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

Crinetics Pharmaceuticals Inc. [NASDAQ: CRNX] price surged by 6.94 percent to reach at $1.17. The company report on January 10, 2023 that Crinetics Pharmaceuticals Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4).

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The 2021 Inducement Plan is used exclusively for the grant of equity awards to individuals who were not previously employees of Crinetics, or following a bona fide period of non-employment, as an inducement material to such individuals’ entering into employment with Crinetics, pursuant to Nasdaq Listing Rule 5635(c)(4).

A sum of 719528 shares traded at recent session while its average daily volume was at 319.02K shares. Crinetics Pharmaceuticals Inc. shares reached a high of $18.08 and dropped to a low of $16.76 until finishing in the latest session at $18.04.

The one-year CRNX stock forecast points to a potential upside of 58.46. The average equity rating for CRNX stock is currently 1.90, trading closer to a bullish pattern in the stock market.

Guru’s Opinion on 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 $43.43 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 0.97, with the Price to Sales ratio for CRNX stock in the period of the last 12 months amounting to 177.99. The Price to Book ratio for the last quarter was 2.76, with the Price to Cash per share for the same quarter was set at 7.32.

CRNX Stock Performance Analysis:

Crinetics Pharmaceuticals Inc. [CRNX] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 1.86. With this latest performance, CRNX shares gained by 11.02% in over the last four-week period, additionally sinking by -12.89% over the last 6 months – not to mention a drop of -26.82% 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 56.89, with the RSI for the last a single of trading hit 61.35, and the three-weeks RSI is set at 54.10 for Crinetics Pharmaceuticals Inc. [CRNX]. The present Moving Average for the last 50 days of trading for this stock 17.41, while it was recorded at 17.01 for the last single week of trading, and 19.25 for the last 200 days.

Insight into Crinetics Pharmaceuticals Inc. Fundamentals:

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 15.40 and a Current Ratio set at 15.40.

Crinetics Pharmaceuticals Inc. [CRNX] Insider Position Details

There are presently around $928 million, or 98.83% 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 5,631,958, which is approximately 2.877% of the company’s market cap and around 0.30% of the total institutional ownership; PERCEPTIVE ADVISORS LLC, holding 5,321,032 shares of the stock with an approximate value of $95.99 million in CRNX stocks shares; and BLACKROCK INC., currently with $67.69 million in CRNX stock with ownership of nearly -0.989% of the company’s market capitalization.

Positions in Crinetics Pharmaceuticals Inc. stocks held by institutional investors increased at the end of March and at the time of the March reporting period, where 70 institutional holders increased their position in Crinetics Pharmaceuticals Inc. [NASDAQ:CRNX] by around 3,367,372 shares. Additionally, 43 investors decreased positions by around 3,971,830 shares, while 24 investors held positions by with 44,126,607 shares. The mentioned changes placed institutional holdings at 51,465,809 shares, according to the latest SEC report filing. CRNX stock had 23 new institutional investments in for a total of 1,663,857 shares, while 15 institutional investors sold positions of 2,983,565 shares during the same period.


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