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

Crinetics Pharmaceuticals (NASDAQ:CRNX) had its target price boosted by Robert W. Baird from $52.00 to $62.00 in a research report sent to investors on Thursday morning, Benzinga reports. The brokerage currently has an outperform rating on the stock.

Several other equities research analysts also recently weighed in on CRNX. Morgan Stanley upped their target price on Crinetics Pharmaceuticals from $50.00 to $70.00 and gave the stock an overweight rating in a research report on Thursday. JMP Securities restated a market outperform rating and issued a $80.00 price target on shares of Crinetics Pharmaceuticals in a report on Friday, May 10th. Cantor Fitzgerald reiterated an overweight rating and set a $65.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Tuesday, May 14th. HC Wainwright reissued a buy rating and set a $60.00 target price on shares of Crinetics Pharmaceuticals in a research report on Thursday. Finally, Jonestrading raised their price target on shares of Crinetics Pharmaceuticals from $52.00 to $56.00 and gave the company a buy rating in a report on Wednesday, March 20th. One research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of Moderate Buy and an average price target of $60.92.

Crinetics Pharmaceuticals Stock Down 2.4 %

Shares of CRNX stock opened at $47.47 on Thursday. Crinetics Pharmaceuticals has a fifty-two week low of $15.76 and a fifty-two week high of $53.70. The firm’s 50 day moving average price is $46.17 and its two-hundred day moving average price is $39.46. The stock has a market cap of $3.74 billion, a price-to-earnings ratio of -12.56 and a beta of 0.63.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its quarterly earnings results on Thursday, May 9th. The company reported ($0.93) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.84) by ($0.09). Crinetics Pharmaceuticals had a negative return on equity of 42.50% and a negative net margin of 4,223.27%. The business had revenue of $0.64 million for the quarter, compared to analysts’ expectations of $0.20 million. During the same period last year, the company posted ($0.85) earnings per share. The firm’s revenue for the quarter was down 76.1% on a year-over-year basis. On average, equities analysts forecast that Crinetics Pharmaceuticals will post -3.53 EPS for the current fiscal year.

Insider Transactions at Crinetics Pharmaceuticals

In other news, insider Stephen F. Betz sold 3,000 shares of the stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $49.43, for a total transaction of $148,290.00. Following the transaction, the insider now owns 89,643 shares of the company’s stock, valued at $4,431,053.49. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Stephen F. Betz sold 3,000 shares of the company’s stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $49.43, for a total transaction of $148,290.00. Following the sale, the insider now directly owns 89,643 shares of the company’s stock, valued at approximately $4,431,053.49. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Marc Wilson sold 6,942 shares of the firm’s stock in a transaction on Tuesday, March 19th. The stock was sold at an average price of $42.91, for a total value of $297,881.22. Following the transaction, the chief financial officer now owns 110,630 shares in the company, valued at $4,747,133.30. The disclosure for this sale can be found here. In the last 90 days, insiders sold 297,664 shares of company stock valued at $13,965,618. Insiders own 7.00% of the company’s stock.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

Institutional investors have recently modified their holdings of the business. Comerica Bank acquired a new position in Crinetics Pharmaceuticals in the first quarter valued at approximately $33,000. Quarry LP bought a new stake in shares of Crinetics Pharmaceuticals in the 4th quarter worth approximately $36,000. AJOVista LLC acquired a new position in Crinetics Pharmaceuticals during the 4th quarter valued at approximately $58,000. HighMark Wealth Management LLC bought a new position in Crinetics Pharmaceuticals during the 4th quarter worth $151,000. Finally, Amalgamated Bank increased its position in Crinetics Pharmaceuticals by 10.4% in the third quarter. Amalgamated Bank now owns 6,298 shares of the company’s stock worth $187,000 after buying an additional 592 shares during the period. Institutional investors own 98.51% of the company’s stock.

Crinetics Pharmaceuticals Company Profile

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.