Crinetics Pharmaceuticals (NASDAQ:CRNX) Releases Quarterly Earnings Results, Misses Expectations By $0.11 EPS

Crinetics Pharmaceuticals (NASDAQ:CRNX) announced its earnings results on Thursday. The company reported ($1.38) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 business posted ($0.96) EPS.

Crinetics Pharmaceuticals Stock Down 8.0%

Shares of Crinetics Pharmaceuticals stock traded down $3.49 during trading on Friday, reaching $40.00. The company’s stock had a trading volume of 4,090,934 shares, compared to its average volume of 1,255,870. The business has a 50 day moving average price of $39.61 and a 200-day moving average price of $33.84. Crinetics Pharmaceuticals has a 12-month low of $24.10 and a 12-month high of $62.53. The company has a market capitalization of $3.77 billion, a P/E ratio of -8.83 and a beta of 0.25.

Insider Buying and Selling at Crinetics Pharmaceuticals

In related news, Director Matthew K. Fust sold 16,000 shares of the firm’s stock in a transaction dated Friday, September 26th. The shares were sold at an average price of $44.75, for a total value of $716,000.00. Following the completion of the sale, the director owned 22,836 shares in the company, valued at $1,021,911. This trade represents a 41.20% decrease in their ownership of the stock. The sale was disclosed in a document filed 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 dated Monday, November 3rd. The stock was sold at an average price of $42.66, for a total transaction of $213,300.00. Following the transaction, the insider owned 66,270 shares in the company, valued at $2,827,078.20. The trade was a 7.02% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 66,492 shares of company stock valued at $2,420,687. 4.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

Several institutional investors have recently modified their holdings of CRNX. Orbimed Advisors LLC grew its holdings in shares of Crinetics Pharmaceuticals by 15.0% in the 2nd quarter. Orbimed Advisors LLC now owns 1,149,000 shares of the company’s stock worth $33,045,000 after acquiring an additional 150,000 shares during the period. First Light Asset Management LLC raised its holdings in Crinetics Pharmaceuticals by 1.0% during the second quarter. First Light Asset Management LLC now owns 864,136 shares of the company’s stock worth $24,853,000 after purchasing an additional 8,717 shares during the last quarter. Bank of America Corp DE boosted its position in Crinetics Pharmaceuticals by 88.0% during the second quarter. Bank of America Corp DE now owns 573,282 shares of the company’s stock worth $16,488,000 after purchasing an additional 268,356 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Crinetics Pharmaceuticals by 6.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 347,581 shares of the company’s stock valued at $11,658,000 after purchasing an additional 22,305 shares during the last quarter. Finally, Ameriprise Financial Inc. increased its position in shares of Crinetics Pharmaceuticals by 16.4% in the second quarter. Ameriprise Financial Inc. now owns 238,610 shares of the company’s stock valued at $6,862,000 after buying an additional 33,556 shares in the last quarter. Hedge funds and other institutional investors own 98.51% of the company’s stock.

Wall Street Analysts Forecast Growth

CRNX has been the subject of a number of recent research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a research note on Wednesday, October 8th. Robert W. Baird boosted their price target on Crinetics Pharmaceuticals from $58.00 to $62.00 and gave the company an “outperform” rating in a research report on Friday, September 26th. Leerink Partners increased their price objective on Crinetics Pharmaceuticals from $80.00 to $88.00 and gave the stock an “outperform” rating in a research report on Monday, September 29th. JPMorgan Chase & Co. dropped their target price on Crinetics Pharmaceuticals from $53.00 to $52.00 and set an “overweight” rating on the stock in a report on Wednesday, September 24th. Finally, Oppenheimer upped their price target on Crinetics Pharmaceuticals from $73.00 to $87.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 30th. Twelve research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target 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.