Crinetics Pharmaceuticals (NASDAQ:CRNX) Given New $52.00 Price Target at JPMorgan Chase & Co.

Crinetics Pharmaceuticals (NASDAQ:CRNX) had its price target reduced by JPMorgan Chase & Co. from $53.00 to $52.00 in a report released on Wednesday morning,Benzinga reports. They currently have an overweight rating on the stock.

Several other equities research analysts also recently commented on the company. JMP Securities reduced their target price on Crinetics Pharmaceuticals from $90.00 to $86.00 and set a “market outperform” rating for the company in a report on Monday, August 11th. The Goldman Sachs Group started coverage on Crinetics Pharmaceuticals in a report on Thursday, July 10th. They set a “neutral” rating and a $36.00 price objective on the stock. Finally, HC Wainwright reaffirmed a “buy” rating and set a $81.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Friday, June 27th. Eight investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, Crinetics Pharmaceuticals has a consensus rating of “Moderate Buy” and an average target price of $70.88.

Crinetics Pharmaceuticals Stock Performance

Shares of NASDAQ:CRNX opened at $45.91 on Wednesday. The stock has a market capitalization of $4.32 billion, a price-to-earnings ratio of -11.17 and a beta of 0.28. Crinetics Pharmaceuticals has a 1-year low of $24.10 and a 1-year high of $62.53. The company has a 50 day moving average price of $31.78 and a 200 day moving average price of $31.50.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($1.23) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.13) by ($0.10). The business had revenue of $1.03 million during the quarter, compared to the consensus estimate of $0.52 million. During the same quarter in the prior year, the company earned ($0.94) earnings per share. The business’s quarterly revenue was up 158.4% compared to the same quarter last year. On average, sell-side analysts expect that Crinetics Pharmaceuticals will post -3.73 EPS for the current fiscal year.

Insider Activity

In related news, insider Dana Pizzuti sold 30,000 shares of the firm’s stock in a transaction that occurred on Friday, August 22nd. The shares were 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 in the company, valued at approximately $2,016,596.10. This trade represents a 31.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 4.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in Crinetics Pharmaceuticals by 2.4% in the 1st quarter. Vanguard Group Inc. now owns 9,311,600 shares of the company’s stock worth $312,311,000 after buying an additional 222,209 shares in the last quarter. Driehaus Capital Management LLC increased its stake in shares of Crinetics Pharmaceuticals by 1.6% in the first quarter. Driehaus Capital Management LLC now owns 6,239,902 shares of the company’s stock worth $209,286,000 after acquiring an additional 98,888 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Crinetics Pharmaceuticals by 1.0% during the second quarter. Geode Capital Management LLC now owns 2,213,325 shares of the company’s stock worth $63,662,000 after acquiring an additional 22,393 shares in the last quarter. Paradigm Biocapital Advisors LP raised its holdings in shares of Crinetics Pharmaceuticals by 1.9% during the first quarter. Paradigm Biocapital Advisors LP now owns 1,946,168 shares of the company’s stock worth $65,274,000 after acquiring an additional 35,407 shares in the last quarter. Finally, Siren L.L.C. boosted its position in Crinetics Pharmaceuticals by 4.9% during the first quarter. Siren L.L.C. now owns 1,688,611 shares of the company’s stock valued at $56,636,000 after purchasing an additional 78,959 shares during the last quarter. Institutional investors and hedge funds own 98.51% of the company’s stock.

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.