Crinetics Pharmaceuticals (NASDAQ:CRNX) Announces Earnings Results, Misses Estimates By $0.11 EPS

Crinetics Pharmaceuticals (NASDAQ:CRNX) posted its quarterly earnings data 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 company had revenue of $0.14 million for the quarter, compared to analyst estimates of $0.39 million. During the same period last year, the company earned ($0.96) earnings per share.

Crinetics Pharmaceuticals Stock Performance

Shares of Crinetics Pharmaceuticals stock traded down $3.49 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. The stock has a 50 day moving average of $39.61 and a 200 day moving average of $33.86. The firm has a market capitalization of $3.77 billion, a P/E ratio of -8.83 and a beta of 0.25. Crinetics Pharmaceuticals has a twelve month low of $24.10 and a twelve month high of $62.53.

Insider Buying and Selling

In other Crinetics Pharmaceuticals news, CEO Richard Scott Struthers sold 4,000 shares of the business’s stock in a transaction that occurred on Friday, September 26th. The shares were sold at an average price of $45.00, for a total transaction of $180,000.00. Following the sale, the chief executive officer directly owned 106,000 shares of the company’s stock, valued at $4,770,000. The trade was a 3.64% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Matthew K. Fust sold 16,000 shares of the firm’s stock in a transaction on Friday, September 26th. The shares were sold at an average price of $44.75, for a total transaction of $716,000.00. Following the transaction, the director directly owned 22,836 shares of the company’s stock, valued at $1,021,911. The trade was a 41.20% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 66,492 shares of company stock worth $2,420,687 in the last ninety days. Company insiders own 4.60% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of CRNX. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Crinetics Pharmaceuticals by 11.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 59,311 shares of the company’s stock valued at $1,995,000 after purchasing an additional 6,148 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of 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 worth $11,658,000 after buying an additional 22,305 shares during the period. Strs Ohio bought a new stake in shares of Crinetics Pharmaceuticals in the 1st quarter valued at $124,000. Invesco Ltd. lifted its position in shares of Crinetics Pharmaceuticals by 11.7% during the 2nd quarter. Invesco Ltd. now owns 78,140 shares of the company’s stock valued at $2,247,000 after acquiring an additional 8,181 shares during the period. Finally, Sei Investments Co. boosted its stake in Crinetics Pharmaceuticals by 20.6% during the second quarter. Sei Investments Co. now owns 60,180 shares of the company’s stock worth $1,731,000 after acquiring an additional 10,269 shares in the last quarter. 98.51% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CRNX has been the subject of a number of recent analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a report on Wednesday, October 8th. Citizens Jmp lowered their price objective on shares of Crinetics Pharmaceuticals from $143.00 to $108.00 and set a “market outperform” rating for the company in a research report on Friday. JMP Securities raised their target price on Crinetics Pharmaceuticals from $86.00 to $143.00 and gave the company a “market outperform” rating in a report on Friday, September 26th. JPMorgan Chase & Co. lowered their price target on Crinetics Pharmaceuticals from $53.00 to $52.00 and set an “overweight” rating for the company in a report on Wednesday, September 24th. Finally, Leerink Partners raised their price objective 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 research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus 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.