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

Crinetics Pharmaceuticals (NASDAQ:CRNX) had its price objective trimmed by JPMorgan Chase & Co. from $53.00 to $52.00 in a research report released on Wednesday,Benzinga reports. The firm currently has an overweight rating on the stock.

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

Crinetics Pharmaceuticals Trading Down 1.9%

Shares of NASDAQ CRNX opened at $35.18 on Wednesday. The stock has a 50-day moving average price of $31.42 and a two-hundred day moving average price of $31.40. Crinetics Pharmaceuticals has a 12 month low of $24.10 and a 12 month high of $62.53. The company has a market cap of $3.31 billion, a price-to-earnings ratio of -8.56 and a beta of 0.28.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings data on Thursday, August 7th. The company reported ($1.23) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.13) by ($0.10). The company had revenue of $1.03 million for the quarter, compared to analyst estimates of $0.52 million. During the same period last year, the company posted ($0.94) EPS. Crinetics Pharmaceuticals’s quarterly revenue was up 158.4% compared to the same quarter last year. On average, sell-side analysts predict that Crinetics Pharmaceuticals will post -3.73 earnings per share for the current year.

Insider Transactions at Crinetics Pharmaceuticals

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 transaction of $912,900.00. Following the transaction, the insider directly owned 66,270 shares of the company’s stock, valued at approximately $2,016,596.10. The trade was a 31.16% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 4.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Crinetics Pharmaceuticals

Several institutional investors have recently added to or reduced their stakes in the stock. Vestal Point Capital LP bought a new stake in shares of Crinetics Pharmaceuticals during the 1st quarter valued at about $50,310,000. Nuveen LLC acquired a new position in Crinetics Pharmaceuticals in the first quarter valued at approximately $18,881,000. Candriam S.C.A. bought a new position in shares of Crinetics Pharmaceuticals during the 1st quarter worth approximately $16,398,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Crinetics Pharmaceuticals in the 4th quarter valued at $17,117,000. Finally, Bank of America Corp DE lifted its position in shares of Crinetics Pharmaceuticals by 88.0% during the 2nd quarter. Bank of America Corp DE now owns 573,282 shares of the company’s stock valued at $16,488,000 after acquiring an additional 268,356 shares during the period. 98.51% of the stock is currently owned by institutional investors.

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.