Crinetics Pharmaceuticals (NASDAQ:CRNX) Releases Quarterly Earnings Results

Crinetics Pharmaceuticals (NASDAQ:CRNX) released its quarterly earnings results on Thursday. The company reported ($1.38) EPS for the quarter, missing the consensus estimate of ($1.27) by ($0.11), Zacks reports. The firm had revenue of $0.14 million for the quarter, compared to analyst estimates of $0.39 million. During the same quarter in the previous year, the company earned ($0.96) EPS.

Crinetics Pharmaceuticals Trading Down 8.0%

Shares of NASDAQ CRNX traded down $3.49 on Friday, reaching $40.00. 4,090,934 shares of the company traded hands, compared to its average volume of 1,255,870. The stock has a market capitalization of $3.77 billion, a PE ratio of -8.83 and a beta of 0.25. Crinetics Pharmaceuticals has a fifty-two week low of $24.10 and a fifty-two week high of $62.53. The company has a 50 day moving average of $39.61 and a 200 day moving average of $33.84.

Insider Activity at Crinetics Pharmaceuticals

In other news, CEO Richard Scott Struthers sold 4,000 shares of the business’s stock in a transaction on Friday, September 26th. The shares were sold at an average price of $45.00, for a total transaction of $180,000.00. Following the completion of the sale, the chief executive officer directly owned 106,000 shares of the company’s stock, valued at $4,770,000. The trade was a 3.64% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Dana Pizzuti sold 5,000 shares of the company’s stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $42.66, for a total value of $213,300.00. Following the sale, the insider owned 66,270 shares of the company’s stock, valued at approximately $2,827,078.20. The trade was a 7.02% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 66,492 shares of company stock worth $2,420,687. 4.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

A number of institutional investors have recently added to or reduced their stakes in CRNX. California State Teachers Retirement System increased its stake in Crinetics Pharmaceuticals by 0.6% during the second quarter. California State Teachers Retirement System now owns 75,484 shares of the company’s stock worth $2,171,000 after acquiring an additional 487 shares during the last quarter. E Fund Management Co. Ltd. grew its holdings in shares of Crinetics Pharmaceuticals by 6.1% during the 2nd quarter. E Fund Management Co. Ltd. now owns 10,131 shares of the company’s stock worth $291,000 after purchasing an additional 586 shares during the period. Headlands Technologies LLC acquired a new stake in Crinetics Pharmaceuticals during the 2nd quarter worth approximately $30,000. Osaic Holdings Inc. raised its holdings in Crinetics Pharmaceuticals by 126.1% in the second quarter. Osaic Holdings Inc. now owns 2,478 shares of the company’s stock valued at $75,000 after buying an additional 1,382 shares during the period. Finally, Raymond James Financial Inc. acquired a new position in Crinetics Pharmaceuticals during the second quarter valued at approximately $45,000. Hedge funds and other institutional investors own 98.51% of the company’s stock.

Analyst Ratings Changes

CRNX has been the topic of a number of recent research reports. Leerink Partners upped their target price on Crinetics Pharmaceuticals from $80.00 to $88.00 and gave the company an “outperform” rating in a research note on Monday, September 29th. Morgan Stanley upped their price objective on Crinetics Pharmaceuticals from $65.00 to $77.00 and gave the company an “overweight” rating in a research report on Monday, September 29th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a research report on Wednesday, October 8th. Citizens Jmp cut their target price on shares of Crinetics Pharmaceuticals from $143.00 to $108.00 and set a “market outperform” rating for the company in a research note on Friday. Finally, Oppenheimer raised their price target on shares of Crinetics Pharmaceuticals from $73.00 to $87.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 30th. Twelve analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $77.25.

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.