Citizens Jmp Reaffirms “Market Outperform” Rating for Crinetics Pharmaceuticals (NASDAQ:CRNX)

Crinetics Pharmaceuticals (NASDAQ:CRNX)‘s stock had its “market outperform” rating reissued by equities researchers at Citizens Jmp in a research report issued to clients and investors on Thursday,Benzinga reports. They presently have a $95.00 price objective on the stock. Citizens Jmp’s price target indicates a potential upside of 187.78% from the company’s current price.

Several other research firms have also recently issued reports on CRNX. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a report on Monday, April 20th. Wall Street Zen raised Crinetics Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research report on Sunday, May 17th. Lifesci Capital upgraded Crinetics Pharmaceuticals to a “strong-buy” rating in a research report on Friday, February 13th. Finally, Oppenheimer dropped their price target on Crinetics Pharmaceuticals from $87.00 to $84.00 and set an “outperform” rating on the stock in a research note on Monday, May 11th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Crinetics Pharmaceuticals presently has a consensus rating of “Moderate Buy” and a consensus target price of $76.13.

Crinetics Pharmaceuticals Stock Performance

NASDAQ CRNX traded down $1.31 on Thursday, reaching $33.01. The company’s stock had a trading volume of 170,689 shares, compared to its average volume of 1,210,472. Crinetics Pharmaceuticals has a twelve month low of $25.83 and a twelve month high of $57.99. The firm’s 50 day moving average is $37.43 and its two-hundred day moving average is $42.76. The stock has a market cap of $3.48 billion, a PE ratio of -6.43 and a beta of 0.24.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($1.23) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.22) by ($0.01). Crinetics Pharmaceuticals had a negative return on equity of 43.96% and a negative net margin of 2,747.18%.The business had revenue of $10.73 million during the quarter, compared to analyst estimates of $8.51 million. During the same period in the prior year, the firm earned ($1.04) EPS. The business’s revenue for the quarter was up 2873.4% on a year-over-year basis. Equities research analysts anticipate that Crinetics Pharmaceuticals will post -4.85 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Richard Scott Struthers sold 21,981 shares of the firm’s stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $37.37, for a total transaction of $821,429.97. Following the completion of the sale, the chief executive officer directly owned 404,778 shares in the company, valued at approximately $15,126,553.86. This trade represents a 5.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Jeff E. Knight sold 85,163 shares of Crinetics Pharmaceuticals stock in a transaction on Wednesday, April 8th. The shares were sold at an average price of $40.10, for a total transaction of $3,415,036.30. Following the sale, the insider directly owned 105,289 shares of the company’s stock, valued at $4,222,088.90. This trade represents a 44.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 127,667 shares of company stock worth $5,003,411. Corporate insiders own 3.80% of the company’s stock.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Crinetics Pharmaceuticals by 11.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 59,311 shares of the company’s stock worth $1,995,000 after purchasing an additional 6,148 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Crinetics Pharmaceuticals by 6.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 347,581 shares of the company’s stock worth $11,658,000 after purchasing an additional 22,305 shares in the last quarter. Strs Ohio bought a new stake in shares of Crinetics Pharmaceuticals during the 1st quarter worth about $124,000. Invesco Ltd. boosted its stake in shares of Crinetics Pharmaceuticals by 11.7% during the 2nd quarter. Invesco Ltd. now owns 78,140 shares of the company’s stock worth $2,247,000 after acquiring an additional 8,181 shares in the last quarter. Finally, Sei Investments Co. increased its holdings in shares of Crinetics Pharmaceuticals by 20.6% during the 2nd quarter. Sei Investments Co. now owns 60,180 shares of the company’s stock valued at $1,731,000 after acquiring an additional 10,269 shares during the last quarter. Institutional investors own 98.51% of the company’s stock.

About Crinetics Pharmaceuticals

Crinetics Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of novel therapeutics for rare endocrine diseases. The company’s proprietary platform leverages insights into hormone receptor signaling to design small-molecule candidates that address conditions driven by dysregulated hormone activity. Crinetics’ research efforts center on targeting somatostatin, vasopressin and other GPCR-mediated pathways with orally bioavailable molecules intended to improve patient convenience and adherence.

The company’s lead product candidate, paltusotine (formerly CRN04777), is a selective, non-peptide somatostatin receptor type 2 agonist being evaluated for the treatment of acromegaly and carcinoid syndrome diarrhea.