Crinetics Pharmaceuticals (NASDAQ:CRNX) Earns “Market Outperform” Rating from JMP Securities

Crinetics Pharmaceuticals (NASDAQ:CRNX)‘s stock had its “market outperform” rating reiterated by JMP Securities in a report released on Monday,Benzinga reports. They presently have a $87.00 price objective on the stock. JMP Securities’ price objective would indicate a potential upside of 57.12% from the company’s previous close.

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

Crinetics Pharmaceuticals Stock Performance

NASDAQ:CRNX opened at $55.37 on Monday. Crinetics Pharmaceuticals has a 52-week low of $32.92 and a 52-week high of $62.53. The firm has a market cap of $5.13 billion, a price-to-earnings ratio of -14.84 and a beta of 0.60. The business’s fifty day moving average is $56.91 and its 200 day moving average is $52.51.

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

Insider Activity

In related news, CFO Marc Wilson sold 25,000 shares of the stock in a transaction dated 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 sale, the chief financial officer now directly owns 111,092 shares in the company, valued at $5,677,912.12. This represents a 18.37 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Dana Pizzuti sold 14,375 shares of the stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $54.63, for a total value of $785,306.25. Following the sale, the insider now owns 28,507 shares of the company’s stock, valued at $1,557,337.41. This represents a 33.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 39,876 shares of company stock worth $2,091,373. 6.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

Several institutional investors have recently bought and sold shares of the stock. AQR Capital Management LLC boosted its holdings in Crinetics Pharmaceuticals by 3.3% during the 2nd quarter. AQR Capital Management LLC now owns 7,126 shares of the company’s stock valued at $319,000 after acquiring an additional 227 shares during the period. US Bancorp DE lifted its holdings in Crinetics Pharmaceuticals by 3.4% in the 3rd quarter. US Bancorp DE now owns 11,488 shares of the company’s stock worth $587,000 after buying an additional 373 shares during the period. KBC Group NV lifted its holdings in Crinetics Pharmaceuticals by 22.8% in the 3rd quarter. KBC Group NV now owns 2,193 shares of the company’s stock worth $112,000 after buying an additional 407 shares during the period. Amalgamated Bank lifted its holdings in Crinetics Pharmaceuticals by 20.8% in the 2nd quarter. Amalgamated Bank now owns 2,692 shares of the company’s stock worth $121,000 after buying an additional 464 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Crinetics Pharmaceuticals by 2.5% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 20,633 shares of the company’s stock worth $1,054,000 after buying an additional 505 shares during the period. 98.51% of the stock is currently owned by hedge funds and other institutional investors.

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.