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

Crinetics Pharmaceuticals (NASDAQ:CRNX) had its target price upped by Robert W. Baird from $52.00 to $62.00 in a research report report published on Thursday morning, Benzinga reports. They currently have an outperform rating on the stock.

CRNX has been the topic of several other research reports. Oppenheimer boosted their price target on Crinetics Pharmaceuticals from $54.00 to $55.00 and gave the stock an outperform 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. Jonestrading boosted their price target on Crinetics Pharmaceuticals from $52.00 to $56.00 and gave the stock a buy rating in a research report on Wednesday, March 20th. Citigroup assumed coverage on Crinetics Pharmaceuticals in a research report on Wednesday, March 6th. They set a buy rating and a $68.00 price target on the stock. Finally, Piper Sandler boosted their price target on Crinetics Pharmaceuticals from $56.00 to $97.00 and gave the stock an overweight rating in a research report on Tuesday, May 7th. One research analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average target price of $60.92.

Crinetics Pharmaceuticals Stock Performance

NASDAQ CRNX opened at $47.47 on Thursday. The stock has a market capitalization of $3.74 billion, a price-to-earnings ratio of -12.56 and a beta of 0.63. The stock’s 50 day moving average price is $46.17 and its two-hundred day moving average price is $39.54. Crinetics Pharmaceuticals has a 52 week low of $15.76 and a 52 week high of $53.70.

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

Insider Activity at Crinetics Pharmaceuticals

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

Institutional Trading of Crinetics Pharmaceuticals

Several institutional investors and hedge funds have recently modified their holdings of CRNX. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Crinetics Pharmaceuticals by 23.5% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 36,875 shares of the company’s stock worth $1,097,000 after buying an additional 7,021 shares during the last quarter. Teacher Retirement System of Texas lifted its position in shares of Crinetics Pharmaceuticals by 35.4% during the 3rd quarter. Teacher Retirement System of Texas now owns 13,857 shares of the company’s stock worth $412,000 after buying an additional 3,620 shares during the last quarter. Principal Financial Group Inc. lifted its position in shares of Crinetics Pharmaceuticals by 26.7% during the 3rd quarter. Principal Financial Group Inc. now owns 17,301 shares of the company’s stock worth $515,000 after buying an additional 3,649 shares during the last quarter. Victory Capital Management Inc. bought a new stake in shares of Crinetics Pharmaceuticals during the 3rd quarter worth $1,338,000. Finally, Arizona State Retirement System lifted its position in shares of Crinetics Pharmaceuticals by 42.2% during the 3rd quarter. Arizona State Retirement System now owns 15,070 shares of the company’s stock worth $448,000 after buying an additional 4,471 shares during the last quarter. 98.51% of the stock is currently owned by institutional investors.

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.