Crinetics Pharmaceuticals (NASDAQ:CRNX) Price Target Raised to $40.00 at The Goldman Sachs Group

Key Points

• The Goldman Sachs Group raised Crinetics Pharmaceuticals' price target from $35.00 to $40.00, signaling a potential downside of 12.28% from its previous close.
• Crinetics Pharmaceuticals recently reported a 158.4% increase in revenue year-over-year, but missed EPS estimates with a loss of ($1.23).
• Several research firms have **updated** their ratings, with Robert W. Baird giving an "outperform" rating and a price target of $62.00 and JMP Securities setting a target of $143.00.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) had its price objective lifted by investment analysts at The Goldman Sachs Group from $35.00 to $40.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has a "neutral" rating on the stock. The Goldman Sachs Group's price objective would indicate a potential downside of 12.28% from the company's previous close.

CRNX has been the subject of a number of other reports. Robert W. Baird upped their price objective on Crinetics Pharmaceuticals from $58.00 to $62.00 and gave the stock an "outperform" rating in a research note on Friday. JMP Securities upped their price objective on Crinetics Pharmaceuticals from $86.00 to $143.00 and gave the stock a "market outperform" rating in a research note on Friday. JPMorgan Chase & Co. lowered their price objective on Crinetics Pharmaceuticals from $53.00 to $52.00 and set an "overweight" rating for the company in a research note on Wednesday. Finally, HC Wainwright restated a "buy" rating and set a $81.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Friday, June 27th. Eight equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $70.88.

Crinetics Pharmaceuticals Stock Performance

Shares of NASDAQ CRNX traded up $9.71 during trading on Friday, reaching $45.60. The stock had a trading volume of 7,146,709 shares, compared to its average volume of 1,024,872. Crinetics Pharmaceuticals has a one year low of $24.10 and a one year high of $62.53. The stock has a market cap of $4.29 billion, a PE ratio of -11.14 and a beta of 0.28. The firm's 50 day moving average price is $31.48 and its two-hundred day moving average price is $31.42.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported ($1.23) EPS for the quarter, missing analysts' consensus estimates of ($1.13) by ($0.10). The company had revenue of $1.03 million during the quarter, compared to analysts' expectations of $0.52 million. Crinetics Pharmaceuticals's revenue was up 158.4% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.94) EPS. On average, research analysts expect that Crinetics Pharmaceuticals will post -3.73 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Dana Pizzuti sold 30,000 shares of the firm's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $30.43, for a total transaction of $912,900.00. Following the completion of the transaction, the insider owned 66,270 shares of the company's stock, valued at $2,016,596.10. This trade represents a 31.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 4.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Exome Asset Management LLC purchased a new stake in shares of Crinetics Pharmaceuticals during the first quarter valued at $1,720,000. Rhumbline Advisers lifted its holdings in shares of Crinetics Pharmaceuticals by 6.3% during the first quarter. Rhumbline Advisers now owns 131,950 shares of the company's stock valued at $4,426,000 after purchasing an additional 7,872 shares during the last quarter. Intech Investment Management LLC lifted its holdings in shares of Crinetics Pharmaceuticals by 32.1% during the first quarter. Intech Investment Management LLC now owns 56,950 shares of the company's stock valued at $1,910,000 after purchasing an additional 13,845 shares during the last quarter. Amalgamated Bank lifted its holdings in shares of Crinetics Pharmaceuticals by 17.3% during the first quarter. Amalgamated Bank now owns 3,159 shares of the company's stock valued at $106,000 after purchasing an additional 467 shares during the last quarter. Finally, GAMMA Investing LLC lifted its holdings in shares of Crinetics Pharmaceuticals by 6,291.5% during the first quarter. GAMMA Investing LLC now owns 6,775 shares of the company's stock valued at $227,000 after purchasing an additional 6,669 shares during the last quarter. Institutional investors 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.

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