2 trial for treating carcinoid syndrome associated with neuroendocrine tumors.