Equities Analysts Offer Predictions for CRNX FY2024 Earnings

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) – Research analysts at Leerink Partnrs lifted their FY2024 earnings per share estimates for shares of Crinetics Pharmaceuticals in a report issued on Wednesday, November 13th. Leerink Partnrs analyst J. Schwartz now forecasts that the company will earn ($3.61) per share for the year, up from their previous estimate of ($3.72). The consensus estimate for Crinetics Pharmaceuticals’ current full-year earnings is ($3.75) per share. Leerink Partnrs also issued estimates for Crinetics Pharmaceuticals’ Q4 2024 earnings at ($0.80) EPS, Q1 2025 earnings at ($0.89) EPS, Q2 2025 earnings at ($0.99) EPS, Q3 2025 earnings at ($1.12) EPS, Q4 2025 earnings at ($1.21) EPS, FY2025 earnings at ($4.21) EPS and FY2026 earnings at ($5.05) EPS.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.96) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.91) by ($0.05). During the same quarter last year, the business posted ($1.01) EPS.

CRNX has been the subject of a number of other research reports. Citigroup lifted their price target on Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $90.00 target price on shares of Crinetics Pharmaceuticals in a research report on Monday, September 16th. JMP Securities reiterated a “market outperform” rating and issued a $80.00 price target on shares of Crinetics Pharmaceuticals in a report on Friday, September 27th. Oppenheimer restated an “outperform” rating and set a $73.00 price objective (down from $74.00) on shares of Crinetics Pharmaceuticals in a research note on Friday, August 9th. Finally, HC Wainwright increased their price objective on shares of Crinetics Pharmaceuticals from $69.00 to $81.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $70.18.

Crinetics Pharmaceuticals Price Performance

Shares of CRNX opened at $55.17 on Monday. The company’s fifty day moving average price is $55.09 and its 200-day moving average price is $51.43. Crinetics Pharmaceuticals has a 1-year low of $29.23 and a 1-year high of $62.53. The firm has a market capitalization of $5.12 billion, a PE ratio of -14.79 and a beta of 0.62.

Insider Activity at Crinetics Pharmaceuticals

In other news, insider Stephen F. Betz sold 1,035 shares of the stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $51.50, for a total transaction of $53,302.50. Following the sale, the insider now directly owns 68,576 shares of the company’s stock, valued at $3,531,664. This represents a 1.49 % 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 Crinetics Pharmaceuticals stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of $51.11, for a total value of $1,277,750.00. Following the completion of the transaction, the chief financial officer now owns 111,092 shares of the company’s stock, valued at approximately $5,677,912.12. This represents a 18.37 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 43,410 shares of company stock worth $2,275,929. 6.00% 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. Comerica Bank acquired a new position in Crinetics Pharmaceuticals during the first quarter worth $33,000. Quest Partners LLC acquired a new position in shares of Crinetics Pharmaceuticals during the 2nd quarter worth about $42,000. Values First Advisors Inc. purchased a new position in Crinetics Pharmaceuticals in the 3rd quarter valued at about $84,000. Allspring Global Investments Holdings LLC acquired a new stake in Crinetics Pharmaceuticals in the 3rd quarter worth about $91,000. Finally, KBC Group NV increased its stake in Crinetics Pharmaceuticals by 22.8% during the 3rd quarter. KBC Group NV now owns 2,193 shares of the company’s stock worth $112,000 after buying an additional 407 shares in the last quarter. Institutional investors and hedge funds own 98.51% of the company’s stock.

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.