Crinetics Pharmaceuticals (NASDAQ:CRNX) Releases Earnings Results, Beats Expectations By $0.04 EPS

Crinetics Pharmaceuticals (NASDAQ:CRNX) posted its quarterly earnings results on Thursday. The company reported ($0.88) EPS for the quarter, beating analysts’ consensus estimates of ($0.92) by $0.04, Zacks reports.

Crinetics Pharmaceuticals Price Performance

Shares of Crinetics Pharmaceuticals stock traded up $0.66 during trading hours on Thursday, reaching $33.21. The company’s stock had a trading volume of 977,928 shares, compared to its average volume of 1,007,703. The firm has a 50 day moving average price of $41.92 and a 200-day moving average price of $50.28. Crinetics Pharmaceuticals has a one year low of $31.84 and a one year high of $62.53. The stock has a market cap of $3.08 billion, a P/E ratio of -8.90 and a beta of 0.56.

Insider Buying and Selling

In other news, insider Dana Pizzuti sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $39.07, for a total value of $195,350.00. Following the completion of the sale, the insider now owns 31,748 shares of the company’s stock, valued at approximately $1,240,394.36. This represents a 13.61 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 6.00% of the stock is owned by corporate insiders.

Analyst Ratings Changes

CRNX has been the topic of several research reports. HC Wainwright restated a “buy” rating and set a $81.00 price target on shares of Crinetics Pharmaceuticals in a report on Monday, January 13th. TD Cowen began coverage on Crinetics Pharmaceuticals in a research report on Tuesday, February 11th. They issued a “buy” rating for the company. Jefferies Financial Group upgraded Crinetics Pharmaceuticals from a “hold” rating to a “buy” rating and set a $55.00 price target for the company in a research note on Wednesday, January 22nd. JMP Securities reiterated a “market outperform” rating and set a $87.00 price target on shares of Crinetics Pharmaceuticals in a research note on Monday, December 16th. Finally, Wolfe Research started coverage on Crinetics Pharmaceuticals in a research note on Tuesday, February 4th. They issued a “peer perform” rating on the stock. One analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, Crinetics Pharmaceuticals presently has an average rating of “Moderate Buy” and an average price target of $72.64.

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.