Robert W. Baird Forecasts Strong Price Appreciation for Crinetics Pharmaceuticals (NASDAQ:CRNX) Stock

Key Points

• Robert W. Baird raised its price target on Crinetics Pharmaceuticals from $62 to $85 and kept an outperform rating, implying about 102% upside from the prior close.
• Analyst sentiment remains broadly positive overall: the stock carries a Moderate Buy consensus with a $76.78 average target price, though a few firms have mixed views.
• Crinetics reported a smaller-than-expected quarterly loss and stronger-than-expected revenue, but the company remains unprofitable; it also saw notable insider selling and heavy institutional ownership at 98.51%.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) had its target price lifted by equities research analysts at Robert W. Baird from $62.00 to $85.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Robert W. Baird's price objective suggests a potential upside of 102.24% from the company's previous close.

Other equities research analysts also recently issued reports about the stock. Wall Street Zen raised shares of Crinetics Pharmaceuticals from a "strong sell" rating to a "sell" rating in a research report on Sunday, May 17th. Citizens Jmp reiterated a "market outperform" rating and set a $95.00 target price on shares of Crinetics Pharmaceuticals in a research note on Thursday, June 11th. Cantor Fitzgerald restated a "neutral" rating on shares of Crinetics Pharmaceuticals in a research note on Tuesday. UBS Group assumed coverage on Crinetics Pharmaceuticals in a report on Thursday, July 2nd. They set a "buy" rating and a $55.00 price target for the company. Finally, HC Wainwright reiterated a "neutral" rating and issued a $85.00 price objective (up from $81.00) on shares of Crinetics Pharmaceuticals in a report on Tuesday. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $76.78.

Crinetics Pharmaceuticals Stock Performance

Shares of CRNX opened at $42.03 on Tuesday. Crinetics Pharmaceuticals has a 1 year low of $25.83 and a 1 year high of $57.99. The stock has a market capitalization of $4.43 billion, a PE ratio of -8.19 and a beta of 0.23. The stock has a 50-day simple moving average of $36.77 and a 200-day simple moving average of $41.51.

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

Insider Activity

In other news, Director Stephanie Okey sold 6,900 shares of the business's stock in a transaction dated 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 sale, the director directly owned 6,400 shares of the company's stock, valued at approximately $228,288. The trade was a 51.88% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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 company's stock in a transaction dated 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 ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 3.80% of the company's stock.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Wellington Management Group LLP boosted its holdings in shares of Crinetics Pharmaceuticals by 44.3% in the third quarter. Wellington Management Group LLP now owns 8,381,991 shares of the company's stock valued at $349,110,000 after acquiring an additional 2,574,683 shares during the period. Baker BROS. Advisors LP grew its position in shares of Crinetics Pharmaceuticals by 488.9% during the fourth quarter. Baker BROS. Advisors LP now owns 1,648,869 shares of the company's stock worth $76,755,000 after acquiring an additional 1,368,869 shares during the last quarter. Farallon Capital Management LLC increased its holdings in shares of Crinetics Pharmaceuticals by 20.2% in the 4th quarter. Farallon Capital Management LLC now owns 6,933,098 shares of the company's stock valued at $322,736,000 after acquiring an additional 1,163,000 shares during the period. JPMorgan Chase & Co. raised its position in Crinetics Pharmaceuticals by 279.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,258,722 shares of the company's stock valued at $52,426,000 after purchasing an additional 926,765 shares during the last quarter. Finally, ADAR1 Capital Management LLC raised its position in Crinetics Pharmaceuticals by 268.3% in the 1st quarter. ADAR1 Capital Management LLC now owns 1,139,331 shares of the company's stock valued at $41,381,000 after purchasing an additional 829,963 shares during the last quarter. Hedge funds and other institutional investors 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.

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