JPMorgan Chase & Co. Cuts Crinetics Pharmaceuticals (NASDAQ:CRNX) Price Target to $52.00

Key Points

• JPMorgan Chase & Co. has lowered the price target for Crinetics Pharmaceuticals from $53.00 to $52.00, while maintaining an "overweight" rating.
• Seven analysts have given Crinetics a Buy rating, with an average consensus price target of $63.43.
• Crinetics Pharmaceuticals reported a revenue increase of 158.4% year-over-year, despite missing earnings estimates.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) had its target price cut by investment analysts at JPMorgan Chase & Co. from $53.00 to $52.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s target price would suggest a potential upside of 45.01% from the stock's current price.

A number of other equities research analysts also recently commented on CRNX. The Goldman Sachs Group started coverage on Crinetics Pharmaceuticals in a research report on Thursday, July 10th. They issued a "neutral" rating and a $36.00 target price on the stock. JMP Securities cut their price objective on Crinetics Pharmaceuticals from $90.00 to $86.00 and set a "market outperform" rating for the company in a research report on Monday, August 11th. Finally, HC Wainwright restated a "buy" rating and issued a $81.00 price objective on shares of Crinetics Pharmaceuticals in a report on Friday, June 27th. Seven investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $63.43.

Crinetics Pharmaceuticals Trading Up 6.3%

Shares of CRNX stock opened at $35.86 on Wednesday. Crinetics Pharmaceuticals has a twelve month low of $24.10 and a twelve month high of $62.53. The company's 50-day moving average price is $31.36 and its 200-day moving average price is $31.38. The stock has a market cap of $3.38 billion, a price-to-earnings ratio of -8.73 and a beta of 0.28.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last posted 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 firm had revenue of $1.03 million for the quarter, compared to analyst estimates of $0.52 million. Crinetics Pharmaceuticals's revenue for the quarter was up 158.4% on a year-over-year basis. During the same period last year, the business posted ($0.94) earnings per share. As a group, equities research analysts predict that Crinetics Pharmaceuticals will post -3.73 EPS for the current year.

Insider Buying and Selling

In other Crinetics Pharmaceuticals news, insider Dana Pizzuti sold 30,000 shares of Crinetics Pharmaceuticals stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $30.43, for a total value of $912,900.00. Following the completion of the transaction, the insider directly owned 66,270 shares of the company's stock, valued at $2,016,596.10. The trade was a 31.16% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 6.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. State of Wyoming purchased a new stake in Crinetics Pharmaceuticals during the 4th quarter worth approximately $50,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Crinetics Pharmaceuticals by 19.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 325,276 shares of the company's stock worth $16,631,000 after acquiring an additional 53,529 shares in the last quarter. Mackenzie Financial Corp increased its position in shares of Crinetics Pharmaceuticals by 8.8% during the fourth quarter. Mackenzie Financial Corp now owns 5,422 shares of the company's stock worth $277,000 after acquiring an additional 440 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Crinetics Pharmaceuticals in the fourth quarter valued at $17,117,000. Finally, California State Teachers Retirement System raised its stake in shares of Crinetics Pharmaceuticals by 18.8% in the fourth quarter. California State Teachers Retirement System now owns 76,264 shares of the company's stock valued at $3,899,000 after acquiring an additional 12,072 shares in the last quarter. Hedge funds and other institutional investors own 98.51% of the company's stock.

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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