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

Crinetics Pharmaceuticals (NASDAQ:CRNX) had its target price increased by Robert W. Baird from $58.00 to $62.00 in a research note published on Friday,Benzinga reports. Robert W. Baird currently has an outperform rating on the stock.

A number of other equities research analysts have also recently issued reports on CRNX. HC Wainwright reiterated a “buy” rating and issued a $81.00 target price on shares of Crinetics Pharmaceuticals in a research note on Friday, June 27th. JPMorgan Chase & Co. cut their target price on Crinetics Pharmaceuticals from $53.00 to $52.00 and set an “overweight” rating on the stock in a research note on Wednesday, September 24th. JMP Securities cut their target price on Crinetics Pharmaceuticals from $90.00 to $86.00 and set a “market outperform” rating on the stock in a research note on Monday, August 11th. Finally, The Goldman Sachs Group initiated coverage on Crinetics Pharmaceuticals in a research note on Thursday, July 10th. They issued a “neutral” rating and a $36.00 target price on the stock. Eight analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $70.88.

Crinetics Pharmaceuticals Price Performance

Shares of CRNX opened at $45.91 on Friday. The business’s fifty day moving average price is $31.78 and its 200 day moving average price is $31.45. Crinetics Pharmaceuticals has a 12-month low of $24.10 and a 12-month high of $62.53. The stock has a market capitalization of $4.32 billion, a PE ratio of -11.17 and a beta of 0.28.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($1.23) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.13) by ($0.10). The company had revenue of $1.03 million during the quarter, compared to analysts’ expectations of $0.52 million. During the same quarter in the previous year, the business earned ($0.94) EPS. Crinetics Pharmaceuticals’s revenue was up 158.4% compared to the same quarter last year. As a group, research analysts anticipate that Crinetics Pharmaceuticals will post -3.73 earnings per share for the current fiscal year.

Insider Buying and Selling at Crinetics Pharmaceuticals

In related news, insider Dana Pizzuti sold 30,000 shares of Crinetics Pharmaceuticals stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $30.43, for a total transaction of $912,900.00. Following the sale, the insider directly owned 66,270 shares in the company, valued at $2,016,596.10. The trade was a 31.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 6.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. KBC Group NV raised its stake in shares of Crinetics Pharmaceuticals by 10.0% during the first quarter. KBC Group NV now owns 4,082 shares of the company’s stock valued at $137,000 after purchasing an additional 370 shares in the last quarter. MetLife Investment Management LLC raised its stake in shares of Crinetics Pharmaceuticals by 0.7% during the first quarter. MetLife Investment Management LLC now owns 53,414 shares of the company’s stock valued at $1,792,000 after purchasing an additional 394 shares in the last quarter. GF Fund Management CO. LTD. raised its stake in shares of Crinetics Pharmaceuticals by 22.0% during the first quarter. GF Fund Management CO. LTD. now owns 2,375 shares of the company’s stock valued at $80,000 after purchasing an additional 428 shares in the last quarter. Arizona State Retirement System raised its stake in shares of Crinetics Pharmaceuticals by 1.8% during the first quarter. Arizona State Retirement System now owns 23,899 shares of the company’s stock valued at $802,000 after purchasing an additional 430 shares in the last quarter. Finally, Mackenzie Financial Corp grew its holdings in Crinetics Pharmaceuticals by 8.8% during the fourth quarter. Mackenzie Financial Corp now owns 5,422 shares of the company’s stock worth $277,000 after acquiring an additional 440 shares during the period. 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.