JMP Securities Cuts Crinetics Pharmaceuticals (NASDAQ:CRNX) Price Target to $86.00

Key Points

• JMP Securities lowered its price target for Crinetics Pharmaceuticals (NASDAQ:CRNX) from $90.00 to $86.00, maintaining a "market outperform" rating, suggesting a potential upside of 220.30%.
• The company's stock has a 52-week high of $62.53 and a current share price around $26.85, indicating significant volatility.
• Crinetics Pharmaceuticals reported a 158.4% increase in revenue year-over-year despite posting a larger-than-expected loss of ($1.23) EPS in its last quarterly earnings.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) had its price target lowered by analysts at JMP Securities from $90.00 to $86.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has a "market outperform" rating on the stock. JMP Securities' price objective would suggest a potential upside of 220.30% from the stock's current price.

Several other brokerages also recently commented on CRNX. HC Wainwright restated a "buy" rating and issued a $81.00 target price on shares of Crinetics Pharmaceuticals in a research note on Friday, June 27th. The Goldman Sachs Group initiated coverage on Crinetics Pharmaceuticals in a research report on Thursday, July 10th. They set a "neutral" rating and a $36.00 price target for the company. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $68.86.

Crinetics Pharmaceuticals Stock Performance

Shares of CRNX opened at $26.85 on Monday. The business has a 50-day moving average of $30.58 and a 200 day moving average of $32.25. Crinetics Pharmaceuticals has a fifty-two week low of $24.10 and a fifty-two week high of $62.53. The firm has a market cap of $2.53 billion, a P/E ratio of -6.53 and a beta of 0.33.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last announced its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $0.52 million. During the same period in the prior year, the business posted ($0.94) earnings per share. The business's revenue was up 158.4% compared to the same quarter last year. As a group, research analysts predict that Crinetics Pharmaceuticals will post -3.73 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Crinetics Pharmaceuticals news, insider Stephen F. Betz sold 97,483 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $32.23, for a total value of $3,141,877.09. Following the transaction, the insider directly owned 99,713 shares of the company's stock, valued at $3,213,749.99. The trade was a 49.43% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 6.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

Several hedge funds have recently made changes to their positions in CRNX. LPL Financial LLC increased its stake in shares of Crinetics Pharmaceuticals by 23.7% during the fourth quarter. LPL Financial LLC now owns 6,071 shares of the company's stock valued at $310,000 after buying an additional 1,162 shares during the period. Wells Fargo & Company MN increased its stake in shares of Crinetics Pharmaceuticals by 18.9% during the fourth quarter. Wells Fargo & Company MN now owns 100,916 shares of the company's stock valued at $5,160,000 after buying an additional 16,025 shares during the period. Envestnet Asset Management Inc. increased its stake in shares of Crinetics Pharmaceuticals by 16.1% during the fourth quarter. Envestnet Asset Management Inc. now owns 63,077 shares of the company's stock valued at $3,225,000 after buying an additional 8,751 shares during the period. Invesco Ltd. increased its stake in shares of Crinetics Pharmaceuticals by 16.8% during the fourth quarter. Invesco Ltd. now owns 298,254 shares of the company's stock valued at $15,250,000 after buying an additional 42,954 shares during the period. Finally, Legal & General Group Plc increased its stake in shares of Crinetics Pharmaceuticals by 16.4% during the fourth quarter. Legal & General Group Plc now owns 88,939 shares of the company's stock valued at $4,547,000 after buying an additional 12,538 shares during the period. 98.51% of the stock is owned by hedge funds and other institutional investors.

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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