Crinetics Pharmaceuticals (NASDAQ:CRNX) Price Target Raised to $40.00 at The Goldman Sachs Group

Crinetics Pharmaceuticals (NASDAQ:CRNX) had its price target increased by The Goldman Sachs Group from $35.00 to $40.00 in a report issued on Friday,Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the stock.

A number of other brokerages also recently issued reports on CRNX. JPMorgan Chase & Co. dropped their price target on shares of Crinetics Pharmaceuticals from $53.00 to $52.00 and set an “overweight” rating on the stock in a report on Wednesday. HC Wainwright reaffirmed a “buy” rating and set a $81.00 price target on shares of Crinetics Pharmaceuticals in a report on Friday, June 27th. JMP Securities raised their price target on shares of Crinetics Pharmaceuticals from $86.00 to $143.00 and gave the company a “market outperform” rating in a report on Friday. Finally, Robert W. Baird raised their price target on shares of Crinetics Pharmaceuticals from $58.00 to $62.00 and gave the company an “outperform” rating in a report on Friday. Eight investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $70.88.

Crinetics Pharmaceuticals Stock Performance

NASDAQ:CRNX opened at $45.91 on Friday. The firm has a market cap of $4.32 billion, a P/E ratio of -11.17 and a beta of 0.28. Crinetics Pharmaceuticals has a fifty-two week low of $24.10 and a fifty-two week high of $62.53. The firm has a 50-day simple moving average of $31.78 and a two-hundred day simple moving average of $31.50.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its quarterly earnings results 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 firm had revenue of $1.03 million for the quarter, compared to analysts’ expectations of $0.52 million. The firm’s revenue was up 158.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.94) earnings per share. On average, equities research analysts predict that Crinetics Pharmaceuticals will post -3.73 EPS for the current year.

Insider Activity

In other news, insider Dana Pizzuti sold 30,000 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $30.43, for a total transaction of $912,900.00. Following the sale, the insider owned 66,270 shares in the company, valued at $2,016,596.10. This trade represents a 31.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 4.60% of the stock is currently owned by insiders.

Institutional Trading of Crinetics Pharmaceuticals

Institutional investors and hedge funds have recently made changes to their positions in the company. Osaic Holdings Inc. raised its holdings in Crinetics Pharmaceuticals by 126.1% in the second quarter. Osaic Holdings Inc. now owns 2,478 shares of the company’s stock worth $75,000 after purchasing an additional 1,382 shares in the last quarter. Headlands Technologies LLC purchased a new stake in Crinetics Pharmaceuticals in the 2nd quarter worth approximately $30,000. Tower Research Capital LLC TRC boosted its position in Crinetics Pharmaceuticals by 2,295.5% in the 2nd quarter. Tower Research Capital LLC TRC now owns 12,768 shares of the company’s stock worth $367,000 after purchasing an additional 12,235 shares in the last quarter. Exome Asset Management LLC lifted its position in shares of Crinetics Pharmaceuticals by 22.2% during the 2nd quarter. Exome Asset Management LLC now owns 62,700 shares of the company’s stock valued at $1,803,000 after buying an additional 11,405 shares in the last quarter. Finally, E Fund Management Co. Ltd. lifted its position in shares of Crinetics Pharmaceuticals by 6.1% during the 2nd quarter. E Fund Management Co. Ltd. now owns 10,131 shares of the company’s stock valued at $291,000 after buying an additional 586 shares in the last quarter. 98.51% of the stock is currently owned by institutional investors.

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.