Robert W. Baird Raises Crinetics Pharmaceuticals (NASDAQ:CRNX) Price Target to $62.00

Crinetics Pharmaceuticals (NASDAQ:CRNX) had its price objective boosted by investment analysts at Robert W. Baird from $52.00 to $62.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm currently has an “outperform” rating on the stock. Robert W. Baird’s target price indicates a potential upside of 27.78% from the company’s previous close.

Several other equities research analysts also recently issued reports on the stock. Morgan Stanley lifted their price target on shares of Crinetics Pharmaceuticals from $50.00 to $70.00 and gave the stock an “overweight” rating in a research note on Thursday. Citigroup assumed coverage on shares of Crinetics Pharmaceuticals in a research note on Wednesday, March 6th. They set a “buy” rating and a $68.00 price target on the stock. Jonestrading boosted their target price on shares of Crinetics Pharmaceuticals from $52.00 to $56.00 and gave the stock a “buy” rating in a research report on Wednesday, March 20th. HC Wainwright reaffirmed a “buy” rating and set a $60.00 price target on shares of Crinetics Pharmaceuticals in a research report on Thursday. Finally, Piper Sandler upped their price objective on Crinetics Pharmaceuticals from $56.00 to $97.00 and gave the company an “overweight” rating in a research note on Tuesday, May 7th. One investment analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, Crinetics Pharmaceuticals currently has an average rating of “Moderate Buy” and an average target price of $60.92.

Crinetics Pharmaceuticals Stock Down 4.0 %

Shares of CRNX stock traded down $2.02 during mid-day trading on Thursday, reaching $48.52. The company’s stock had a trading volume of 376,513 shares, compared to its average volume of 802,551. The company’s 50 day simple moving average is $45.79 and its 200-day simple moving average is $39.21. Crinetics Pharmaceuticals has a 12-month low of $15.76 and a 12-month high of $53.70. The firm has a market capitalization of $3.83 billion, a PE ratio of -12.84 and a beta of 0.63.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its earnings results on Thursday, May 9th. The company reported ($0.93) EPS for the quarter, missing analysts’ consensus estimates of ($0.84) by ($0.09). Crinetics Pharmaceuticals had a negative net margin of 4,223.27% and a negative return on equity of 42.50%. The business had revenue of $0.64 million during the quarter, compared to analysts’ expectations of $0.20 million. During the same period in the prior year, the business posted ($0.85) EPS. The business’s revenue was down 76.1% on a year-over-year basis. As a group, research analysts anticipate that Crinetics Pharmaceuticals will post -3.52 EPS for the current fiscal year.

Insider Transactions at Crinetics Pharmaceuticals

In related news, insider Dana Pizzuti sold 15,089 shares of the business’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $44.06, for a total transaction of $664,821.34. Following the sale, the insider now owns 27,786 shares of the company’s stock, valued at $1,224,251.16. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, CEO Richard Scott Struthers sold 107,448 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $49.40, for a total value of $5,307,931.20. Following the transaction, the chief executive officer now owns 257,485 shares of the company’s stock, valued at approximately $12,719,759. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Dana Pizzuti sold 15,089 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $44.06, for a total transaction of $664,821.34. Following the completion of the transaction, the insider now owns 27,786 shares in the company, valued at approximately $1,224,251.16. The disclosure for this sale can be found here. In the last three months, insiders sold 297,664 shares of company stock valued at $13,965,618. Company insiders own 7.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in CRNX. Comerica Bank acquired a new position in Crinetics Pharmaceuticals in the first quarter worth approximately $33,000. Quarry LP acquired a new position in Crinetics Pharmaceuticals in the fourth quarter worth approximately $36,000. AJOVista LLC acquired a new position in Crinetics Pharmaceuticals in the fourth quarter worth approximately $58,000. HighMark Wealth Management LLC acquired a new position in Crinetics Pharmaceuticals in the fourth quarter worth approximately $151,000. Finally, Amalgamated Bank grew its position in Crinetics Pharmaceuticals by 10.4% during the 3rd quarter. Amalgamated Bank now owns 6,298 shares of the company’s stock worth $187,000 after purchasing an additional 592 shares in the last quarter. Institutional investors and hedge funds own 98.51% of the company’s stock.

About Crinetics Pharmaceuticals

Crinetics Pharmaceuticals, Inc, a clinical-stage pharmaceutical company, focuses on the discovery, development, and commercialization of novel therapeutics for rare endocrine diseases and endocrine-related tumors. The company's lead product candidate is paltusotine, an oral selective nonpeptide somatostatin receptor type 2 agonist, which is in Phase 3 trial for the treatment of acromegaly; and Phase 2 trial for treating carcinoid syndrome associated with neuroendocrine tumors.