Robert W. Baird Increases Crinetics Pharmaceuticals (NASDAQ:CRNX) Price Target to $45.00

Crinetics Pharmaceuticals (NASDAQ:CRNX) had its target price hoisted by Robert W. Baird from $43.00 to $45.00 in a research note published on Monday, MarketBeat Ratings reports. They currently have an outperform rating on the stock.

CRNX has been the topic of a number of other reports. Oppenheimer increased their price objective on shares of Crinetics Pharmaceuticals from $40.00 to $46.00 and gave the company an outperform rating in a research note on Monday. HC Wainwright reissued a buy rating and set a $33.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Monday. JMP Securities cut their price objective on Crinetics Pharmaceuticals from $43.00 to $42.00 and set a market outperform rating for the company in a research report on Wednesday, August 9th. Finally, Cantor Fitzgerald reiterated an overweight rating and set a $45.00 target price on shares of Crinetics Pharmaceuticals in a report on Tuesday, August 22nd. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Crinetics Pharmaceuticals presently has an average rating of Buy and a consensus price target of $45.00.

Crinetics Pharmaceuticals Trading Up 2.6 %

CRNX stock opened at $29.28 on Monday. The firm has a 50 day moving average of $18.83 and a 200-day moving average of $19.05. The company has a market cap of $1.60 billion, a price-to-earnings ratio of -8.59 and a beta of 0.85. Crinetics Pharmaceuticals has a 12-month low of $15.23 and a 12-month high of $31.00.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings data on Tuesday, August 8th. The company reported ($0.94) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.85) by ($0.09). The firm had revenue of $0.99 million for the quarter, compared to analyst estimates of $5.00 million. Crinetics Pharmaceuticals had a negative return on equity of 61.19% and a negative net margin of 3,804.10%. Sell-side analysts forecast that Crinetics Pharmaceuticals will post -3.68 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Richard Scott Struthers sold 14,157 shares of the company’s stock in a transaction on Thursday, July 13th. The stock was sold at an average price of $20.35, for a total value of $288,094.95. Following the completion of the transaction, the chief executive officer now directly owns 630,805 shares in the company, valued at $12,836,881.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CFO Marc Wilson sold 30,922 shares of the business’s stock in a transaction on Tuesday, June 20th. The shares were sold at an average price of $19.97, for a total transaction of $617,512.34. Following the completion of the sale, the chief financial officer now directly owns 95,158 shares of the company’s stock, valued at approximately $1,900,305.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Richard Scott Struthers sold 14,157 shares of the company’s stock in a transaction on Thursday, July 13th. The stock was sold at an average price of $20.35, for a total value of $288,094.95. Following the sale, the chief executive officer now owns 630,805 shares of the company’s stock, valued at $12,836,881.75. The disclosure for this sale can be found here. In the last three months, insiders sold 69,463 shares of company stock valued at $1,396,701. Company insiders own 7.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. First Republic Investment Management Inc. raised its stake in shares of Crinetics Pharmaceuticals by 2.8% in the 1st quarter. First Republic Investment Management Inc. now owns 19,761 shares of the company’s stock valued at $317,000 after acquiring an additional 545 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Crinetics Pharmaceuticals by 8.7% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,868 shares of the company’s stock worth $126,000 after purchasing an additional 627 shares in the last quarter. Federated Hermes Inc. boosted its position in shares of Crinetics Pharmaceuticals by 2.6% in the first quarter. Federated Hermes Inc. now owns 25,482 shares of the company’s stock worth $559,000 after buying an additional 646 shares during the period. Legal & General Group Plc boosted its position in shares of Crinetics Pharmaceuticals by 4.5% in the fourth quarter. Legal & General Group Plc now owns 15,946 shares of the company’s stock worth $292,000 after buying an additional 685 shares during the period. Finally, MetLife Investment Management LLC grew its stake in shares of Crinetics Pharmaceuticals by 2.9% in the fourth quarter. MetLife Investment Management LLC now owns 28,047 shares of the company’s stock valued at $513,000 after buying an additional 792 shares in the last quarter. Hedge funds and other 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 therapeutics for endocrine diseases and endocrine-related tumors. The company's lead product candidate is Paltusotine, an oral selective nonpeptide somatostatin receptor type 2 agonist that has completed phase III clinical trial for the treatment of acromegaly, as well as completed phase II clinical trial to treat carcinoid syndrome and nonfunctional neuroendocrine tumors (NETs).