Crinetics Pharmaceuticals (NASDAQ:CRNX) Releases Earnings Results

Crinetics Pharmaceuticals (NASDAQ:CRNX) issued its earnings results on Thursday. The company reported ($1.38) earnings per share for the quarter, missing the consensus estimate of ($1.27) by ($0.11), Zacks reports. The firm had revenue of $0.14 million during the quarter, compared to the consensus estimate of $0.39 million. During the same period last year, the firm earned ($0.96) earnings per share.

Crinetics Pharmaceuticals Stock Down 8.0%

Shares of CRNX traded down $3.49 during mid-day trading on Friday, hitting $40.00. The stock had a trading volume of 4,090,934 shares, compared to its average volume of 1,255,870. Crinetics Pharmaceuticals has a fifty-two week low of $24.10 and a fifty-two week high of $62.53. The company has a market cap of $3.77 billion, a PE ratio of -8.83 and a beta of 0.25. The company’s fifty day simple moving average is $39.61 and its two-hundred day simple moving average is $33.86.

Insiders Place Their Bets

In related news, CEO Richard Scott Struthers sold 4,000 shares of the stock in a transaction dated Friday, September 26th. The shares were sold at an average price of $45.00, for a total value of $180,000.00. Following the sale, the chief executive officer owned 106,000 shares of the company’s stock, valued at $4,770,000. This trade represents a 3.64% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Dana Pizzuti sold 5,000 shares of Crinetics Pharmaceuticals stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $42.66, for a total transaction of $213,300.00. Following the completion of the sale, the insider owned 66,270 shares in the company, valued at approximately $2,827,078.20. This represents 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 three months, insiders have sold 66,492 shares of company stock valued at $2,420,687. Company insiders own 4.60% of the company’s stock.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

Several large investors have recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Crinetics Pharmaceuticals by 11.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 59,311 shares of the company’s stock worth $1,995,000 after buying an additional 6,148 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Crinetics Pharmaceuticals by 6.9% during the 1st 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 acquiring an additional 22,305 shares in the last quarter. Strs Ohio acquired a new position in Crinetics Pharmaceuticals during the 1st quarter worth $124,000. Invesco Ltd. grew its stake in shares of Crinetics Pharmaceuticals by 11.7% in the second quarter. Invesco Ltd. now owns 78,140 shares of the company’s stock worth $2,247,000 after purchasing an additional 8,181 shares in the last quarter. Finally, Sei Investments Co. grew its stake in shares of Crinetics Pharmaceuticals by 20.6% in the second quarter. Sei Investments Co. now owns 60,180 shares of the company’s stock worth $1,731,000 after purchasing an additional 10,269 shares in the last quarter. Institutional investors and hedge funds own 98.51% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on CRNX shares. Oppenheimer increased their price objective on shares of Crinetics Pharmaceuticals from $73.00 to $87.00 and gave the company an “outperform” rating in a research report on Tuesday, September 30th. Morgan Stanley upped their target price on shares of Crinetics Pharmaceuticals from $65.00 to $77.00 and gave the company an “overweight” rating in a research note on Monday, September 29th. Citizens Jmp lowered their price target on shares of Crinetics Pharmaceuticals from $143.00 to $108.00 and set a “market outperform” rating for the company in a report on Friday. The Goldman Sachs Group boosted their price objective on shares of Crinetics Pharmaceuticals from $35.00 to $40.00 and gave the stock a “neutral” rating in a report on Friday, September 26th. Finally, Leerink Partners raised 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. Twelve investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average 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.