JPMorgan Chase & Co. Has Lowered Expectations for Crinetics Pharmaceuticals (NASDAQ:CRNX) Stock Price

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

Several other research firms also recently commented on CRNX. JMP Securities decreased their target price on shares of Crinetics Pharmaceuticals from $90.00 to $86.00 and set a “market outperform” rating for the company in a research report on Monday, August 11th. HC Wainwright reissued a “buy” rating and set a $81.00 price objective on shares of Crinetics Pharmaceuticals in a report on Friday, June 27th. Finally, The Goldman Sachs Group initiated coverage on Crinetics Pharmaceuticals in a report on Thursday, July 10th. They issued a “neutral” rating and a $36.00 target price on the stock. Seven equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $63.43.

Crinetics Pharmaceuticals Stock Performance

Shares of Crinetics Pharmaceuticals stock opened at $35.18 on Wednesday. Crinetics Pharmaceuticals has a 52 week low of $24.10 and a 52 week high of $62.53. The stock has a 50 day moving average price of $31.42 and a two-hundred day moving average price of $31.40. The stock has a market capitalization of $3.31 billion, a PE ratio of -8.56 and a beta of 0.28.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its 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 company had revenue of $1.03 million during the quarter, compared to the consensus estimate of $0.52 million. The firm’s quarterly revenue was up 158.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.94) EPS. Research analysts forecast that Crinetics Pharmaceuticals will post -3.73 EPS for the current year.

Insider Activity

In related news, insider Dana Pizzuti sold 30,000 shares of the stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $30.43, for a total transaction of $912,900.00. Following the completion of the sale, the insider directly owned 66,270 shares of the company’s stock, valued at approximately $2,016,596.10. This trade represents a 31.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 4.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

Hedge funds have recently made changes to their positions in the business. KBC Group NV lifted its holdings in Crinetics Pharmaceuticals by 10.0% during the 1st quarter. KBC Group NV now owns 4,082 shares of the company’s stock worth $137,000 after purchasing an additional 370 shares in the last quarter. MetLife Investment Management LLC increased its position in shares of Crinetics Pharmaceuticals by 0.7% during the first quarter. MetLife Investment Management LLC now owns 53,414 shares of the company’s stock valued at $1,792,000 after buying an additional 394 shares during the period. GF Fund Management CO. LTD. lifted its holdings in shares of Crinetics Pharmaceuticals by 22.0% in the first quarter. GF Fund Management CO. LTD. now owns 2,375 shares of the company’s stock worth $80,000 after buying an additional 428 shares in the last quarter. Arizona State Retirement System grew its stake in Crinetics Pharmaceuticals by 1.8% during the first quarter. Arizona State Retirement System now owns 23,899 shares of the company’s stock valued at $802,000 after acquiring an additional 430 shares in the last quarter. Finally, Mackenzie Financial Corp grew its stake in Crinetics Pharmaceuticals by 8.8% during the fourth quarter. Mackenzie Financial Corp now owns 5,422 shares of the company’s stock valued at $277,000 after acquiring an additional 440 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.