Equities Analysts Issue Forecasts for CRNX FY2024 Earnings

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) – Stock analysts at HC Wainwright dropped their FY2024 earnings per share (EPS) estimates for Crinetics Pharmaceuticals in a research report issued on Wednesday, November 13th. HC Wainwright analyst D. Tsao now anticipates that the company will post earnings per share of ($3.70) for the year, down from their prior estimate of ($3.66). HC Wainwright has a “Buy” rating and a $81.00 price objective on the stock. The consensus estimate for Crinetics Pharmaceuticals’ current full-year earnings is ($3.72) per share. HC Wainwright also issued estimates for Crinetics Pharmaceuticals’ Q4 2024 earnings at ($0.87) EPS, Q1 2025 earnings at ($0.88) EPS, Q2 2025 earnings at ($0.88) EPS, Q3 2025 earnings at ($0.95) EPS, Q4 2025 earnings at ($0.95) EPS, FY2025 earnings at ($3.65) EPS, FY2026 earnings at ($4.00) EPS, FY2027 earnings at ($1.95) EPS and FY2028 earnings at $2.59 EPS.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.96) EPS for the quarter, missing analysts’ consensus estimates of ($0.91) by ($0.05). During the same period in the previous year, the firm earned ($1.01) EPS.

Other analysts also recently issued reports about the company. Cantor Fitzgerald reiterated an “overweight” rating and set a $90.00 target price on shares of Crinetics Pharmaceuticals in a research report on Monday, September 16th. Oppenheimer reiterated an “outperform” rating and issued a $73.00 price objective (down from $74.00) on shares of Crinetics Pharmaceuticals in a research report on Friday, August 9th. JMP Securities restated a “market outperform” rating and set a $80.00 target price on shares of Crinetics Pharmaceuticals in a report on Friday, September 27th. Finally, Citigroup upped their price target on shares of Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the company a “buy” rating in a report on Thursday. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, Crinetics Pharmaceuticals currently has a consensus rating of “Moderate Buy” and a consensus price target of $70.18.

Crinetics Pharmaceuticals Price Performance

Shares of NASDAQ:CRNX opened at $54.72 on Friday. The firm has a market capitalization of $5.07 billion, a price-to-earnings ratio of -14.67 and a beta of 0.62. The business’s 50 day simple moving average is $54.97 and its 200-day simple moving average is $51.28. Crinetics Pharmaceuticals has a 12 month low of $27.55 and a 12 month high of $62.53.

Insiders Place Their Bets

In other news, insider Stephen F. Betz sold 3,000 shares of the company’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $53.19, for a total transaction of $159,570.00. Following the completion of the transaction, the insider now owns 69,611 shares of the company’s stock, valued at $3,702,609.09. This represents a 4.13 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Marc Wilson sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $51.11, for a total transaction of $1,277,750.00. Following the completion of the sale, the chief financial officer now directly owns 111,092 shares in the company, valued at $5,677,912.12. This represents a 18.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 43,410 shares of company stock valued at $2,275,929 in the last quarter. 6.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. Comerica Bank purchased a new stake in Crinetics Pharmaceuticals during the first quarter valued at about $33,000. Quest Partners LLC acquired a new position in shares of Crinetics Pharmaceuticals in the 2nd quarter valued at about $42,000. Values First Advisors Inc. purchased a new stake in shares of Crinetics Pharmaceuticals during the 3rd quarter worth about $84,000. Allspring Global Investments Holdings LLC acquired a new stake in Crinetics Pharmaceuticals during the 3rd quarter worth approximately $91,000. Finally, KBC Group NV raised its holdings in Crinetics Pharmaceuticals by 22.8% in the third quarter. KBC Group NV now owns 2,193 shares of the company’s stock valued at $112,000 after buying an additional 407 shares during the period. 98.51% of the stock is owned by hedge funds and other institutional investors.

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.