Crinetics Pharmaceuticals (NASDAQ:CRNX) Posts Earnings Results, Beats Estimates By $0.04 EPS

Crinetics Pharmaceuticals (NASDAQ:CRNX) released its quarterly earnings results on Monday. The company reported ($1.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.18) by $0.04, FiscalAI reports. Crinetics Pharmaceuticals had a negative return on equity of 43.96% and a negative net margin of 2,747.18%.The firm had revenue of $25.12 million for the quarter, compared to analyst estimates of $14.84 million. During the same quarter last year, the company posted ($1.23) earnings per share. The business’s revenue was up 2336.9% on a year-over-year basis.

Crinetics Pharmaceuticals Stock Up 0.3%

CRNX opened at $83.76 on Tuesday. The firm has a market cap of $8.83 billion, a P/E ratio of -16.33 and a beta of 0.12. The business’s fifty day simple moving average is $55.09 and its 200 day simple moving average is $46.39. Crinetics Pharmaceuticals has a 52 week low of $25.83 and a 52 week high of $84.00.

Analyst Ratings Changes

CRNX has been the topic of a number of research analyst reports. Piper Sandler downgraded shares of Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 7th. Evercore cut Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 7th. Robert W. Baird boosted their target price on Crinetics Pharmaceuticals from $62.00 to $85.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 7th. JonesTrading cut Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating and set a $85.00 price target for the company. in a research report on Tuesday, July 7th. Finally, Citizens Jmp cut shares of Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 7th. Five equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $81.00.

Insider Activity

In related news, Director Coelho Rogerio Vivaldi sold 3,000 shares of the company’s stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $40.00, for a total transaction of $120,000.00. Following the transaction, the director owned 19,225 shares of the company’s stock, valued at approximately $769,000. This represents a 13.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephanie Okey sold 6,900 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $35.67, for a total transaction of $246,123.00. Following the completion of the sale, the director directly owned 6,400 shares of the company’s stock, valued at $228,288. The trade was a 51.88% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 3.80% of the company’s stock.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Smartleaf Asset Management LLC boosted its stake in Crinetics Pharmaceuticals by 107.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 639 shares of the company’s stock worth $30,000 after buying an additional 331 shares during the last quarter. Headlands Technologies LLC acquired a new position in shares of Crinetics Pharmaceuticals during the 2nd quarter valued at about $30,000. Parallel Advisors LLC lifted its holdings in shares of Crinetics Pharmaceuticals by 34.6% during the 4th quarter. Parallel Advisors LLC now owns 1,225 shares of the company’s stock worth $57,000 after acquiring an additional 315 shares during the period. Arax Advisory Partners lifted its holdings in shares of Crinetics Pharmaceuticals by 131.2% during the 4th quarter. Arax Advisory Partners now owns 1,498 shares of the company’s stock worth $70,000 after acquiring an additional 850 shares during the period. Finally, Raymond James Financial Inc. acquired a new stake in shares of Crinetics Pharmaceuticals in the second quarter worth approximately $45,000. Hedge funds and other institutional investors own 98.51% of the company’s stock.

About Crinetics Pharmaceuticals

Crinetics Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of novel therapeutics for rare endocrine diseases. The company’s proprietary platform leverages insights into hormone receptor signaling to design small-molecule candidates that address conditions driven by dysregulated hormone activity. Crinetics’ research efforts center on targeting somatostatin, vasopressin and other GPCR-mediated pathways with orally bioavailable molecules intended to improve patient convenience and adherence.

The company’s lead product candidate, paltusotine (formerly CRN04777), is a selective, non-peptide somatostatin receptor type 2 agonist being evaluated for the treatment of acromegaly and carcinoid syndrome diarrhea.