Citizens Jmp Cuts Crinetics Pharmaceuticals (NASDAQ:CRNX) Price Target to $95.00

Crinetics Pharmaceuticals (NASDAQ:CRNX) had its price objective cut by Citizens Jmp from $97.00 to $95.00 in a report released on Friday morning,Benzinga reports. They currently have a market outperform rating on the stock.

A number of other analysts have also recently commented on the stock. The Goldman Sachs Group upgraded shares of Crinetics Pharmaceuticals from a “neutral” rating to a “buy” rating and set a $67.00 target price on the stock in a report on Monday, January 12th. Wall Street Zen cut shares of Crinetics Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Saturday, March 28th. Weiss Ratings restated a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a report on Monday, April 20th. Finally, Lifesci Capital upgraded shares of Crinetics Pharmaceuticals to a “strong-buy” rating in a report on Friday, February 13th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $76.50.

Crinetics Pharmaceuticals Stock Performance

Shares of Crinetics Pharmaceuticals stock opened at $37.48 on Friday. Crinetics Pharmaceuticals has a 12-month low of $25.83 and a 12-month high of $57.99. The company has a market cap of $3.95 billion, a P/E ratio of -7.31 and a beta of 0.28. The company’s fifty day simple moving average is $38.41 and its two-hundred day simple moving average is $43.89.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its earnings results on Thursday, May 7th. The company reported ($1.23) EPS for the quarter, missing analysts’ consensus estimates of ($1.22) by ($0.01). Crinetics Pharmaceuticals had a negative net margin of 2,747.18% and a negative return on equity of 43.96%. The business had revenue of $10.73 million for the quarter, compared to the consensus estimate of $8.51 million. During the same quarter last year, the firm posted ($1.04) EPS. The business’s quarterly revenue was up 2873.4% on a year-over-year basis. Analysts predict that Crinetics Pharmaceuticals will post -4.95 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Tobin Schilke sold 6,713 shares of the firm’s stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $39.67, for a total transaction of $266,304.71. Following the completion of the sale, the chief financial officer owned 78,121 shares of the company’s stock, valued at $3,099,060.07. This trade represents a 7.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Stephen F. Betz sold 10,612 shares of the company’s stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $37.37, for a total value of $396,570.44. Following the completion of the transaction, the insider directly owned 137,101 shares in the company, valued at $5,123,464.37. This trade represents a 7.18% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 142,380 shares of company stock worth $5,569,475 over the last quarter. 3.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Smartleaf Asset Management LLC lifted its position in Crinetics Pharmaceuticals by 107.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 639 shares of the company’s stock valued at $30,000 after acquiring an additional 331 shares in the last quarter. Headlands Technologies LLC bought a new position in Crinetics Pharmaceuticals in the 2nd quarter valued at approximately $30,000. Farther Finance Advisors LLC lifted its position in Crinetics Pharmaceuticals by 523.7% in the 3rd quarter. Farther Finance Advisors LLC now owns 842 shares of the company’s stock valued at $35,000 after acquiring an additional 707 shares in the last quarter. Raymond James Financial Inc. bought a new position in Crinetics Pharmaceuticals during the 2nd quarter valued at about $45,000. Finally, Parallel Advisors LLC lifted its stake in Crinetics Pharmaceuticals by 34.6% during the 4th quarter. Parallel Advisors LLC now owns 1,225 shares of the company’s stock valued at $57,000 after acquiring an additional 315 shares during the period. 98.51% of the stock is owned by institutional investors.

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.