JMP Securities slashes price target on Crinetics Pharmaceuticals Inc. [CRNX] – find out why.

Crinetics Pharmaceuticals Inc. [NASDAQ: CRNX] gained 2.80% or 0.55 points to close at $20.22 with a heavy trading volume of 224448 shares. The company report on September 2, 2022 that New Long-Term Safety and Efficacy Data for Investigational Compound Paltusotine to be Presented at the Brazilian Congress of Endocrinology and Metabolism.

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Crinetics Pharmaceuticals (Nasdaq: CRNX) today announced that Monica R. Gadelha, MD, PhD, professor of endocrinology at the Medical School of the Universidade Federal do Rio de Janeiro and a principal investigator in the Phase 2 ACROBAT program, will be presenting data from a planned two-year interim analysis from the ACROBAT Advance open label extension (OLE) study at the 35th Brazilian Congress of Endocrinology and Metabolism (CBEM) being held in São Paulo, Brazil from September 3-7, 2022.

It opened the trading session at $19.93, the shares rose to $20.80 and dropped to $19.53, the range by which the price of stock traded the whole day. The daily chart for CRNX points out that the company has recorded 10.25% gains over the past six months. However, it is still -27.09% lower than its most recent low trading price.

If we look at the average trading volume of 288.56K shares, CRNX reached to a volume of 224448 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]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for CRNX shares is $42.71 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on CRNX stock is a recommendation set at 1.90. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

JMP Securities have made an estimate for Crinetics Pharmaceuticals Inc. shares, keeping their opinion on the stock as Mkt Outperform, with their previous recommendation back on November 30, 2021. While these analysts kept the previous recommendation, Evercore ISI raised their target price to Outperform. The new note on the price target was released on November 23, 2021, representing the official price target for Crinetics Pharmaceuticals Inc. stock. Previously, the target price had yet another raise to $28, while JP Morgan analysts kept a Overweight rating on CRNX stock.

The Average True Range (ATR) for Crinetics Pharmaceuticals Inc. is set at 1.17, with the Price to Sales ratio for CRNX stock in the period of the last 12 months amounting to 257.59. The Price to Book ratio for the last quarter was 2.75, with the Price to Cash per share for the same quarter was set at 6.97.

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 3.59. With this latest performance, CRNX shares dropped by -3.71% in over the last four-week period, additionally plugging by 10.25% over the last 6 months – not to mention a drop of -16.79% 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 48.74, with the RSI for the last a single of trading hit 48.56, and the three-weeks RSI is set at 49.44 for Crinetics Pharmaceuticals Inc. [CRNX]. The present Moving Average for the last 50 days of trading for this stock 20.32, while it was recorded at 19.51 for the last single week of trading, and 21.12 for the last 200 days.

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

Operating Margin for any stock indicates how profitable investing would be, and Crinetics Pharmaceuticals Inc. [CRNX] shares currently have an operating margin of -9990.91 and a Gross Margin at -17.07. Crinetics Pharmaceuticals Inc.’s Net Margin is presently recorded at -9985.25.

Return on Equity for this stock declined to -42.98, with Return on Assets sitting at -40.28.

Crinetics Pharmaceuticals Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 15.90 and a Current Ratio set at 15.90.

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

There are presently around $1,027 million, or 98.80% of CRNX stock, in the hands of institutional investors. The top three institutional holders of CRNX stocks are: DRIEHAUS CAPITAL MANAGEMENT LLC with ownership of 5,474,459, which is approximately 10.729% of the company’s market cap and around 0.90% of the total institutional ownership; PERCEPTIVE ADVISORS LLC, holding 5,321,032 shares of the stock with an approximate value of $107.59 million in CRNX stocks shares; and BLACKROCK INC., currently with $76.62 million in CRNX stock with ownership of nearly 14.945% of the company’s market capitalization.

Positions in Crinetics Pharmaceuticals Inc. stocks held by institutional investors increased at the end of August and at the time of the August reporting period, where 63 institutional holders increased their position in Crinetics Pharmaceuticals Inc. [NASDAQ:CRNX] by around 7,580,362 shares. Additionally, 50 investors decreased positions by around 3,767,778 shares, while 20 investors held positions by with 39,447,933 shares. The mentioned changes placed institutional holdings at 50,796,073 shares, according to the latest SEC report filing. CRNX stock had 15 new institutional investments in for a total of 1,690,660 shares, while 18 institutional investors sold positions of 2,364,751 shares during the same period.


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