Citizens Jmp Cuts Crinetics Pharmaceuticals (NASDAQ:CRNX) Price Target to $108.00

Crinetics Pharmaceuticals (NASDAQ:CRNX) had its price objective lowered by Citizens Jmp from $143.00 to $108.00 in a research report report published on Friday,Benzinga reports. The firm currently has a market outperform rating on the stock.

Several other research analysts have also weighed in on CRNX. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a research report on Wednesday, October 8th. Robert W. Baird boosted their target price on shares of Crinetics Pharmaceuticals from $58.00 to $62.00 and gave the stock an “outperform” rating in a report on Friday, September 26th. JPMorgan Chase & Co. cut their price target on shares of Crinetics Pharmaceuticals from $53.00 to $52.00 and set an “overweight” rating for the company in a research note on Wednesday, September 24th. Morgan Stanley lifted their price objective on shares of Crinetics Pharmaceuticals from $65.00 to $77.00 and gave the company an “overweight” rating in a research report on Monday, September 29th. Finally, JMP Securities boosted their price objective on shares of Crinetics Pharmaceuticals from $86.00 to $143.00 and gave the stock a “market outperform” rating in a research note on Friday, September 26th. Twelve analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Crinetics Pharmaceuticals has a consensus rating of “Moderate Buy” and an average price target of $77.25.

Crinetics Pharmaceuticals Price Performance

Shares of NASDAQ:CRNX opened at $40.00 on Friday. The company’s 50-day moving average price is $39.61 and its two-hundred day moving average price is $33.87. Crinetics Pharmaceuticals has a one year low of $24.10 and a one year high of $62.53. The stock has a market capitalization of $3.77 billion, a PE ratio of -8.83 and a beta of 0.25.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its quarterly earnings data on Thursday, November 6th. The company reported ($1.38) earnings per share for the quarter, missing the consensus estimate of ($1.27) by ($0.11). The firm had revenue of $0.14 million during the quarter, compared to the consensus estimate of $0.39 million. During the same period last year, the firm earned ($0.96) EPS. On average, analysts anticipate that Crinetics Pharmaceuticals will post -3.73 earnings per share for the current fiscal year.

Insider Buying and Selling at Crinetics Pharmaceuticals

In other news, insider Dana Pizzuti sold 30,000 shares of the stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $30.43, for a total value of $912,900.00. Following the transaction, the insider directly owned 66,270 shares of the company’s stock, valued at $2,016,596.10. This represents a 31.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Richard Scott Struthers sold 4,000 shares of the firm’s stock in a transaction dated Friday, September 26th. The stock was sold at an average price of $45.00, for a total transaction of $180,000.00. Following the sale, the chief executive officer owned 106,000 shares of the company’s stock, valued at approximately $4,770,000. This represents a 3.64% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 66,492 shares of company stock worth $2,420,687 over the last ninety days. Insiders own 6.00% of the company’s stock.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

Several institutional investors and hedge funds have recently made changes to their positions in CRNX. Headlands Technologies LLC acquired a new stake in Crinetics Pharmaceuticals during the 2nd quarter worth approximately $30,000. Farther Finance Advisors LLC lifted its holdings in shares of Crinetics Pharmaceuticals by 523.7% during the third quarter. Farther Finance Advisors LLC now owns 842 shares of the company’s stock worth $35,000 after buying an additional 707 shares in the last quarter. Raymond James Financial Inc. bought a new stake in shares of Crinetics Pharmaceuticals in the second quarter valued at about $45,000. Penserra Capital Management LLC acquired a new position in shares of Crinetics Pharmaceuticals in the second quarter valued at about $48,000. Finally, Covestor Ltd grew its stake in shares of Crinetics Pharmaceuticals by 23,983.3% in the third quarter. Covestor Ltd now owns 1,445 shares of the company’s stock valued at $60,000 after acquiring an additional 1,439 shares in 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.