Crinetics Pharmaceuticals (NASDAQ:CRNX) Shares Gap Down After Earnings Miss

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)’s share price gapped down before the market opened on Friday following a dissappointing earnings announcement. The stock had previously closed at $43.49, but opened at $40.06. Crinetics Pharmaceuticals shares last traded at $40.3070, with a volume of 367,371 shares.

The company reported ($1.38) EPS for the quarter, missing analysts’ consensus estimates of ($1.27) by ($0.11). The company had revenue of $0.14 million during the quarter, compared to analyst estimates of $0.39 million. During the same period last year, the firm earned ($0.96) EPS.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. JPMorgan Chase & Co. dropped their price objective on shares of Crinetics Pharmaceuticals from $53.00 to $52.00 and set an “overweight” rating for the company in a report on Wednesday, September 24th. Citizens Jmp dropped their price objective on Crinetics Pharmaceuticals from $143.00 to $108.00 and set a “market outperform” rating on the stock in a research note on Friday. Morgan Stanley boosted 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. JMP Securities increased their target price on shares of Crinetics Pharmaceuticals from $86.00 to $143.00 and gave the stock a “market outperform” rating in a research report on Friday, September 26th. Finally, Robert W. Baird lifted their target price on shares of Crinetics Pharmaceuticals from $58.00 to $62.00 and gave the stock an “outperform” rating in a research note on Friday, September 26th. 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 company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $77.25.

Insiders Place Their Bets

In other Crinetics Pharmaceuticals news, Director Matthew K. Fust sold 16,000 shares of the company’s stock in a transaction on Friday, September 26th. The stock was sold at an average price of $44.75, for a total value of $716,000.00. Following the completion of the sale, the director directly owned 22,836 shares in the company, valued at approximately $1,021,911. This represents a 41.20% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Richard Scott Struthers sold 4,000 shares of the stock in a transaction on 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 approximately $4,770,000. This represents a 3.64% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 66,492 shares of company stock valued at $2,420,687 over the last three months. 4.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of CRNX. Amalgamated Bank raised its position in Crinetics Pharmaceuticals by 17.3% in the first quarter. Amalgamated Bank now owns 3,159 shares of the company’s stock valued at $106,000 after purchasing an additional 467 shares during the period. Xponance Inc. grew its position in shares of Crinetics Pharmaceuticals by 9.1% in the 1st quarter. Xponance Inc. now owns 6,857 shares of the company’s stock valued at $230,000 after buying an additional 573 shares during the last quarter. Arizona State Retirement System boosted its position in shares of Crinetics Pharmaceuticals by 1.8% in the 1st quarter. Arizona State Retirement System now owns 23,899 shares of the company’s stock valued at $802,000 after purchasing an additional 430 shares during the period. GW&K Investment Management LLC raised its position in shares of Crinetics Pharmaceuticals by 35.5% during the 1st quarter. GW&K Investment Management LLC now owns 920,020 shares of the company’s stock worth $30,858,000 after purchasing an additional 240,897 shares during the last quarter. Finally, Lewis Asset Management LLC grew its holdings in Crinetics Pharmaceuticals by 104.5% in the first quarter. Lewis Asset Management LLC now owns 20,000 shares of the company’s stock valued at $671,000 after purchasing an additional 10,220 shares during the period. 98.51% of the stock is owned by hedge funds and other institutional investors.

Crinetics Pharmaceuticals Stock Performance

The business has a fifty day moving average price of $39.43 and a 200 day moving average price of $33.77. The company has a market capitalization of $3.76 billion, a PE ratio of -9.73 and a beta of 0.25.

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.