JMP Securities Reiterates Market Outperform Rating for Crinetics Pharmaceuticals (NASDAQ:CRNX)

JMP Securities reaffirmed their market outperform rating on shares of Crinetics Pharmaceuticals (NASDAQ:CRNX) in a research note issued to investors on Monday morning,Benzinga reports. They currently have a $87.00 target price on the stock.

Other analysts have also issued research reports about the company. Citigroup increased their price target on Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the company a “buy” rating in a report on Thursday, November 14th. HC Wainwright increased their target price on shares of Crinetics Pharmaceuticals from $69.00 to $81.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $90.00 price target on shares of Crinetics Pharmaceuticals in a research note on Monday, September 16th. One analyst has rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $70.82.

Crinetics Pharmaceuticals Trading Down 5.9 %

Shares of Crinetics Pharmaceuticals stock opened at $52.09 on Monday. Crinetics Pharmaceuticals has a 12 month low of $33.67 and a 12 month high of $62.53. The stock has a 50 day moving average of $56.98 and a 200 day moving average of $52.59. The firm has a market cap of $4.83 billion, a PE ratio of -13.97 and a beta of 0.60.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.96) earnings per share for the quarter, missing the consensus estimate of ($0.91) by ($0.05). During the same period in the prior year, the company posted ($1.01) EPS. As a group, equities research analysts forecast that Crinetics Pharmaceuticals will post -3.75 earnings per share for the current fiscal year.

Insider Transactions at Crinetics Pharmaceuticals

In related news, COO Jeff E. Knight sold 501 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $56.52, for a total transaction of $28,316.52. Following the completion of the transaction, the chief operating officer now owns 51,653 shares in the company, valued at $2,919,427.56. The trade was a 0.96 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Marc Wilson sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 26th. The shares were sold at an average price of $51.11, for a total transaction of $1,277,750.00. Following the completion of the sale, the chief financial officer now owns 111,092 shares of the company’s stock, valued at approximately $5,677,912.12. This trade represents a 18.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 39,876 shares of company stock valued at $2,091,373. Corporate insiders own 6.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in CRNX. Comerica Bank acquired a new stake in Crinetics Pharmaceuticals in the first quarter worth about $33,000. Hennion & Walsh Asset Management Inc. boosted its stake in Crinetics Pharmaceuticals by 8.6% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 41,344 shares of the company’s stock worth $1,852,000 after purchasing an additional 3,257 shares in the last quarter. Calamos Advisors LLC grew its position in Crinetics Pharmaceuticals by 46.0% during the 2nd quarter. Calamos Advisors LLC now owns 42,336 shares of the company’s stock worth $1,896,000 after purchasing an additional 13,336 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Crinetics Pharmaceuticals by 30.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 386,450 shares of the company’s stock valued at $17,309,000 after purchasing an additional 89,972 shares in the last quarter. Finally, Legato Capital Management LLC raised its holdings in shares of Crinetics Pharmaceuticals by 92.5% in the second quarter. Legato Capital Management LLC now owns 19,015 shares of the company’s stock worth $852,000 after buying an additional 9,135 shares during the last quarter. 98.51% of the stock is owned by institutional investors and hedge funds.

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.