JMP Securities Has Lowered Expectations for Crinetics Pharmaceuticals (NASDAQ:CRNX) Stock Price

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 research analysts at JMP Securities from $90.00 to $86.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has a "market outperform" rating on the stock. JMP Securities' target price indicates a potential upside of 184.84% from the stock's previous close.

A number of other research analysts have also recently issued reports on the stock. The Goldman Sachs Group began coverage on shares of Crinetics Pharmaceuticals in a report on Thursday, July 10th. They issued a "neutral" rating and a $36.00 price target for the company. HC Wainwright restated a "buy" rating and set a $81.00 price target on shares of Crinetics Pharmaceuticals in a research report on Friday, June 27th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $68.86.

Crinetics Pharmaceuticals Stock Performance

CRNX traded up $0.50 during trading on Monday, hitting $30.19. The stock had a trading volume of 347,797 shares, compared to its average volume of 942,322. The company has a market capitalization of $2.84 billion, a PE ratio of -7.34 and a beta of 0.33. Crinetics Pharmaceuticals has a twelve month low of $24.10 and a twelve month high of $62.53. The stock has a 50 day simple moving average of $30.33 and a two-hundred day simple moving average of $32.07.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last announced its 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 business had revenue of $1.03 million for the quarter, compared to the consensus estimate of $0.52 million. The firm's quarterly revenue was up 158.4% compared to the same quarter last year. During the same period last year, the business posted ($0.94) EPS. On average, equities research analysts anticipate that Crinetics Pharmaceuticals will post -3.73 EPS for the current year.

Insiders Place Their Bets

In other Crinetics Pharmaceuticals news, insider Stephen F. Betz sold 97,483 shares of Crinetics Pharmaceuticals stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $32.23, for a total transaction 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 4.60% of the company's stock.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

Institutional investors have recently bought and sold shares of the company. State of Wyoming acquired a new position in shares of Crinetics Pharmaceuticals in the fourth quarter valued at approximately $50,000. Raymond James Financial Inc. acquired a new position in shares of Crinetics Pharmaceuticals in the second quarter valued at approximately $45,000. Penserra Capital Management LLC acquired a new position in shares of Crinetics Pharmaceuticals in the second quarter valued at approximately $48,000. GF Fund Management CO. LTD. acquired a new position in shares of Crinetics Pharmaceuticals in the fourth quarter valued at approximately $100,000. Finally, Kestra Investment Management LLC acquired a new position in shares of Crinetics Pharmaceuticals in the first quarter valued at approximately $95,000. 98.51% of the stock is owned by hedge funds and other 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.