Crinetics Pharmaceuticals (NASDAQ:CRNX) Price Target Cut to $41.00 by Analysts at JMP Securities

Crinetics Pharmaceuticals (NASDAQ:CRNX – Get Rating) had its target price reduced by JMP Securities from $50.00 to $41.00 in a report released on Wednesday morning, The Fly reports. They currently have a market outperform rating on the stock.

Crinetics Pharmaceuticals Stock Performance

Shares of CRNX stock opened at $19.16 on Wednesday. The stock has a market capitalization of $1.03 billion, a P/E ratio of -6.06 and a beta of 0.97. The company has a 50 day moving average price of $19.07 and a 200 day moving average price of $18.74. Crinetics Pharmaceuticals has a fifty-two week low of $15.37 and a fifty-two week high of $27.86.

Insider Activity at Crinetics Pharmaceuticals

In related news, insider Stephen F. Betz sold 3,126 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Tuesday, January 17th. The shares were sold at an average price of $18.00, for a total value of $56,268.00. Following the completion of the transaction, the insider now owns 76,151 shares in the company, valued at $1,370,718. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Stephen F. Betz sold 3,126 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Tuesday, January 17th. The shares were sold at an average price of $18.00, for a total value of $56,268.00. Following the completion of the transaction, the insider now owns 76,151 shares in the company, valued at $1,370,718. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Stephen F. Betz sold 8,336 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Wednesday, January 25th. The stock was sold at an average price of $21.07, for a total transaction of $175,639.52. Following the completion of the transaction, the insider now owns 67,815 shares of the company’s stock, valued at approximately $1,428,862.05. The disclosure for this sale can be found here. Over the last quarter, insiders sold 14,588 shares of company stock worth $281,924. Corporate insiders own 5.90% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Great West Life Assurance Co. Can purchased a new position in Crinetics Pharmaceuticals in the third quarter worth approximately $29,000. High Net Worth Advisory Group LLC purchased a new position in Crinetics Pharmaceuticals in the third quarter worth approximately $39,000. Psagot Value Holdings Ltd. Israel purchased a new stake in shares of Crinetics Pharmaceuticals during the 4th quarter worth approximately $46,000. Bourgeon Capital Management LLC purchased a new stake in shares of Crinetics Pharmaceuticals during the 4th quarter worth approximately $48,000. Finally, Group One Trading L.P. lifted its position in shares of Crinetics Pharmaceuticals by 31.6% during the 1st quarter. Group One Trading L.P. now owns 7,318 shares of the company’s stock worth $161,000 after buying an additional 1,759 shares during the last quarter. Hedge funds and other institutional investors own 95.64% of the company’s stock.

About Crinetics Pharmaceuticals

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Crinetics Pharmaceuticals, Inc operates as a clinical stage pharmaceutical company focused on the discovery, development, and commercialization of novel therapeutics for rare endocrine diseases and endocrine-related tumors. Its product candidate, CRN00808, is an oral nonpeptide somatostatin agonist for the treatment of acromegaly.