Crinetics Pharmaceuticals (NASDAQ:CRNX) Price Target Cut to $96.00 by Analysts at Citizens Jmp

Crinetics Pharmaceuticals (NASDAQ:CRNX) had its price target cut by analysts at Citizens Jmp from $105.00 to $96.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has a “market outperform” rating on the stock. Citizens Jmp’s price objective indicates a potential upside of 135.47% from the company’s current price.

Several other brokerages have also weighed in on CRNX. Wall Street Zen upgraded shares of Crinetics Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Saturday. The Goldman Sachs Group raised Crinetics Pharmaceuticals from a “neutral” rating to a “buy” rating and set a $67.00 price target on the stock in a research note on Monday, January 12th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a report on Wednesday, January 21st. Morgan Stanley raised their price objective on Crinetics Pharmaceuticals from $77.00 to $80.00 and gave the company an “overweight” rating in a research note on Tuesday, January 6th. Finally, Lifesci Capital raised Crinetics Pharmaceuticals to a “strong-buy” rating in a research report on Friday, February 13th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $74.78.

Crinetics Pharmaceuticals Stock Performance

Shares of CRNX opened at $40.77 on Monday. The firm has a market cap of $4.27 billion, a PE ratio of -8.25 and a beta of 0.23. Crinetics Pharmaceuticals has a 52-week low of $24.10 and a 52-week high of $57.99. The business’s 50 day moving average price is $48.83 and its two-hundred day moving average price is $43.30.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings data on Thursday, February 26th. The company reported ($1.29) earnings per share for the quarter, beating the consensus estimate of ($1.37) by $0.08. The company had revenue of $3.89 million during the quarter, compared to analyst estimates of $4.32 million. Crinetics Pharmaceuticals had a negative net margin of 6,046.22% and a negative return on equity of 41.46%. Crinetics Pharmaceuticals’s revenue for the quarter was up NaN% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.88) EPS. Research analysts predict that Crinetics Pharmaceuticals will post -3.73 EPS for the current fiscal year.

Insider Activity

In related news, insider Isabel Kalofonos sold 2,500 shares of the company’s stock in a transaction on Monday, January 5th. The stock was sold at an average price of $55.00, for a total transaction of $137,500.00. Following the completion of the sale, the insider owned 834 shares in the company, valued at approximately $45,870. This represents a 74.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 6.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

A number of hedge funds have recently bought and sold shares of CRNX. Parkman Healthcare Partners LLC raised its holdings in shares of Crinetics Pharmaceuticals by 0.4% in the third quarter. Parkman Healthcare Partners LLC now owns 73,725 shares of the company’s stock valued at $3,071,000 after purchasing an additional 313 shares during the last quarter. Parallel Advisors LLC grew its position in Crinetics Pharmaceuticals by 34.6% in the 4th 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. PNC Financial Services Group Inc. grew its position in Crinetics Pharmaceuticals by 5.8% in the 3rd quarter. PNC Financial Services Group Inc. now owns 5,952 shares of the company’s stock worth $248,000 after purchasing an additional 327 shares in the last quarter. Smartleaf Asset Management LLC increased 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 valued at $30,000 after buying an additional 331 shares during the last quarter. Finally, Brooklyn Investment Group lifted its position in shares of Crinetics Pharmaceuticals by 6.3% during the 4th quarter. Brooklyn Investment Group now owns 5,890 shares of the company’s stock worth $280,000 after buying an additional 348 shares in the last quarter. 98.51% of the stock is owned by hedge funds and other institutional investors.

Crinetics Pharmaceuticals Company Profile

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.