Crinetics Pharmaceuticals’ (CRNX) Market Outperform Rating Reiterated at JMP Securities

Crinetics Pharmaceuticals (NASDAQ:CRNX)‘s stock had its “market outperform” rating restated by equities research analysts at JMP Securities in a research report issued on Monday,Benzinga reports. They presently have a $87.00 target price on the stock. JMP Securities’ price objective points to a potential upside of 62.13% from the company’s current price.

Other research analysts have also recently issued research reports about the company. HC Wainwright lifted their price objective on Crinetics Pharmaceuticals from $69.00 to $81.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Cantor Fitzgerald reiterated an “overweight” rating and set a $90.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Monday, September 16th. Finally, Citigroup lifted their price objective on Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Crinetics Pharmaceuticals has an average rating of “Moderate Buy” and an average price target of $70.82.

Crinetics Pharmaceuticals Stock Down 3.5 %

CRNX opened at $53.66 on Monday. The business has a 50 day moving average of $56.85 and a 200-day moving average of $52.45. The stock has a market cap of $4.98 billion, a PE ratio of -14.39 and a beta of 0.60. Crinetics Pharmaceuticals has a 52 week low of $32.92 and a 52 week high of $62.53.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.96) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.91) by ($0.05). During the same quarter last year, the firm posted ($1.01) earnings per share. Equities analysts anticipate that Crinetics Pharmaceuticals will post -3.75 EPS for the current year.

Insider Buying and Selling

In related news, COO Jeff E. Knight sold 501 shares of Crinetics Pharmaceuticals stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $56.52, for a total value of $28,316.52. Following the completion of the sale, the chief operating officer now owns 51,653 shares of the company’s stock, valued at $2,919,427.56. The trade was a 0.96 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Marc Wilson sold 25,000 shares of the business’s stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of $51.11, for a total value of $1,277,750.00. Following the sale, the chief financial officer now directly owns 111,092 shares of the company’s stock, valued at $5,677,912.12. This represents a 18.37 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 39,876 shares of company stock valued at $2,091,373 over the last 90 days. Company insiders own 6.00% of the company’s stock.

Institutional Trading of Crinetics Pharmaceuticals

Several hedge funds have recently bought and sold shares of the stock. Driehaus Capital Management LLC lifted its position in shares of Crinetics Pharmaceuticals by 17.0% in the second quarter. Driehaus Capital Management LLC now owns 6,112,173 shares of the company’s stock valued at $273,764,000 after acquiring an additional 885,876 shares in the last quarter. Franklin Resources Inc. lifted its position in shares of Crinetics Pharmaceuticals by 61.4% in the third quarter. Franklin Resources Inc. now owns 1,390,110 shares of the company’s stock valued at $73,815,000 after acquiring an additional 528,688 shares in the last quarter. Farallon Capital Management LLC lifted its position in shares of Crinetics Pharmaceuticals by 9,840.0% in the second quarter. Farallon Capital Management LLC now owns 497,000 shares of the company’s stock valued at $22,261,000 after acquiring an additional 492,000 shares in the last quarter. Hood River Capital Management LLC purchased a new position in shares of Crinetics Pharmaceuticals in the second quarter valued at about $18,379,000. Finally, First Turn Management LLC purchased a new position in shares of Crinetics Pharmaceuticals in the second quarter valued at about $16,541,000. Institutional investors 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.