Crinetics Pharmaceuticals' (CRNX) "Market Outperform" Rating Reiterated at JMP Securities

JMP Securities restated their market outperform rating on shares of Crinetics Pharmaceuticals (NASDAQ:CRNX - Free Report) in a research note released on Thursday morning, Benzinga reports. They currently have a $80.00 target price on the stock.

Other analysts have also issued reports about the stock. Jonestrading boosted their target price on shares of Crinetics Pharmaceuticals from $52.00 to $56.00 and gave the company a buy rating in a research report on Wednesday, March 20th. Jefferies Financial Group started coverage on shares of Crinetics Pharmaceuticals in a research report on Thursday, December 21st. They issued a hold rating and a $35.00 price target for the company. Robert W. Baird upped their price target on shares of Crinetics Pharmaceuticals from $45.00 to $52.00 and gave the stock an outperform rating in a research report on Thursday, February 29th. Morgan Stanley started coverage on shares of Crinetics Pharmaceuticals in a research report on Tuesday, January 16th. They issued an overweight rating and a $50.00 price target for the company. Finally, Citigroup started coverage on shares of Crinetics Pharmaceuticals in a research report on Wednesday, March 6th. They issued a buy rating and a $68.00 price target for the company. One analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of Moderate Buy and a consensus price target of $54.17.

Crinetics Pharmaceuticals Trading Up 5.4 %

NASDAQ CRNX traded up $2.38 during trading hours on Thursday, hitting $46.81. 1,289,125 shares of the company's stock traded hands, compared to its average volume of 760,187. The business's fifty day moving average price is $39.56 and its two-hundred day moving average price is $34.15. The firm has a market capitalization of $3.26 billion, a P/E ratio of -12.27 and a beta of 0.62. Crinetics Pharmaceuticals has a 52 week low of $15.36 and a 52 week high of $47.58.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last announced its earnings results on Wednesday, February 28th. The company reported ($0.90) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.89) by ($0.01). Crinetics Pharmaceuticals had a negative net margin of 4,223.27% and a negative return on equity of 52.93%. Crinetics Pharmaceuticals's revenue was down 100.0% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.84) EPS. On average, sell-side analysts expect that Crinetics Pharmaceuticals will post -3.34 EPS for the current fiscal year.

Insider Transactions at Crinetics Pharmaceuticals

In related news, COO Jeff E. Knight sold 32,359 shares of the company's stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $44.31, for a total transaction of $1,433,827.29. Following the sale, the chief operating officer now owns 52,580 shares of the company's stock, valued at $2,329,819.80. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, insider Dana Pizzuti sold 14,375 shares of the company's stock in a transaction on Wednesday, January 3rd. The shares were sold at an average price of $35.00, for a total transaction of $503,125.00. Following the sale, the insider now owns 5,911 shares of the company's stock, valued at $206,885. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, COO Jeff E. Knight sold 32,359 shares of the company's stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $44.31, for a total transaction of $1,433,827.29. Following the sale, the chief operating officer now directly owns 52,580 shares in the company, valued at approximately $2,329,819.80. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 144,765 shares of company stock valued at $6,127,485. 7.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of CRNX. Jennison Associates LLC increased its position in Crinetics Pharmaceuticals by 77.7% during the fourth quarter. Jennison Associates LLC now owns 2,547,683 shares of the company's stock valued at $90,647,000 after acquiring an additional 1,113,992 shares during the last quarter. FMR LLC increased its position in Crinetics Pharmaceuticals by 97.7% during the third quarter. FMR LLC now owns 2,140,861 shares of the company's stock valued at $63,669,000 after acquiring an additional 1,057,947 shares during the last quarter. Vanguard Group Inc. increased its position in Crinetics Pharmaceuticals by 24.7% during the third quarter. Vanguard Group Inc. now owns 3,407,035 shares of the company's stock valued at $101,325,000 after acquiring an additional 674,301 shares during the last quarter. BlackRock Inc. grew its holdings in shares of Crinetics Pharmaceuticals by 16.3% in the second quarter. BlackRock Inc. now owns 4,600,486 shares of the company's stock worth $82,901,000 after purchasing an additional 644,128 shares during the last quarter. Finally, Avidity Partners Management LP bought a new position in shares of Crinetics Pharmaceuticals in the third quarter worth about $18,141,000. 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.