Crinetics Pharmaceuticals (NASDAQ:CRNX) Issues Quarterly Earnings Results

Crinetics Pharmaceuticals (NASDAQ:CRNX) released its quarterly earnings data on Thursday. The company reported ($1.38) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.27) by ($0.11), Zacks reports. The business had revenue of $0.14 million for the quarter, compared to the consensus estimate of $0.39 million. During the same quarter in the prior year, the firm posted ($0.96) earnings per share.

Crinetics Pharmaceuticals Stock Down 8.0%

Shares of NASDAQ CRNX traded down $3.49 during midday trading 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. Crinetics Pharmaceuticals has a 1-year low of $24.10 and a 1-year high of $62.53. The company has a fifty day moving average price of $39.61 and a 200 day moving average price of $33.86. The company has a market capitalization of $3.77 billion, a price-to-earnings ratio of -8.83 and a beta of 0.25.

Insider Buying and Selling at Crinetics Pharmaceuticals

In other news, Director Matthew K. Fust sold 16,000 shares of the stock in a transaction that occurred on Friday, September 26th. The stock was sold at an average price of $44.75, for a total transaction of $716,000.00. Following the completion of the transaction, 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 transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Richard Scott Struthers sold 4,000 shares of Crinetics Pharmaceuticals stock in a transaction on Friday, September 26th. The stock was sold at an average price of $45.00, for a total transaction of $180,000.00. Following the completion of the sale, the chief executive officer owned 106,000 shares of the company’s stock, valued at approximately $4,770,000. This trade represents a 3.64% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have 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

Large investors have recently modified their holdings of the business. Orbimed Advisors LLC raised its stake in shares of Crinetics Pharmaceuticals by 15.0% during the second quarter. Orbimed Advisors LLC now owns 1,149,000 shares of the company’s stock valued at $33,045,000 after purchasing an additional 150,000 shares in the last quarter. First Light Asset Management LLC lifted its stake in shares of Crinetics Pharmaceuticals by 1.0% in the 2nd quarter. First Light Asset Management LLC now owns 864,136 shares of the company’s stock worth $24,853,000 after acquiring an additional 8,717 shares during the period. Bank of America Corp DE boosted its holdings in shares of Crinetics Pharmaceuticals by 88.0% in the second quarter. Bank of America Corp DE now owns 573,282 shares of the company’s stock valued at $16,488,000 after acquiring an additional 268,356 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Crinetics Pharmaceuticals by 6.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 347,581 shares of the company’s stock valued at $11,658,000 after acquiring an additional 22,305 shares during the period. Finally, Ameriprise Financial Inc. raised its holdings in Crinetics Pharmaceuticals by 16.4% during the second quarter. Ameriprise Financial Inc. now owns 238,610 shares of the company’s stock worth $6,862,000 after purchasing an additional 33,556 shares in the last quarter. 98.51% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms have issued reports on CRNX. Oppenheimer boosted their target price on shares of Crinetics Pharmaceuticals from $73.00 to $87.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 30th. Weiss Ratings reissued a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a report on Wednesday, October 8th. Leerink Partners increased their target price on shares of Crinetics Pharmaceuticals from $80.00 to $88.00 and gave the company an “outperform” rating in a report on Monday, September 29th. JMP Securities lifted their price target on shares of Crinetics Pharmaceuticals from $86.00 to $143.00 and gave the company a “market outperform” rating in a research report on Friday, September 26th. Finally, The Goldman Sachs Group upped their price target on Crinetics Pharmaceuticals from $35.00 to $40.00 and gave the stock a “neutral” rating in a report on Friday, September 26th. Twelve investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target 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.