Crinetics Pharmaceuticals (NASDAQ:CRNX) Receives Market Outperform Rating from JMP Securities

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report)'s stock had its "market outperform" rating reiterated by research analysts at JMP Securities in a report released on Friday, Benzinga reports. They currently have a $80.00 price target on the stock. JMP Securities' target price would indicate a potential upside of 57.64% from the stock's previous close.

A number of other equities analysts have also recently weighed in on the stock. HC Wainwright lifted their price target on shares of Crinetics Pharmaceuticals from $60.00 to $69.00 and gave the stock a "buy" rating in a research report on Friday, August 9th. Piper Sandler reissued an "overweight" rating and set a $97.00 price target on shares of Crinetics Pharmaceuticals in a research report on Tuesday, July 2nd. JPMorgan Chase & Co. boosted their price objective on shares of Crinetics Pharmaceuticals from $47.00 to $54.00 and gave the company an "overweight" rating in a research report on Tuesday, July 9th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $90.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Monday, September 16th. Finally, Oppenheimer reaffirmed an "outperform" rating and issued a $73.00 price objective (down from $74.00) on shares of Crinetics Pharmaceuticals in a research report on Friday, August 9th. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $68.55.

Crinetics Pharmaceuticals Stock Performance

CRNX traded up $0.17 during trading on Friday, reaching $50.75. 370,615 shares of the company's stock were exchanged, compared to its average volume of 785,117. The company's fifty day moving average price is $52.08 and its 200-day moving average price is $48.26. Crinetics Pharmaceuticals has a fifty-two week low of $25.35 and a fifty-two week high of $55.78. The firm has a market capitalization of $4.00 billion, a PE ratio of -13.43 and a beta of 0.63.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last released its earnings results on Thursday, August 8th. The company reported ($0.94) EPS for the quarter, missing analysts' consensus estimates of ($0.86) by ($0.08). The business had revenue of $0.40 million for the quarter, compared to analysts' expectations of $0.47 million. The business's revenue for the quarter was down 59.6% on a year-over-year basis. During the same period in the previous year, the company earned ($0.94) earnings per share. Research analysts forecast that Crinetics Pharmaceuticals will post -3.72 earnings per share for the current fiscal year.

Insider Buying and Selling at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, insider Dana Pizzuti sold 14,375 shares of Crinetics Pharmaceuticals stock in a transaction on Wednesday, July 3rd. The shares were sold at an average price of $44.87, for a total value of $645,006.25. Following the sale, the insider now directly owns 28,507 shares in the company, valued at approximately $1,279,109.09. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Dana Pizzuti sold 14,375 shares of the business's stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $44.87, for a total transaction of $645,006.25. Following the transaction, the insider now directly owns 28,507 shares in the company, valued at approximately $1,279,109.09. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider James Hassard sold 15,000 shares of the business's stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $44.08, for a total transaction of $661,200.00. Following the transaction, the insider now owns 29,259 shares in the company, valued at $1,289,736.72. The disclosure for this sale can be found here. In the last three months, insiders have sold 110,466 shares of company stock worth $5,711,756. Insiders own 6.00% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Comerica Bank acquired a new position in Crinetics Pharmaceuticals in the 1st quarter valued at about $33,000. Quest Partners LLC bought a new stake in Crinetics Pharmaceuticals in the 2nd quarter valued at about $42,000. Quarry LP bought a new stake in Crinetics Pharmaceuticals in the 4th quarter valued at about $36,000. Amalgamated Bank boosted its holdings in Crinetics Pharmaceuticals by 20.8% in the 2nd quarter. Amalgamated Bank now owns 2,692 shares of the company's stock valued at $121,000 after purchasing an additional 464 shares during the period. Finally, Oppenheimer Asset Management Inc. bought a new stake in Crinetics Pharmaceuticals in the 1st quarter valued at about $200,000. 98.51% of the stock is currently owned by institutional investors and hedge funds.

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.