JPMorgan Chase & Co. Has Lowered Expectations for Crinetics Pharmaceuticals (NASDAQ:CRNX) Stock Price

Crinetics Pharmaceuticals (NASDAQ:CRNX) had its price objective decreased by JPMorgan Chase & Co. from $53.00 to $52.00 in a report released on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 45.01% from the company’s current price.

Other research analysts also recently issued research reports about the company. The Goldman Sachs Group assumed coverage on Crinetics Pharmaceuticals in a report on Thursday, July 10th. They issued a “neutral” rating and a $36.00 price objective on the stock. JMP Securities lowered their price target 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. Finally, HC Wainwright reissued a “buy” rating and set a $81.00 price objective on shares of Crinetics Pharmaceuticals in a report on Friday, June 27th. Seven equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, Crinetics Pharmaceuticals has a consensus rating of “Moderate Buy” and an average price target of $63.43.

Crinetics Pharmaceuticals Trading Up 6.3%

Shares of NASDAQ:CRNX opened at $35.86 on Wednesday. Crinetics Pharmaceuticals has a 52 week low of $24.10 and a 52 week high of $62.53. The company’s 50 day moving average is $31.36 and its two-hundred day moving average is $31.38. The company has a market cap of $3.38 billion, a PE ratio of -8.73 and a beta of 0.28.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings data 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 firm had revenue of $1.03 million for the quarter, compared to analyst estimates of $0.52 million. The company’s revenue was up 158.4% on a year-over-year basis. During the same period in the prior year, the business posted ($0.94) earnings per share. As a group, equities research analysts expect that Crinetics Pharmaceuticals will post -3.73 EPS for the current year.

Insider Activity at Crinetics Pharmaceuticals

In related news, insider Dana Pizzuti sold 30,000 shares of the company’s stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $30.43, for a total value of $912,900.00. Following the completion of the sale, the insider owned 66,270 shares in the company, valued at $2,016,596.10. This represents a 31.16% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 6.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Exome Asset Management LLC purchased a new stake in shares of Crinetics Pharmaceuticals in the first quarter valued at about $1,720,000. Rhumbline Advisers increased its position in Crinetics Pharmaceuticals by 6.3% in the 1st quarter. Rhumbline Advisers now owns 131,950 shares of the company’s stock valued at $4,426,000 after acquiring an additional 7,872 shares during the period. Intech Investment Management LLC raised its stake in Crinetics Pharmaceuticals by 32.1% during the 1st quarter. Intech Investment Management LLC now owns 56,950 shares of the company’s stock valued at $1,910,000 after acquiring an additional 13,845 shares during the last quarter. Amalgamated Bank lifted its position in Crinetics Pharmaceuticals by 17.3% during the 1st quarter. Amalgamated Bank now owns 3,159 shares of the company’s stock worth $106,000 after acquiring an additional 467 shares during the period. Finally, GAMMA Investing LLC grew its stake in shares of Crinetics Pharmaceuticals by 6,291.5% in the 1st quarter. GAMMA Investing LLC now owns 6,775 shares of the company’s stock valued at $227,000 after purchasing an additional 6,669 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, 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.