Citizens Jmp Cuts Crinetics Pharmaceuticals (NASDAQ:CRNX) Price Target to $105.00

Crinetics Pharmaceuticals (NASDAQ:CRNX) had its price objective lowered by Citizens Jmp from $108.00 to $105.00 in a report published on Thursday,Benzinga reports. The brokerage currently has a market outperform rating on the stock.

Several other equities analysts have also commented on CRNX. The Goldman Sachs Group raised their target price on shares of Crinetics Pharmaceuticals from $35.00 to $40.00 and gave the company a “neutral” rating in a report on Friday, September 26th. Morgan Stanley boosted their price objective on shares of Crinetics Pharmaceuticals from $77.00 to $80.00 and gave the company an “overweight” rating in a research report on Tuesday, January 6th. Robert W. Baird raised their target price on Crinetics Pharmaceuticals from $58.00 to $62.00 and gave the company an “outperform” rating in a report on Friday, September 26th. Weiss Ratings reissued a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a report on Wednesday, October 8th. Finally, JPMorgan Chase & Co. dropped their price objective on Crinetics Pharmaceuticals from $53.00 to $52.00 and set an “overweight” rating for the company in a research report on Wednesday, September 24th. Eleven equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $77.55.

Crinetics Pharmaceuticals Price Performance

Shares of NASDAQ CRNX opened at $53.25 on Thursday. The business has a fifty day moving average price of $46.16 and a two-hundred day moving average price of $38.58. 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 fifty-two week low of $24.10 and a fifty-two week high of $57.99.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly 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 quarter in the prior year, the firm earned ($0.96) EPS. On average, equities analysts expect that Crinetics Pharmaceuticals will post -3.73 EPS for the current year.

Insider Transactions at Crinetics Pharmaceuticals

In related news, insider Dana Pizzuti sold 5,000 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $42.66, for a total transaction of $213,300.00. Following the sale, the insider directly owned 66,270 shares in the company, valued at $2,827,078.20. This trade represents a 7.02% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Isabel Kalofonos sold 2,500 shares of the business’s stock in a transaction that occurred 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 sale, the insider directly owned 834 shares in the company, valued at $45,870. The trade was a 74.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 4.60% of the company’s stock.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

A number of hedge funds have recently modified their holdings of CRNX. Park Avenue Securities LLC bought a new stake in shares of Crinetics Pharmaceuticals in the fourth quarter worth $328,000. JPMorgan Chase & Co. lifted its holdings in Crinetics Pharmaceuticals by 279.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,258,722 shares of the company’s stock worth $52,426,000 after buying an additional 926,765 shares during the period. CIBC Bancorp USA Inc. bought a new stake in shares of Crinetics Pharmaceuticals in the 3rd quarter valued at about $401,000. CANADA LIFE ASSURANCE Co increased its stake in shares of Crinetics Pharmaceuticals by 17.4% in the third quarter. CANADA LIFE ASSURANCE Co now owns 22,561 shares of the company’s stock valued at $981,000 after buying an additional 3,342 shares during the period. Finally, Dark Forest Capital Management LP acquired a new stake in shares of Crinetics Pharmaceuticals in the third quarter valued at about $213,000. Institutional investors and hedge funds own 98.51% of the company’s stock.

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.