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

JMP Securities reaffirmed their market outperform rating on shares of Crinetics Pharmaceuticals (NASDAQ:CRNX) in a research note issued to investors on Friday, Benzinga reports. The firm currently has a $80.00 target price on the stock.

Other analysts have also issued reports about the stock. HC Wainwright upped their price target on shares of Crinetics Pharmaceuticals from $60.00 to $69.00 and gave the stock a buy rating in a research note on Friday, August 9th. Oppenheimer reaffirmed an outperform rating and issued a $73.00 price target (down from $74.00) on shares of Crinetics Pharmaceuticals in a research note on Friday, August 9th. Piper Sandler reaffirmed an overweight rating and issued a $97.00 price target on shares of Crinetics Pharmaceuticals in a research note on Tuesday, July 2nd. Cantor Fitzgerald reissued an overweight rating and set a $90.00 target price on shares of Crinetics Pharmaceuticals in a research note on Monday, September 16th. Finally, JPMorgan Chase & Co. increased their target price on shares of Crinetics Pharmaceuticals from $47.00 to $54.00 and gave the company an overweight rating in a research note on Tuesday, July 9th. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus target price of $68.55.

Crinetics Pharmaceuticals Trading Up 0.3 %

NASDAQ CRNX opened at $50.75 on Friday. Crinetics Pharmaceuticals has a 52 week low of $25.35 and a 52 week high of $55.78. The stock has a market cap of $4.00 billion, a price-to-earnings ratio of -13.43 and a beta of 0.63. The company has a 50-day moving average price of $52.08 and a two-hundred day moving average price of $48.36.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.94) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.86) by ($0.08). The firm had revenue of $0.40 million for the quarter, compared to the consensus estimate of $0.47 million. The company’s revenue for the quarter was down 59.6% on a year-over-year basis. During the same period in the prior year, the company posted ($0.94) earnings per share. As a group, equities research analysts expect that Crinetics Pharmaceuticals will post -3.72 earnings per share for the current fiscal year.

Insider Activity at Crinetics Pharmaceuticals

In related news, insider Dana Pizzuti sold 14,375 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the insider now owns 28,507 shares in the company, valued at approximately $1,279,109.09. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, insider Dana Pizzuti sold 14,375 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the insider now owns 28,507 shares in the company, valued at approximately $1,279,109.09. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider James Hassard sold 15,000 shares of the company’s stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $44.08, for a total transaction of $661,200.00. Following the completion of the sale, the insider now owns 29,259 shares of the company’s stock, valued at approximately $1,289,736.72. The disclosure for this sale can be found here. In the last 90 days, insiders sold 110,466 shares of company stock worth $5,711,756. 6.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Driehaus Capital Management LLC increased its stake in Crinetics Pharmaceuticals by 17.0% in the 2nd quarter. Driehaus Capital Management LLC now owns 6,112,173 shares of the company’s stock valued at $273,764,000 after buying an additional 885,876 shares during the period. Price T Rowe Associates Inc. MD increased its stake in Crinetics Pharmaceuticals by 27.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,823,218 shares of the company’s stock valued at $178,966,000 after buying an additional 814,360 shares during the period. Vanguard Group Inc. increased its stake in Crinetics Pharmaceuticals by 2.1% in the 1st quarter. Vanguard Group Inc. now owns 3,575,076 shares of the company’s stock valued at $167,349,000 after buying an additional 72,624 shares during the period. Jennison Associates LLC increased its stake in Crinetics Pharmaceuticals by 10.6% in the 1st quarter. Jennison Associates LLC now owns 2,817,854 shares of the company’s stock valued at $131,904,000 after buying an additional 270,171 shares during the period. Finally, First Light Asset Management LLC increased its stake in Crinetics Pharmaceuticals by 25.5% in the 4th quarter. First Light Asset Management LLC now owns 1,987,772 shares of the company’s stock valued at $70,725,000 after buying an additional 404,443 shares during the period. 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.