Crinetics Pharmaceuticals (NASDAQ:CRNX) Rating Reiterated by JMP Securities

JMP Securities reissued their market outperform rating on shares of Crinetics Pharmaceuticals (NASDAQ:CRNX) in a research report released on Friday, Benzinga reports. They currently have a $80.00 price objective on the stock.

A number of other brokerages have also commented on CRNX. Cantor Fitzgerald reissued an overweight rating and issued a $90.00 price target on shares of Crinetics Pharmaceuticals in a report on Monday, September 16th. HC Wainwright raised their price target on Crinetics Pharmaceuticals from $60.00 to $69.00 and gave the company a buy rating in a research report on Friday, August 9th. Piper Sandler reiterated an overweight rating and issued a $97.00 price objective on shares of Crinetics Pharmaceuticals in a report on Tuesday, July 2nd. JPMorgan Chase & Co. increased their price objective on Crinetics Pharmaceuticals from $47.00 to $54.00 and gave the company an overweight rating in a research report on Tuesday, July 9th. Finally, Oppenheimer restated an outperform rating and issued a $73.00 target price (down previously from $74.00) on shares of Crinetics Pharmaceuticals in a research report on Friday, August 9th. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, Crinetics Pharmaceuticals has a consensus rating of Moderate Buy and an average price target of $68.55.

Crinetics Pharmaceuticals Trading Up 0.7 %

Crinetics Pharmaceuticals stock opened at $51.10 on Friday. The firm has a 50 day simple moving average of $52.03 and a 200 day simple moving average of $48.45. Crinetics Pharmaceuticals has a 1-year low of $25.35 and a 1-year high of $55.78. The firm has a market capitalization of $4.03 billion, a price-to-earnings ratio of -13.52 and a beta of 0.63.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.94) EPS for the quarter, missing the consensus estimate of ($0.86) by ($0.08). The company had revenue of $0.40 million for the quarter, compared to the consensus estimate of $0.47 million. During the same period in the prior year, the company posted ($0.94) earnings per share. The company’s quarterly revenue was down 59.6% compared to the same quarter last year. On average, equities research analysts forecast that Crinetics Pharmaceuticals will post -3.72 EPS for the current year.

Insider Buying and Selling

In related news, CFO Marc Wilson sold 25,000 shares of the company’s stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $51.11, for a total transaction of $1,277,750.00. Following the completion of the transaction, the chief financial officer now owns 111,092 shares in the company, valued at $5,677,912.12. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, insider Dana Pizzuti sold 14,375 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Wednesday, July 3rd. The stock was sold at an average price of $44.87, for a total transaction of $645,006.25. Following the sale, the insider now directly owns 28,507 shares in the company, valued at $1,279,109.09. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Marc Wilson sold 25,000 shares of the company’s stock in a transaction on Thursday, September 26th. The stock was sold at an average price of $51.11, for a total value of $1,277,750.00. Following the completion of the sale, the chief financial officer now directly owns 111,092 shares in the company, valued at $5,677,912.12. The disclosure for this sale can be found here. Insiders have sold 135,466 shares of company stock valued at $6,989,506 over the last ninety days. 6.00% of the stock is owned by 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. Comerica Bank bought a new position in shares of Crinetics Pharmaceuticals in the 1st quarter worth about $33,000. Quest Partners LLC purchased a new stake in Crinetics Pharmaceuticals in the second quarter worth about $42,000. Quarry LP bought a new position in shares of Crinetics Pharmaceuticals during the fourth quarter valued at approximately $36,000. Amalgamated Bank increased its stake in shares of Crinetics Pharmaceuticals by 20.8% during the second quarter. Amalgamated Bank now owns 2,692 shares of the company’s stock valued at $121,000 after purchasing an additional 464 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. purchased a new position in shares of Crinetics Pharmaceuticals during the first quarter valued at approximately $200,000. Hedge funds and other institutional investors own 98.51% of the company’s stock.

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.