Crinetics Pharmaceuticals’ (CRNX) “Market Outperform” Rating Reaffirmed at JMP Securities

Crinetics Pharmaceuticals (NASDAQ:CRNX)‘s stock had its “market outperform” rating reaffirmed by analysts at JMP Securities in a note issued to investors on Thursday, Benzinga reports. They presently have a $80.00 price objective on the stock. JMP Securities’ price objective would suggest a potential upside of 76.17% from the stock’s current price.

A number of other equities analysts have also recently issued reports on CRNX. HC Wainwright reissued a “buy” rating and issued a $50.00 target price on shares of Crinetics Pharmaceuticals in a report on Tuesday, March 19th. Jefferies Financial Group assumed coverage on Crinetics Pharmaceuticals in a report on Thursday, December 21st. They set a “hold” rating and a $35.00 price target on the stock. Cantor Fitzgerald lifted their price target on Crinetics Pharmaceuticals from $50.00 to $65.00 and gave the company an “overweight” rating in a report on Monday, March 4th. Robert W. Baird lifted their price target on Crinetics Pharmaceuticals from $45.00 to $52.00 and gave the company an “outperform” rating in a report on Thursday, February 29th. Finally, Jonestrading lifted their price target on Crinetics Pharmaceuticals from $52.00 to $56.00 and gave the company a “buy” rating in a report on Wednesday, March 20th. One investment analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $54.17.

Crinetics Pharmaceuticals Stock Performance

Shares of CRNX stock traded up $0.98 during trading hours on Thursday, hitting $45.41. 291,140 shares of the company were exchanged, compared to its average volume of 742,210. Crinetics Pharmaceuticals has a one year low of $15.36 and a one year high of $47.58. The business’s 50-day simple moving average is $39.56 and its two-hundred day simple moving average is $34.15. The stock has a market capitalization of $3.16 billion, a price-to-earnings ratio of -12.16 and a beta of 0.62.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its earnings results on Wednesday, February 28th. The company reported ($0.90) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.89) by ($0.01). Crinetics Pharmaceuticals had a negative return on equity of 52.93% and a negative net margin of 4,223.27%. During the same quarter in the prior year, the firm posted ($0.84) earnings per share. Crinetics Pharmaceuticals’s revenue for the quarter was down 100.0% compared to the same quarter last year. As a group, analysts anticipate that Crinetics Pharmaceuticals will post -3.34 EPS for the current fiscal year.

Insider Activity at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, insider Dana Pizzuti sold 14,375 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Wednesday, January 3rd. The shares were sold at an average price of $35.00, for a total value of $503,125.00. Following the transaction, the insider now owns 5,911 shares in the company, valued at $206,885. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Crinetics Pharmaceuticals news, COO Jeff E. Knight sold 32,359 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $44.31, for a total value of $1,433,827.29. Following the transaction, the chief operating officer now owns 52,580 shares in the company, valued at $2,329,819.80. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Dana Pizzuti sold 14,375 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Wednesday, January 3rd. The stock was sold at an average price of $35.00, for a total transaction of $503,125.00. Following the transaction, the insider now owns 5,911 shares in the company, valued at $206,885. The disclosure for this sale can be found here. Insiders have sold 144,765 shares of company stock worth $6,127,485 over the last quarter. 7.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Campbell & CO Investment Adviser LLC boosted its stake in shares of Crinetics Pharmaceuticals by 196.0% during the 3rd quarter. Campbell & CO Investment Adviser LLC now owns 63,917 shares of the company’s stock valued at $1,901,000 after buying an additional 42,323 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of Crinetics Pharmaceuticals by 31.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 461,303 shares of the company’s stock valued at $13,719,000 after buying an additional 110,565 shares during the period. Vivo Capital LLC acquired a new stake in shares of Crinetics Pharmaceuticals in the 3rd quarter valued at $10,409,000. Swiss National Bank lifted its stake in shares of Crinetics Pharmaceuticals by 41.6% in the 3rd quarter. Swiss National Bank now owns 116,400 shares of the company’s stock valued at $3,462,000 after purchasing an additional 34,200 shares during the last quarter. Finally, Victory Capital Management Inc. acquired a new stake in shares of Crinetics Pharmaceuticals in the 3rd quarter valued at $1,338,000. 98.51% of the stock is currently owned by hedge funds and other institutional investors.

Crinetics Pharmaceuticals Company Profile

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.