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

Crinetics Pharmaceuticals (NASDAQ:CRNX) had its price target dropped by equities researchers at Citizens Jmp from $105.00 to $96.00 in a report issued on Monday,Benzinga reports. The brokerage currently has a “market outperform” rating on the stock. Citizens Jmp’s target price would indicate a potential upside of 135.47% from the stock’s previous close.

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

Crinetics Pharmaceuticals Stock Performance

Shares of NASDAQ CRNX opened at $40.77 on Monday. The stock has a market capitalization of $4.27 billion, a P/E ratio of -8.25 and a beta of 0.23. The stock’s fifty day moving average is $48.83 and its 200 day moving average is $43.30. Crinetics Pharmaceuticals has a 52 week low of $24.10 and a 52 week high of $57.99.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its quarterly earnings data on Thursday, February 26th. The company reported ($1.29) earnings per share for the quarter, topping the consensus estimate of ($1.37) by $0.08. Crinetics Pharmaceuticals had a negative net margin of 6,046.22% and a negative return on equity of 41.46%. The business had revenue of $3.89 million during the quarter, compared to analysts’ expectations of $4.32 million. During the same quarter in the prior year, the business posted ($0.88) earnings per share. Crinetics Pharmaceuticals’s revenue was up NaN% compared to the same quarter last year. Equities research analysts forecast that Crinetics Pharmaceuticals will post -3.73 earnings per share for the current year.

Insider Activity

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 transaction, the insider owned 834 shares in the company, valued at approximately $45,870. The trade was a 74.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 6.00% of the company’s stock.

Institutional Inflows and Outflows

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

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.