FY2024 EPS Estimates for Crinetics Pharmaceuticals, Inc. Cut by Analyst (NASDAQ:CRNX)

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) – Research analysts at Cantor Fitzgerald decreased their FY2024 earnings per share estimates for Crinetics Pharmaceuticals in a note issued to investors on Monday, August 12th. Cantor Fitzgerald analyst J. Schimmer now expects that the company will earn ($3.91) per share for the year, down from their previous estimate of ($3.29). Cantor Fitzgerald has a “Overweight” rating and a $65.00 price objective on the stock. The consensus estimate for Crinetics Pharmaceuticals’ current full-year earnings is ($3.54) per share.

CRNX has been the subject of several other reports. JMP Securities restated a “market outperform” rating and set a $80.00 target price on shares of Crinetics Pharmaceuticals in a report on Tuesday, June 4th. Piper Sandler reissued an “overweight” rating and set a $97.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Tuesday, July 2nd. Morgan Stanley upped their target price on Crinetics Pharmaceuticals from $50.00 to $70.00 and gave the company an “overweight” rating in a research note on Thursday, May 23rd. JPMorgan Chase & Co. boosted their price target on Crinetics Pharmaceuticals from $47.00 to $54.00 and gave the stock an “overweight” rating in a report on Tuesday, July 9th. Finally, Robert W. Baird increased their price objective on Crinetics Pharmaceuticals from $52.00 to $62.00 and gave the company an “outperform” rating in a research note on Thursday, May 23rd. One investment analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $64.75.

Crinetics Pharmaceuticals Stock Up 2.1 %

Shares of CRNX stock opened at $52.53 on Wednesday. The stock has a market cap of $4.14 billion, a P/E ratio of -13.90 and a beta of 0.68. Crinetics Pharmaceuticals has a fifty-two week low of $15.76 and a fifty-two week high of $55.78. The business has a fifty day simple moving average of $48.85 and a 200-day simple moving average of $45.41.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.94) earnings per share for the quarter, missing the consensus estimate of ($0.86) by ($0.08). The company had revenue of $0.40 million during the quarter, compared to analysts’ expectations of $0.47 million. Crinetics Pharmaceuticals’s quarterly revenue was down 59.6% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.94) earnings per share.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. Janus Henderson Group PLC increased its position in shares of Crinetics Pharmaceuticals by 264.1% in the first quarter. Janus Henderson Group PLC now owns 1,978,172 shares of the company’s stock worth $92,526,000 after acquiring an additional 1,434,909 shares in the last quarter. Artal Group S.A. acquired a new stake in Crinetics Pharmaceuticals in the 1st quarter valued at $65,088,000. Jennison Associates LLC lifted its stake in shares of Crinetics Pharmaceuticals by 77.7% during the fourth quarter. Jennison Associates LLC now owns 2,547,683 shares of the company’s stock worth $90,647,000 after purchasing an additional 1,113,992 shares in the last quarter. Driehaus Capital Management LLC lifted its stake in shares of Crinetics Pharmaceuticals by 17.0% during the second quarter. Driehaus Capital Management LLC now owns 6,112,173 shares of the company’s stock worth $273,764,000 after purchasing an additional 885,876 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its position in shares of Crinetics Pharmaceuticals by 27.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,823,218 shares of the company’s stock worth $178,966,000 after buying an additional 814,360 shares during the period. Hedge funds and other institutional investors own 98.51% of the company’s stock.

Insider Activity

In related news, insider Stephen F. Betz sold 3,000 shares of the firm’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $43.86, for a total value of $131,580.00. Following the sale, the insider now directly owns 83,643 shares of the company’s stock, valued at $3,668,581.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CFO Marc Wilson sold 19,056 shares of the firm’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $53.88, for a total value of $1,026,737.28. Following the transaction, the chief financial officer now directly owns 111,092 shares in the company, valued at approximately $5,985,636.96. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Stephen F. Betz sold 3,000 shares of Crinetics Pharmaceuticals stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $43.86, for a total value of $131,580.00. Following the completion of the transaction, the insider now directly owns 83,643 shares in the company, valued at $3,668,581.98. The disclosure for this sale can be found here. Insiders sold a total of 170,016 shares of company stock valued at $8,320,842 in the last 90 days. 6.00% of the stock is currently owned by insiders.

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.