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

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

CRNX has been the subject of a number of other research reports. HC Wainwright restated a buy rating and set a $60.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Friday, June 28th. Oppenheimer upped their price objective on shares of Crinetics Pharmaceuticals from $55.00 to $74.00 and gave the stock an outperform rating in a research report on Tuesday, June 4th. JMP Securities restated a market outperform rating and set a $80.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Tuesday, June 4th. Piper Sandler restated an overweight rating and set a $97.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Tuesday, July 2nd. Finally, Cantor Fitzgerald restated an overweight rating and set a $65.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Tuesday, May 14th. One equities research 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 stock has a consensus rating of Moderate Buy and an average target price of $64.08.

Crinetics Pharmaceuticals Price Performance

Shares of NASDAQ:CRNX opened at $52.81 on Tuesday. The stock has a market cap of $4.16 billion, a P/E ratio of -13.97 and a beta of 0.68. The firm has a fifty day moving average price of $46.88 and a 200 day moving average price of $42.68. Crinetics Pharmaceuticals has a 1-year low of $15.76 and a 1-year high of $53.70.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings results on Thursday, May 9th. The company reported ($0.93) earnings per share 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. Crinetics Pharmaceuticals’s revenue for the quarter was down 76.1% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.85) EPS. Sell-side analysts expect that Crinetics Pharmaceuticals will post -3.53 EPS for the current fiscal year.

Insider Activity

In related news, insider Dana Pizzuti sold 14,375 shares of the stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $44.47, for a total value of $639,256.25. Following the sale, the insider now directly owns 27,786 shares of the company’s stock, valued at approximately $1,235,643.42. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Crinetics Pharmaceuticals news, insider Dana Pizzuti sold 14,375 shares of the firm’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $44.47, for a total transaction of $639,256.25. Following the sale, the insider now directly owns 27,786 shares of the company’s stock, valued at approximately $1,235,643.42. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Stephen F. Betz sold 3,000 shares of the firm’s stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $49.43, for a total transaction of $148,290.00. Following the completion of the sale, the insider now directly owns 89,643 shares in the company, valued at $4,431,053.49. The disclosure for this sale can be found here. Insiders sold 217,783 shares of company stock worth $10,223,642 in the last 90 days. 6.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

Several hedge funds have recently modified their holdings of CRNX. Comerica Bank purchased a new position in Crinetics Pharmaceuticals in the first quarter valued at approximately $33,000. Quarry LP purchased a new position in Crinetics Pharmaceuticals in the fourth quarter valued at approximately $36,000. AJOVista LLC purchased a new position in Crinetics Pharmaceuticals in the fourth quarter valued at approximately $58,000. HighMark Wealth Management LLC purchased a new position in Crinetics Pharmaceuticals in the fourth quarter valued at approximately $151,000. Finally, Oppenheimer Asset Management Inc. purchased a new position in Crinetics Pharmaceuticals in the first quarter valued at approximately $200,000. 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.