Oppenheimer Has Lowered Expectations for Crinetics Pharmaceuticals (NASDAQ:CRNX) Stock Price

Crinetics Pharmaceuticals (NASDAQ:CRNX) had its price target decreased by stock analysts at Oppenheimer from $87.00 to $84.00 in a report issued on Monday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Oppenheimer’s target price suggests a potential upside of 129.20% from the stock’s current price.

A number of other research analysts have also issued reports on the stock. Wall Street Zen lowered shares of Crinetics Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research report on Saturday. Lifesci Capital raised Crinetics Pharmaceuticals to a “strong-buy” rating in a report on Friday, February 13th. Weiss Ratings restated a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a research report on Monday, April 20th. The Goldman Sachs Group upgraded shares of Crinetics Pharmaceuticals from a “neutral” rating to a “buy” rating and set a $67.00 price objective on the stock in a research note on Monday, January 12th. Finally, Citizens Jmp dropped their target price on shares of Crinetics Pharmaceuticals from $97.00 to $95.00 and set a “market outperform” rating for the company in a research report on Friday. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $76.13.

Crinetics Pharmaceuticals Price Performance

NASDAQ CRNX traded down $0.83 on Monday, reaching $36.65. The stock had a trading volume of 512,943 shares, compared to its average volume of 1,263,464. The company has a market cap of $3.86 billion, a P/E ratio of -7.15 and a beta of 0.28. The firm has a fifty day moving average of $38.41 and a two-hundred day moving average of $43.89. Crinetics Pharmaceuticals has a 1-year low of $25.83 and a 1-year high of $57.99.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its earnings results on Thursday, May 7th. The company reported ($1.23) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.22) by ($0.01). Crinetics Pharmaceuticals had a negative return on equity of 43.96% and a negative net margin of 2,747.18%.The firm had revenue of $10.73 million for the quarter, compared to analyst estimates of $8.51 million. During the same period in the prior year, the business posted ($1.04) EPS. The firm’s quarterly revenue was up 2873.4% compared to the same quarter last year. Research analysts predict that Crinetics Pharmaceuticals will post -4.95 EPS for the current fiscal year.

Insider Activity

In other news, insider Jeff E. Knight sold 85,163 shares of the firm’s stock in a transaction on Wednesday, April 8th. The shares were sold at an average price of $40.10, for a total transaction of $3,415,036.30. Following the completion of the transaction, the insider owned 105,289 shares of the company’s stock, valued at approximately $4,222,088.90. This trade represents a 44.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Coelho Rogerio Vivaldi sold 5,000 shares of the stock in a transaction on Thursday, March 12th. The shares were sold at an average price of $36.15, for a total value of $180,750.00. Following the completion of the sale, the director owned 16,300 shares of the company’s stock, valued at $589,245. The trade was a 23.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 142,380 shares of company stock worth $5,569,475. Company insiders own 3.80% of the company’s stock.

Institutional Trading of Crinetics Pharmaceuticals

Several large investors have recently made changes to their positions in CRNX. Smartleaf Asset Management LLC increased its position in shares of Crinetics Pharmaceuticals by 107.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 639 shares of the company’s stock worth $30,000 after acquiring an additional 331 shares in the last quarter. Farther Finance Advisors LLC boosted its holdings in Crinetics Pharmaceuticals by 523.7% during the 3rd quarter. Farther Finance Advisors LLC now owns 842 shares of the company’s stock worth $35,000 after acquiring an additional 707 shares during the last quarter. Headlands Technologies LLC purchased a new stake in Crinetics Pharmaceuticals in the 2nd quarter valued at about $30,000. Parallel Advisors LLC boosted its position in Crinetics Pharmaceuticals by 34.6% in the fourth quarter. Parallel Advisors LLC now owns 1,225 shares of the company’s stock worth $57,000 after purchasing an additional 315 shares during the last quarter. Finally, Covestor Ltd increased its holdings in Crinetics Pharmaceuticals by 23,983.3% during the third quarter. Covestor Ltd now owns 1,445 shares of the company’s stock worth $60,000 after buying an additional 1,439 shares during the last quarter. 98.51% of the stock is currently owned by institutional investors and hedge funds.

About Crinetics Pharmaceuticals

Crinetics Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of novel therapeutics for rare endocrine diseases. The company’s proprietary platform leverages insights into hormone receptor signaling to design small-molecule candidates that address conditions driven by dysregulated hormone activity. Crinetics’ research efforts center on targeting somatostatin, vasopressin and other GPCR-mediated pathways with orally bioavailable molecules intended to improve patient convenience and adherence.

The company’s lead product candidate, paltusotine (formerly CRN04777), is a selective, non-peptide somatostatin receptor type 2 agonist being evaluated for the treatment of acromegaly and carcinoid syndrome diarrhea.