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

Crinetics Pharmaceuticals (NASDAQ:CRNX) issued its quarterly earnings data on Monday. The company reported ($1.14) earnings per share for the quarter, topping the consensus estimate of ($1.18) by $0.04, FiscalAI reports. Crinetics Pharmaceuticals had a negative return on equity of 44.99% and a negative net margin of 1,189.88%.The company had revenue of $25.12 million during the quarter, compared to analyst estimates of $14.84 million. During the same period in the prior year, the business posted ($1.23) earnings per share. The firm’s revenue for the quarter was up 2336.9% compared to the same quarter last year.

Crinetics Pharmaceuticals Price Performance

NASDAQ:CRNX opened at $83.86 on Wednesday. The firm has a market capitalization of $8.84 billion, a PE ratio of -16.35 and a beta of 0.12. The business’s fifty day moving average price is $56.03 and its 200 day moving average price is $46.59. Crinetics Pharmaceuticals has a 12 month low of $25.83 and a 12 month high of $84.03.

Insider Transactions at Crinetics Pharmaceuticals

In other news, Director Stephanie Okey sold 6,900 shares of the company’s stock in a transaction dated 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 transaction, the director directly owned 6,400 shares of the company’s stock, valued at approximately $228,288. This represents a 51.88% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Coelho Rogerio Vivaldi sold 3,000 shares of the stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $40.00, for a total value of $120,000.00. Following the completion of the transaction, the director owned 19,225 shares in the company, valued at approximately $769,000. The trade was a 13.50% decrease in their position. 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. 3.80% of the stock is owned by insiders.

Institutional Trading of Crinetics Pharmaceuticals

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP grew its position in shares of Crinetics Pharmaceuticals by 44.3% in the 3rd quarter. Wellington Management Group LLP now owns 8,381,991 shares of the company’s stock valued at $349,110,000 after buying an additional 2,574,683 shares during the last quarter. Farallon Capital Management LLC lifted its position in Crinetics Pharmaceuticals by 20.2% in the fourth quarter. Farallon Capital Management LLC now owns 6,933,098 shares of the company’s stock valued at $322,736,000 after acquiring an additional 1,163,000 shares during the last quarter. Janus Henderson Group PLC boosted its stake in Crinetics Pharmaceuticals by 15.1% in the fourth quarter. Janus Henderson Group PLC now owns 4,440,691 shares of the company’s stock valued at $206,604,000 after acquiring an additional 581,900 shares in the last quarter. Paradigm Biocapital Advisors LP boosted its stake in Crinetics Pharmaceuticals by 8.8% in the third quarter. Paradigm Biocapital Advisors LP now owns 2,550,774 shares of the company’s stock valued at $106,240,000 after acquiring an additional 207,221 shares in the last quarter. Finally, RTW Investments LP grew its holdings in shares of Crinetics Pharmaceuticals by 54.9% during the fourth quarter. RTW Investments LP now owns 1,351,326 shares of the company’s stock worth $62,904,000 after purchasing an additional 478,939 shares during the last quarter. Institutional investors and hedge funds own 98.51% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. JonesTrading lowered shares of Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating and set a $85.00 target price on the stock. in a report on Tuesday, July 7th. Citizens Jmp cut Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 7th. TD Cowen downgraded Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Wednesday, July 8th. Jefferies Financial Group lowered Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating and increased their price target for the company from $55.00 to $85.00 in a research report on Tuesday, July 7th. Finally, Wall Street Zen upgraded Crinetics Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research note on Sunday, July 12th. Five investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $81.00.

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.