JP Morgan slashes price target on Crinetics Pharmaceuticals Inc. [CRNX] – find out why.

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Crinetics Pharmaceuticals Inc. [NASDAQ: CRNX] gained 13.99% or 2.77 points to close at $22.57 with a heavy trading volume of 2967683 shares. The company report on October 21, 2021 that Crinetics Pharmaceuticals Announces Pricing of Public Offering of Common Stock.

Crinetics Pharmaceuticals, Inc. (Nasdaq: CRNX), a clinical-stage pharmaceutical company focused on the discovery, development and commercialization of novel therapeutics for rare endocrine diseases and endocrine-related tumors, announced the pricing of an underwritten public offering of 7,576,000 shares of its common stock at a price to the public of $19.80 per share. All of the shares to be sold in the offering are to be sold by Crinetics. The gross proceeds to Crinetics from the offering, before deducting the underwriting discounts and commissions and other offering expenses, are expected to be approximately $150.0 million. In addition, Crinetics has granted the underwriters a 30-day option to purchase up to an additional 1,136,400 shares of common stock. The offering is expected to close on or about October 25, 2021, subject to the satisfaction of customary closing conditions.


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Crinetics intends to use the net proceeds from the offering to fund the development of paltusotine, CRN04894, CRN04777 and its other research and development programs, and for working capital and general corporate purposes.

It opened the trading session at $21.377, the shares rose to $23.378 and dropped to $20.515, the range by which the price of stock traded the whole day. The daily chart for CRNX points out that the company has recorded 31.37% gains over the past six months. However, it is still -94.4% lower than its most recent low trading price.

If we look at the average trading volume of 175.26K shares, CRNX reached to a volume of 2967683 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying about Crinetics Pharmaceuticals Inc. [CRNX]:

JP Morgan have made an estimate for Crinetics Pharmaceuticals Inc. shares, keeping their opinion on the stock as Overweight, with their previous recommendation back on June 18, 2021. While these analysts kept the previous recommendation, ROTH Capital raised their target price to Buy. The new note on the price target was released on December 23, 2019, representing the official price target for Crinetics Pharmaceuticals Inc. stock. Previously, the target price had yet another raise to $35, while H.C. Wainwright analysts kept a Buy rating on CRNX stock.

The Average True Range (ATR) for Crinetics Pharmaceuticals Inc. is set at 1.15 The Price to Book ratio for the last quarter was 4.15, with the Price to Cash per share for the same quarter was set at 5.28.

Trading performance analysis for CRNX stock

Crinetics Pharmaceuticals Inc. [CRNX] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 15.62. With this latest performance, CRNX shares gained by 8.51% in over the last four-week period, additionally plugging by 31.37% over the last 6 months – not to mention a rise of 59.51% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for CRNX stock in for the last two-week period is set at 63.72, with the RSI for the last a single of trading hit 71.91, and the three-weeks RSI is set at 59.18 for Crinetics Pharmaceuticals Inc. [CRNX]. The present Moving Average for the last 50 days of trading for this stock 21.71, while it was recorded at 20.32 for the last single week of trading, and 18.25 for the last 200 days.

Crinetics Pharmaceuticals Inc. [CRNX]: A deeper dive into fundamental analysis

Return on Total Capital for CRNX is now -50.61, given the latest momentum, and Return on Invested Capital for the company is -50.06. Return on Equity for this stock declined to -51.61, with Return on Assets sitting at -47.04. When it comes to the capital structure of this company, Crinetics Pharmaceuticals Inc. [CRNX] has a Total Debt to Total Equity ratio set at 2.87. Additionally, CRNX Total Debt to Total Capital is recorded at 2.79, with Total Debt to Total Assets ending up at 2.64. Long-Term Debt to Equity for the company is recorded at 2.38, with the Long-Term Debt to Total Capital now at 2.31.

Reflecting on the efficiency of the workforce at the company, Crinetics Pharmaceuticals Inc. [CRNX] managed to generate an average of -$793,677 per employee.Crinetics Pharmaceuticals Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 17.70 and a Current Ratio set at 17.70.

An analysis of insider ownership at Crinetics Pharmaceuticals Inc. [CRNX]

There are presently around $740 million, or 94.80% of CRNX stock, in the hands of institutional investors. The top three institutional holders of CRNX stocks are: FMR LLC with ownership of 5,118,948, which is approximately 3.658% of the company’s market cap and around 3.75% of the total institutional ownership; PERCEPTIVE ADVISORS LLC, holding 3,963,517 shares of the stock with an approximate value of $89.46 million in CRNX stocks shares; and ORBIMED ADVISORS LLC, currently with $67.64 million in CRNX stock with ownership of nearly 8.836% of the company’s market capitalization.

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Positions in Crinetics Pharmaceuticals Inc. stocks held by institutional investors increased at the end of November and at the time of the November reporting period, where 57 institutional holders increased their position in Crinetics Pharmaceuticals Inc. [NASDAQ:CRNX] by around 5,147,364 shares. Additionally, 22 investors decreased positions by around 3,041,614 shares, while 11 investors held positions by with 24,606,140 shares. The mentioned changes placed institutional holdings at 32,795,118 shares, according to the latest SEC report filing. CRNX stock had 11 new institutional investments in for a total of 607,244 shares, while 9 institutional investors sold positions of 591,998 shares during the same period.

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