JMP Securities Reaffirms Market Outperform Rating for Crinetics Pharmaceuticals (NASDAQ:CRNX)

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report)'s stock had its "market outperform" rating reissued by research analysts at JMP Securities in a report released on Monday,Benzinga reports. They currently have a $87.00 target price on the stock. JMP Securities' price objective would suggest a potential upside of 59.25% from the company's current price.

CRNX has been the subject of a number of other research reports. Cantor Fitzgerald reissued an "overweight" rating and issued a $90.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Monday, September 16th. Citigroup lifted their price target on Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the stock a "buy" rating in a report on Thursday, November 14th. Finally, HC Wainwright upped 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. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $70.82.

Crinetics Pharmaceuticals Stock Performance

CRNX traded up $0.97 on Monday, hitting $54.63. 1,189,027 shares of the company were exchanged, compared to its average volume of 772,097. The stock's fifty day moving average is $56.91 and its 200-day moving average is $52.51. Crinetics Pharmaceuticals has a 12 month low of $32.92 and a 12 month high of $62.53. The company has a market cap of $5.07 billion, a PE ratio of -14.65 and a beta of 0.60.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.96) earnings per share for the quarter, missing the consensus estimate of ($0.91) by ($0.05). During the same period in the previous year, the business earned ($1.01) earnings per share. As a group, equities research analysts expect that Crinetics Pharmaceuticals will post -3.75 EPS for the current fiscal year.

Insider Buying and Selling at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals 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 transaction, the chief operating officer now directly owns 51,653 shares of the company's stock, valued at $2,919,427.56. The trade was a 0.96 % decrease in their position. The sale was disclosed in a legal 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 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 owns 111,092 shares of the company's stock, valued at approximately $5,677,912.12. The trade was a 18.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 39,876 shares of company stock valued at $2,091,373 in the last ninety days. 6.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Driehaus Capital Management LLC lifted its stake in Crinetics Pharmaceuticals by 17.0% during the second quarter. Driehaus Capital Management LLC now owns 6,112,173 shares of the company's stock worth $273,764,000 after purchasing an additional 885,876 shares during the last quarter. Jennison Associates LLC raised its holdings in shares of Crinetics Pharmaceuticals by 0.5% during the 3rd quarter. Jennison Associates LLC now owns 2,793,614 shares of the company's stock worth $142,754,000 after buying an additional 13,470 shares in the last quarter. First Turn Management LLC bought a new stake in shares of Crinetics Pharmaceuticals during the 2nd quarter worth $16,541,000. Fisher Asset Management LLC boosted its stake in Crinetics Pharmaceuticals by 8.4% in the third quarter. Fisher Asset Management LLC now owns 482,099 shares of the company's stock valued at $24,635,000 after buying an additional 37,429 shares in the last quarter. Finally, Nicholas Investment Partners LP acquired a new stake in Crinetics Pharmaceuticals in the second quarter valued at about $2,374,000. 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.