Crinetics Pharmaceuticals (NASDAQ:CRNX) Price Target Raised to $143.00

Key Points

• JMP Securities has raised its target price for Crinetics Pharmaceuticals (NASDAQ: CRNX) from $86.00 to $143.00, indicating a potential upside of 298.44% based on the stock's previous close.
• The company recently reported earnings that were below expectations, with a loss of ($1.23) per share and revenue of $1.03 million, a significant increase of 158.4% year-over-year.
• Insider activity shows Dana Pizzuti sold 30,000 shares of CRNX stock, reducing their ownership by 31.16%, highlighting possible concerns among insiders.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) had its target price raised by stock analysts at JMP Securities from $86.00 to $143.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has a "market outperform" rating on the stock. JMP Securities' target price points to a potential upside of 298.44% from the stock's previous close.

A number of other equities research analysts have also weighed in on the stock. The Goldman Sachs Group started coverage on shares of Crinetics Pharmaceuticals in a research note on Thursday, July 10th. They set a "neutral" rating and a $36.00 target price on the stock. JPMorgan Chase & Co. dropped their price target on Crinetics Pharmaceuticals from $53.00 to $52.00 and set an "overweight" rating on the stock in a research report on Wednesday. Robert W. Baird lifted their price target on Crinetics Pharmaceuticals from $58.00 to $62.00 and gave the company an "outperform" rating in a research report on Friday. Finally, HC Wainwright restated a "buy" rating and set a $81.00 target price on shares of Crinetics Pharmaceuticals in a report on Friday, June 27th. Eight investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $70.38.

Crinetics Pharmaceuticals Stock Performance

Shares of CRNX stock opened at $35.89 on Friday. The firm has a market cap of $3.38 billion, a P/E ratio of -8.73 and a beta of 0.28. Crinetics Pharmaceuticals has a fifty-two week low of $24.10 and a fifty-two week high of $62.53. The business's 50 day moving average price is $31.48 and its 200-day moving average price is $31.42.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported ($1.23) earnings per share for the quarter, missing the consensus estimate of ($1.13) by ($0.10). The company had revenue of $1.03 million for the quarter, compared to analyst estimates of $0.52 million. The firm's quarterly revenue was up 158.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.94) EPS. As a group, equities analysts predict that Crinetics Pharmaceuticals will post -3.73 EPS for the current year.

Insider Activity

In other news, insider Dana Pizzuti sold 30,000 shares of the company's stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $30.43, for a total value of $912,900.00. Following the transaction, the insider owned 66,270 shares in the company, valued at approximately $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 accessible through this link. Corporate insiders own 4.60% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. State of Wyoming bought a new position in Crinetics Pharmaceuticals during the 4th quarter valued at about $50,000. Headlands Technologies LLC bought a new position in shares of Crinetics Pharmaceuticals during the 2nd quarter valued at $30,000. Raymond James Financial Inc. bought a new position in Crinetics Pharmaceuticals in the second quarter valued at about $45,000. Penserra Capital Management LLC bought a new position in Crinetics Pharmaceuticals in the second quarter valued at about $48,000. Finally, GF Fund Management CO. LTD. lifted its stake in shares of Crinetics Pharmaceuticals by 22.0% in the 1st quarter. GF Fund Management CO. LTD. now owns 2,375 shares of the company's stock worth $80,000 after purchasing an additional 428 shares during the period. 98.51% of the stock is owned by institutional investors.

Crinetics Pharmaceuticals Company Profile

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.

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