Citizens Jmp Issues Pessimistic Forecast for Crinetics Pharmaceuticals (NASDAQ:CRNX) Stock Price

Crinetics Pharmaceuticals (NASDAQ:CRNX) had its target price dropped by investment analysts at Citizens Jmp from $143.00 to $108.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has a “market outperform” rating on the stock. Citizens Jmp’s target price suggests a potential upside of 170.00% from the stock’s previous close.

CRNX has been the subject of a number of other reports. JMP Securities lifted their price objective on shares of Crinetics Pharmaceuticals from $86.00 to $143.00 and gave the stock a “market outperform” rating in a research report on Friday, September 26th. Oppenheimer lifted their target price on shares of Crinetics Pharmaceuticals from $73.00 to $87.00 and gave the stock an “outperform” rating in a report on Tuesday, September 30th. Morgan Stanley increased their price target on shares of Crinetics Pharmaceuticals from $65.00 to $77.00 and gave the company an “overweight” rating in a report on Monday, September 29th. Robert W. Baird boosted their price objective on Crinetics Pharmaceuticals from $58.00 to $62.00 and gave the stock an “outperform” rating in a report on Friday, September 26th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a research report on Wednesday, October 8th. Twelve analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $77.25.

Crinetics Pharmaceuticals Stock Down 8.0%

Shares of NASDAQ CRNX opened at $40.00 on Friday. The business’s 50 day moving average price is $39.61 and its two-hundred day moving average price is $33.86. The company has a market cap of $3.77 billion, a PE ratio of -8.83 and a beta of 0.25. Crinetics Pharmaceuticals has a twelve month low of $24.10 and a twelve month high of $62.53.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings data on Thursday, November 6th. The company reported ($1.38) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.27) by ($0.11). The firm had revenue of $0.14 million during the quarter, compared to the consensus estimate of $0.39 million. During the same period last year, the firm posted ($0.96) earnings per share. As a group, research analysts anticipate that Crinetics Pharmaceuticals will post -3.73 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Dana Pizzuti sold 30,000 shares of the stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $30.43, for a total transaction of $912,900.00. Following the sale, the insider owned 66,270 shares of the company’s stock, valued at $2,016,596.10. This represents a 31.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Richard Scott Struthers sold 4,000 shares of Crinetics Pharmaceuticals stock in a transaction on Friday, September 26th. The shares were sold at an average price of $45.00, for a total value of $180,000.00. Following the completion of the transaction, the chief executive officer directly owned 106,000 shares of the company’s stock, valued at $4,770,000. This represents a 3.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 66,492 shares of company stock worth $2,420,687 in the last quarter. Corporate insiders own 4.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of CRNX. Amalgamated Bank lifted its position in Crinetics Pharmaceuticals by 17.3% during the first quarter. Amalgamated Bank now owns 3,159 shares of the company’s stock worth $106,000 after purchasing an additional 467 shares during the period. Xponance Inc. increased its holdings in Crinetics Pharmaceuticals by 9.1% in the 1st quarter. Xponance Inc. now owns 6,857 shares of the company’s stock valued at $230,000 after buying an additional 573 shares during the period. Arizona State Retirement System raised its position in shares of Crinetics Pharmaceuticals by 1.8% in the 1st quarter. Arizona State Retirement System now owns 23,899 shares of the company’s stock valued at $802,000 after buying an additional 430 shares in the last quarter. GW&K Investment Management LLC lifted its holdings in shares of Crinetics Pharmaceuticals by 35.5% during the 1st quarter. GW&K Investment Management LLC now owns 920,020 shares of the company’s stock worth $30,858,000 after acquiring an additional 240,897 shares during the period. Finally, Lewis Asset Management LLC lifted its holdings in shares of Crinetics Pharmaceuticals by 104.5% during the 1st quarter. Lewis Asset Management LLC now owns 20,000 shares of the company’s stock worth $671,000 after acquiring an additional 10,220 shares during the period. 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.