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

Key Points

• Crinetics Pharmaceuticals' price target has been raised from $58.00 to $62.00 by Robert W. Baird, suggesting a potential upside of 72.75% from the stock's previous close.
• Despite missing earnings estimates with a reported EPS of (1.23), the company achieved a significant revenue growth of 158.4% year-over-year.
• Currently, Crinetics Pharmaceuticals holds a consensus rating of "Moderate Buy" with an average price target of $63.25 according to MarketBeat.com.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) had its target price raised by research analysts at Robert W. Baird from $58.00 to $62.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has an "outperform" rating on the stock. Robert W. Baird's target price would suggest a potential upside of 72.75% from the stock's previous close.

A number of other brokerages have also weighed in on CRNX. JPMorgan Chase & Co. lowered their price objective on Crinetics Pharmaceuticals from $53.00 to $52.00 and set an "overweight" rating for the company in a research note on Wednesday. JMP Securities cut their price target on Crinetics Pharmaceuticals from $90.00 to $86.00 and set a "market outperform" rating on the stock in a report on Monday, August 11th. HC Wainwright reissued a "buy" rating and issued a $81.00 price target on shares of Crinetics Pharmaceuticals in a report on Friday, June 27th. Finally, The Goldman Sachs Group initiated coverage on Crinetics Pharmaceuticals in a research note on Thursday, July 10th. They set a "neutral" rating and a $36.00 target price on the stock. Eight investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, Crinetics Pharmaceuticals presently has a consensus rating of "Moderate Buy" and an average price target of $63.25.

Crinetics Pharmaceuticals Stock Up 2.0%

Shares of NASDAQ CRNX opened at $35.89 on Friday. Crinetics Pharmaceuticals has a fifty-two week low of $24.10 and a fifty-two week high of $62.53. The business has a 50 day moving average price of $31.48 and a two-hundred day moving average price of $31.42. The firm has a market cap of $3.38 billion, a PE ratio of -8.73 and a beta of 0.28.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported ($1.23) earnings per share for the quarter, missing analysts' consensus estimates of ($1.13) by ($0.10). The business had revenue of $1.03 million during the quarter, compared to analysts' expectations of $0.52 million. During the same period in the previous year, the business posted ($0.94) EPS. The firm's quarterly revenue was up 158.4% compared to the same quarter last year. On average, analysts anticipate that Crinetics Pharmaceuticals will post -3.73 earnings per share for the current year.

Insider Activity

In related news, insider Dana Pizzuti sold 30,000 shares of Crinetics Pharmaceuticals stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $30.43, for a total value of $912,900.00. Following the transaction, 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 position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 4.60% of the stock is owned by insiders.

Institutional Trading of Crinetics Pharmaceuticals

Hedge funds and other institutional investors have recently modified their holdings of the business. State of Wyoming acquired a new stake in shares of Crinetics Pharmaceuticals in the fourth quarter worth $50,000. Headlands Technologies LLC acquired a new stake in shares of Crinetics Pharmaceuticals in the second quarter worth $30,000. Raymond James Financial Inc. acquired a new stake in shares of Crinetics Pharmaceuticals in the second quarter worth $45,000. Penserra Capital Management LLC acquired a new stake in shares of Crinetics Pharmaceuticals in the second quarter worth $48,000. Finally, GF Fund Management CO. LTD. boosted its position in shares of Crinetics Pharmaceuticals by 22.0% in the first quarter. GF Fund Management CO. LTD. now owns 2,375 shares of the company's stock worth $80,000 after buying an additional 428 shares during the period. Institutional investors and hedge funds own 98.51% of the company's stock.

About Crinetics Pharmaceuticals

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.

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