Crinetics Pharmaceuticals (NASDAQ:CRNX) Given New $97.00 Price Target at Citizens Jmp

Key Points

• Citizens Jmp raised its price target on Crinetics to $97 (from $96) with a "market outperform" rating, a level the firm says implies roughly a 150.58% upside; MarketBeat's consensus remains a Moderate Buy with an average target of $76.75.
• CRNX traded around $38.71 (up ~0.2%) with a $4.05B market cap and recently beat quarterly estimates—EPS of -$1.29 vs. -$1.37 and revenue of $6.16M vs. $4.32M—while remaining unprofitable and forecasted to post roughly -4.9 EPS for the year.
• Insiders sold 142,380 shares (~$5.57M) in the last quarter, including recent sales by a director and the CFO, even as institutional ownership is very high at 98.51%.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) had its target price raised by Citizens Jmp from $96.00 to $97.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has a "market outperform" rating on the stock. Citizens Jmp's price objective would indicate a potential upside of 150.58% from the company's previous close.

Several other equities analysts have also weighed in on the company. Morgan Stanley increased their target price on Crinetics Pharmaceuticals from $77.00 to $80.00 and gave the company an "overweight" rating in a research note on Tuesday, January 6th. The Goldman Sachs Group upgraded Crinetics Pharmaceuticals from a "neutral" rating to a "buy" rating and set a $67.00 price target for the company in a research note on Monday, January 12th. Weiss Ratings restated 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, Wall Street Zen downgraded Crinetics Pharmaceuticals from a "hold" rating to a "sell" rating in a research note on Saturday, March 28th. 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 stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $76.75.

Crinetics Pharmaceuticals Trading Up 0.2%

NASDAQ CRNX traded up $0.09 during trading on Tuesday, reaching $38.71. The company's stock had a trading volume of 54,697 shares, compared to its average volume of 1,195,767. The stock has a market capitalization of $4.05 billion, a PE ratio of -7.81 and a beta of 0.30. The business has a 50-day moving average price of $38.84 and a 200-day moving average price of $44.03. Crinetics Pharmaceuticals has a 1-year low of $25.83 and a 1-year high of $57.99.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last issued its quarterly earnings data on Thursday, February 26th. The company reported ($1.29) earnings per share for the quarter, topping analysts' consensus estimates of ($1.37) by $0.08. Crinetics Pharmaceuticals had a negative net margin of 6,046.22% and a negative return on equity of 41.46%. The business had revenue of $6.16 million during the quarter, compared to analysts' expectations of $4.32 million. During the same period in the previous year, the company earned ($0.88) earnings per share. Crinetics Pharmaceuticals's revenue for the quarter was up NaN% on a year-over-year basis. As a group, analysts expect that Crinetics Pharmaceuticals will post -4.9 earnings per share for the current year.

Insider Activity

In other news, Director Coelho Rogerio Vivaldi sold 5,000 shares of the company's stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $36.15, for a total transaction of $180,750.00. Following the completion of the sale, the director directly owned 16,300 shares in the company, valued at approximately $589,245. This represents a 23.47% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Tobin Schilke sold 6,713 shares of the company's stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $39.67, for a total value of $266,304.71. Following the sale, the chief financial officer owned 78,121 shares of the company's stock, valued at approximately $3,099,060.07. The trade was a 7.91% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 142,380 shares of company stock worth $5,569,475. 6.00% of the stock is owned by insiders.

Institutional Trading of Crinetics Pharmaceuticals

A number of institutional investors have recently modified their holdings of the stock. Pictet Asset Management Holding SA lifted its position in shares of Crinetics Pharmaceuticals by 20.8% during the 1st quarter. Pictet Asset Management Holding SA now owns 1,884,281 shares of the company's stock valued at $68,204,000 after acquiring an additional 323,981 shares during the period. Braun Stacey Associates Inc. bought a new stake in shares of Crinetics Pharmaceuticals during the 1st quarter valued at $11,797,000. Rockefeller Capital Management L.P. raised its holdings in shares of Crinetics Pharmaceuticals by 12.5% during the 4th quarter. Rockefeller Capital Management L.P. now owns 4,679 shares of the company's stock worth $218,000 after buying an additional 521 shares in the last quarter. Invesco Ltd. raised its holdings in shares of Crinetics Pharmaceuticals by 76.8% during the 4th quarter. Invesco Ltd. now owns 158,089 shares of the company's stock worth $7,359,000 after buying an additional 68,696 shares in the last quarter. Finally, ADAR1 Capital Management LLC raised its holdings in shares of Crinetics Pharmaceuticals by 24.6% during the 4th quarter. ADAR1 Capital Management LLC now owns 309,368 shares of the company's stock worth $14,401,000 after buying an additional 61,000 shares in the last quarter. 98.51% of the stock is currently owned by institutional investors.

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.

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