Citizens Jmp Lowers Crinetics Pharmaceuticals (NASDAQ:CRNX) Price Target to $95.00

Key Points

• Citizens Jmp trimmed its price target for Crinetics to $95 from $97 but maintained a "market outperform" rating, a target implying roughly 155% upside; MarketBeat shows an average analyst target of $76.50 and a consensus rating of Moderate Buy (1 Strong Buy, 8 Buy, 1 Sell).
• Shares fell to $37.24 after Crinetics reported Q EPS of ($1.23) (missed by $0.01) while revenue beat at $10.73M, and insiders have sold about 142,380 shares (~$5.57M) in the past 90 days.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) had its price objective cut by analysts at Citizens Jmp from $97.00 to $95.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a "market outperform" rating on the stock. Citizens Jmp's target price points to a potential upside of 155.08% from the stock's previous close.

Other equities analysts also recently issued reports about the company. Wall Street Zen downgraded Crinetics Pharmaceuticals from a "hold" rating to a "sell" rating in a research report on Saturday, March 28th. Weiss Ratings reissued a "sell (d-)" rating on shares of Crinetics Pharmaceuticals in a research note on Monday, April 20th. Lifesci Capital upgraded Crinetics Pharmaceuticals to a "strong-buy" rating in a research note on Friday, February 13th. Finally, The Goldman Sachs Group raised shares of Crinetics Pharmaceuticals from a "neutral" rating to a "buy" rating and set a $67.00 price objective for the company in a report on Monday, January 12th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, Crinetics Pharmaceuticals currently has an average rating of "Moderate Buy" and an average target price of $76.50.

Crinetics Pharmaceuticals Stock Performance

Shares of CRNX traded down $6.25 during mid-day trading on Friday, reaching $37.24. The stock had a trading volume of 1,562,670 shares, compared to its average volume of 1,234,808. The business has a fifty day moving average of $38.41 and a 200 day moving average of $43.89. The firm has a market cap of $3.93 billion, a price-to-earnings ratio of -7.56 and a beta of 0.28. Crinetics Pharmaceuticals has a 12 month low of $25.83 and a 12 month high of $57.99.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last released its earnings results on Thursday, May 7th. The company reported ($1.23) earnings per share for the quarter, missing analysts' consensus estimates of ($1.22) by ($0.01). Crinetics Pharmaceuticals had a negative net margin of 6,046.22% and a negative return on equity of 41.46%. The firm had revenue of $10.73 million for the quarter, compared to analysts' expectations of $8.51 million. During the same quarter last year, the firm posted ($1.04) EPS. The firm's quarterly revenue was up 2873.4% compared to the same quarter last year. On average, research analysts forecast that Crinetics Pharmaceuticals will post -4.95 EPS for the current fiscal year.

Insider Transactions at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, insider Stephen F. Betz sold 10,612 shares of the stock in a transaction on Monday, March 16th. The shares were sold at an average price of $37.37, for a total transaction of $396,570.44. Following the completion of the transaction, the insider owned 137,101 shares in the company, valued at $5,123,464.37. This trade represents a 7.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Tobin Schilke sold 6,713 shares of Crinetics Pharmaceuticals stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $39.67, for a total transaction of $266,304.71. Following the completion of the transaction, the chief financial officer directly owned 78,121 shares of the company's stock, valued at $3,099,060.07. The trade was a 7.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 142,380 shares of company stock valued at $5,569,475 in the last 90 days. Company insiders own 4.60% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in CRNX. Smartleaf Asset Management LLC lifted its stake in shares of Crinetics Pharmaceuticals by 107.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 639 shares of the company's stock valued at $30,000 after purchasing an additional 331 shares during the last quarter. Farther Finance Advisors LLC increased its position in shares of Crinetics Pharmaceuticals by 523.7% during the 3rd quarter. Farther Finance Advisors LLC now owns 842 shares of the company's stock valued at $35,000 after purchasing an additional 707 shares during the last quarter. Headlands Technologies LLC purchased a new stake in Crinetics Pharmaceuticals during the 2nd quarter valued at $30,000. Parallel Advisors LLC raised its holdings in Crinetics Pharmaceuticals by 34.6% during the 4th quarter. Parallel Advisors LLC now owns 1,225 shares of the company's stock valued at $57,000 after buying an additional 315 shares during the period. Finally, Covestor Ltd lifted its position in Crinetics Pharmaceuticals by 23,983.3% in the third quarter. Covestor Ltd now owns 1,445 shares of the company's stock worth $60,000 after buying an additional 1,439 shares during the last quarter. Institutional investors own 98.51% of the company's stock.

Crinetics Pharmaceuticals Company Profile

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.

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