Robert W. Baird Issues Positive Forecast for Crinetics Pharmaceuticals (NASDAQ:CRNX) Stock Price

Crinetics Pharmaceuticals (NASDAQ:CRNX) had its price target upped by research analysts at Robert W. Baird from $62.00 to $85.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Robert W. Baird’s target price would suggest a potential upside of 102.24% from the company’s current price.

CRNX has been the topic of a number of other research reports. UBS Group started coverage on Crinetics Pharmaceuticals in a report on Thursday, July 2nd. They issued a “buy” rating and a $55.00 target price on the stock. Wall Street Zen upgraded shares of Crinetics Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research report on Sunday, May 17th. Oppenheimer lowered their price objective on shares of Crinetics Pharmaceuticals from $87.00 to $84.00 and set an “outperform” rating on the stock in a research report on Monday, May 11th. Citizens Jmp reissued a “market outperform” rating and issued a $95.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Thursday, June 11th. Finally, HC Wainwright restated a “neutral” rating and set a $85.00 price objective (up from $81.00) on shares of Crinetics Pharmaceuticals in a research report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $76.78.

Crinetics Pharmaceuticals Stock Down 0.5%

Shares of CRNX stock opened at $42.03 on Tuesday. The stock has a market capitalization of $4.43 billion, a PE ratio of -8.19 and a beta of 0.23. Crinetics Pharmaceuticals has a 52-week low of $25.83 and a 52-week high of $57.99. The stock’s 50-day moving average price is $36.77 and its 200 day moving average price is $41.51.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its quarterly earnings data on Thursday, May 7th. The company reported ($1.23) EPS for the quarter, missing the consensus estimate of ($1.22) by ($0.01). Crinetics Pharmaceuticals had a negative net margin of 2,747.18% and a negative return on equity of 43.96%. The company had revenue of $10.73 million for the quarter, compared to analysts’ expectations of $8.51 million. During the same period in the prior year, the company earned ($1.04) earnings per share. The firm’s revenue was up 2873.4% on a year-over-year basis. Analysts expect that Crinetics Pharmaceuticals will post -4.86 earnings per share for the current fiscal year.

Insider Activity at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, Director Stephanie Okey sold 6,900 shares of the stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $35.67, for a total value of $246,123.00. Following the completion of the transaction, the director owned 6,400 shares in the company, valued at approximately $228,288. This represents a 51.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Jeff E. Knight sold 85,163 shares of the firm’s stock in a transaction on Wednesday, April 8th. The shares were sold at an average price of $40.10, for a total value of $3,415,036.30. Following the completion of the sale, the insider directly owned 105,289 shares of the company’s stock, valued at approximately $4,222,088.90. This trade represents a 44.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.80% of the stock is owned by company insiders.

Institutional Trading of Crinetics Pharmaceuticals

Several hedge funds and other institutional investors have recently made changes to their positions in CRNX. First Light Asset Management LLC lifted its position in shares of Crinetics Pharmaceuticals by 9.0% during the 3rd quarter. First Light Asset Management LLC now owns 941,516 shares of the company’s stock valued at $39,214,000 after acquiring an additional 77,380 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of Crinetics Pharmaceuticals by 279.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,258,722 shares of the company’s stock worth $52,426,000 after acquiring an additional 926,765 shares during the period. WINTON GROUP Ltd purchased a new position in Crinetics Pharmaceuticals in the 3rd quarter valued at approximately $2,841,000. Aberdeen Group plc increased its stake in Crinetics Pharmaceuticals by 98.4% in the 4th quarter. Aberdeen Group plc now owns 674,533 shares of the company’s stock valued at $31,400,000 after purchasing an additional 334,584 shares in the last quarter. Finally, Farallon Capital Management LLC raised its holdings in Crinetics Pharmaceuticals by 24.2% during the third quarter. Farallon Capital Management LLC now owns 5,770,098 shares of the company’s stock worth $240,325,000 after purchasing an additional 1,124,000 shares during the last quarter. Institutional investors and hedge funds own 98.51% of the company’s stock.

About Crinetics Pharmaceuticals

Crinetics Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of novel therapeutics for rare endocrine diseases. The company’s proprietary platform leverages insights into hormone receptor signaling to design small-molecule candidates that address conditions driven by dysregulated hormone activity. Crinetics’ research efforts center on targeting somatostatin, vasopressin and other GPCR-mediated pathways with orally bioavailable molecules intended to improve patient convenience and adherence.

The company’s lead product candidate, paltusotine (formerly CRN04777), is a selective, non-peptide somatostatin receptor type 2 agonist being evaluated for the treatment of acromegaly and carcinoid syndrome diarrhea.