Crinetics Pharmaceuticals (NASDAQ:CRNX) Price Target Raised to $54.00 at JPMorgan Chase & Co.

Crinetics Pharmaceuticals (NASDAQ:CRNX) had its target price raised by JPMorgan Chase & Co. from $47.00 to $54.00 in a research report released on Tuesday, Benzinga reports. The firm currently has an overweight rating on the stock.

A number of other equities research analysts have also recently issued reports on CRNX. Morgan Stanley upped their price objective on shares of Crinetics Pharmaceuticals from $50.00 to $70.00 and gave the stock an overweight rating in a report on Thursday, May 23rd. Jonestrading upped their price target on shares of Crinetics Pharmaceuticals from $52.00 to $56.00 and gave the company a buy rating in a report on Wednesday, March 20th. Piper Sandler restated an overweight rating and set a $97.00 price target on shares of Crinetics Pharmaceuticals in a report on Tuesday, July 2nd. JMP Securities restated a market outperform rating and set a $80.00 price target on shares of Crinetics Pharmaceuticals in a report on Tuesday, June 4th. Finally, Oppenheimer upped their price target on shares of Crinetics Pharmaceuticals from $55.00 to $74.00 and gave the company an outperform rating in a report on Tuesday, June 4th. One research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus target price of $64.08.

Crinetics Pharmaceuticals Trading Up 1.6 %

Shares of NASDAQ:CRNX opened at $53.67 on Tuesday. The stock has a market capitalization of $4.23 billion, a PE ratio of -14.20 and a beta of 0.68. Crinetics Pharmaceuticals has a 1 year low of $15.76 and a 1 year high of $54.57. The firm has a fifty day moving average price of $47.01 and a 200 day moving average price of $42.80.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings data on Thursday, May 9th. The company reported ($0.93) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.84) by ($0.09). The company had revenue of $0.64 million for the quarter, compared to analysts’ expectations of $0.20 million. The company’s quarterly revenue was down 76.1% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.85) EPS. On average, sell-side analysts forecast that Crinetics Pharmaceuticals will post -3.53 earnings per share for the current fiscal year.

Insider Activity at Crinetics Pharmaceuticals

In related news, insider Stephen F. Betz sold 3,000 shares of the stock in a transaction dated Wednesday, July 10th. The shares were sold at an average price of $48.55, for a total value of $145,650.00. Following the completion of the transaction, the insider now owns 78,611 shares of the company’s stock, valued at $3,816,564.05. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, COO Jeff E. Knight sold 956 shares of the stock in a transaction dated Wednesday, June 26th. The shares were sold at an average price of $44.38, for a total value of $42,427.28. Following the completion of the transaction, the chief operating officer now owns 52,580 shares of the company’s stock, valued at $2,333,500.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Stephen F. Betz sold 3,000 shares of the stock in a transaction dated Wednesday, July 10th. The stock was sold at an average price of $48.55, for a total transaction of $145,650.00. Following the completion of the transaction, the insider now directly owns 78,611 shares of the company’s stock, valued at approximately $3,816,564.05. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 220,783 shares of company stock worth $10,369,292. Company 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. First Light Asset Management LLC increased its holdings in shares of Crinetics Pharmaceuticals by 25.5% during the fourth quarter. First Light Asset Management LLC now owns 1,987,772 shares of the company’s stock worth $70,725,000 after buying an additional 404,443 shares in the last quarter. Fisher Asset Management LLC increased its holdings in shares of Crinetics Pharmaceuticals by 718.6% during the fourth quarter. Fisher Asset Management LLC now owns 440,893 shares of the company’s stock worth $15,687,000 after buying an additional 387,033 shares in the last quarter. TD Asset Management Inc increased its holdings in shares of Crinetics Pharmaceuticals by 26.5% during the fourth quarter. TD Asset Management Inc now owns 176,426 shares of the company’s stock worth $6,277,000 after buying an additional 37,000 shares in the last quarter. Jennison Associates LLC increased its holdings in shares of Crinetics Pharmaceuticals by 77.7% during the fourth quarter. Jennison Associates LLC now owns 2,547,683 shares of the company’s stock worth $90,647,000 after buying an additional 1,113,992 shares in the last quarter. Finally, Wellington Management Group LLP increased its holdings in shares of Crinetics Pharmaceuticals by 1.1% during the third quarter. Wellington Management Group LLP now owns 3,640,235 shares of the company’s stock worth $108,261,000 after buying an additional 38,523 shares in the last quarter. Institutional investors and hedge funds 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.