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

Crinetics Pharmaceuticals (NASDAQ:CRNX) had its price objective reduced by equities researchers at Citizens Jmp from $108.00 to $105.00 in a report issued on Thursday,Benzinga reports. The firm presently has a “market outperform” rating on the stock. Citizens Jmp’s target price points to a potential upside of 97.18% from the stock’s current price.

Several other research firms have also commented on CRNX. Weiss Ratings reissued a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a research note on Wednesday, October 8th. JMP Securities increased their target price on shares of Crinetics Pharmaceuticals from $86.00 to $143.00 and gave the stock a “market outperform” rating in a report on Friday, September 26th. Oppenheimer raised their price target on shares of Crinetics Pharmaceuticals from $73.00 to $87.00 and gave the company an “outperform” rating in a research report on Tuesday, September 30th. The Goldman Sachs Group upped their price objective on Crinetics Pharmaceuticals from $35.00 to $40.00 and gave the stock a “neutral” rating in a research report on Friday, September 26th. Finally, Wall Street Zen upgraded Crinetics Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Saturday, January 3rd. Eleven investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $77.55.

Crinetics Pharmaceuticals Trading Up 0.0%

Shares of NASDAQ CRNX opened at $53.25 on Thursday. The stock has a market capitalization of $5.05 billion, a PE ratio of -11.75 and a beta of 0.20. Crinetics Pharmaceuticals has a twelve month low of $24.10 and a twelve month high of $57.99. The stock has a fifty day simple moving average of $46.16 and a 200-day simple moving average of $38.53.

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

Insiders Place Their Bets

In other news, insider Isabel Kalofonos sold 2,500 shares of Crinetics Pharmaceuticals stock in a transaction on Monday, January 5th. The shares were sold at an average price of $55.00, for a total transaction of $137,500.00. Following the completion of the sale, the insider directly owned 834 shares of the company’s stock, valued at approximately $45,870. The trade was a 74.99% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Dana Pizzuti sold 5,000 shares of the business’s stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $42.66, for a total transaction 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. The trade was a 7.02% decrease in their position. The disclosure for this sale is available in the SEC filing. 4.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

Several hedge funds have recently added to or reduced their stakes in the stock. Advisors Asset Management Inc. raised its holdings in Crinetics Pharmaceuticals by 35.8% during the first quarter. Advisors Asset Management Inc. now owns 6,674 shares of the company’s stock worth $224,000 after purchasing an additional 1,761 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Crinetics Pharmaceuticals by 11.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 59,311 shares of the company’s stock valued at $1,995,000 after buying an additional 6,148 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Crinetics Pharmaceuticals by 6.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 347,581 shares of the company’s stock worth $11,658,000 after acquiring an additional 22,305 shares in the last quarter. Intech Investment Management LLC raised its stake in Crinetics Pharmaceuticals by 32.1% during the 1st quarter. Intech Investment Management LLC now owns 56,950 shares of the company’s stock worth $1,910,000 after acquiring an additional 13,845 shares in the last quarter. Finally, Strs Ohio purchased a new stake in Crinetics Pharmaceuticals in the first quarter valued at $124,000. 98.51% of the stock is currently owned by hedge funds and other institutional investors.

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.