Citizens Jmp Lowers Crinetics Pharmaceuticals (NASDAQ:CRNX) Price Target to $96.00

Crinetics Pharmaceuticals (NASDAQ:CRNX) had its target price reduced by investment analysts at Citizens Jmp from $105.00 to $96.00 in a report released on Monday,Benzinga reports. The firm currently has a “market outperform” rating on the stock. Citizens Jmp’s price objective would indicate a potential upside of 139.28% from the stock’s previous close.

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

Crinetics Pharmaceuticals Stock Down 1.4%

Shares of Crinetics Pharmaceuticals stock opened at $40.12 on Monday. The firm has a market cap of $4.20 billion, a PE ratio of -8.12 and a beta of 0.23. Crinetics Pharmaceuticals has a twelve month low of $24.10 and a twelve month high of $57.99. The business has a 50-day moving average price of $48.48 and a 200 day moving average price of $43.44.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings results on Thursday, February 26th. The company reported ($1.29) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.37) by $0.08. Crinetics Pharmaceuticals had a negative return on equity of 41.46% and a negative net margin of 6,046.22%.The firm’s revenue for the quarter was up NaN% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.88) EPS. On average, sell-side analysts expect that Crinetics Pharmaceuticals will post -3.73 EPS for the current year.

Insider Transactions at Crinetics Pharmaceuticals

In related news, insider Isabel Kalofonos sold 2,500 shares of the company’s stock in a transaction dated 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 owned 834 shares of the company’s stock, valued at approximately $45,870. This represents a 74.99% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 6.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CRNX. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Crinetics Pharmaceuticals by 11.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 59,311 shares of the company’s stock valued at $1,995,000 after purchasing an additional 6,148 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Crinetics Pharmaceuticals by 6.9% during the first 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 buying an additional 22,305 shares during the last quarter. Strs Ohio purchased a new stake in Crinetics Pharmaceuticals in the 1st quarter valued at $124,000. Teacher Retirement System of Texas increased its stake in shares of Crinetics Pharmaceuticals by 6.0% in the 2nd quarter. Teacher Retirement System of Texas now owns 23,781 shares of the company’s stock worth $684,000 after acquiring an additional 1,339 shares during the last quarter. Finally, Assetmark Inc. increased its stake in shares of Crinetics Pharmaceuticals by 3.3% in the 2nd quarter. Assetmark Inc. now owns 18,667 shares of the company’s stock worth $537,000 after acquiring an additional 603 shares during the last quarter. 98.51% of the stock is currently owned by institutional investors and hedge funds.

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.