Crinetics Pharmaceuticals (NASDAQ:CRNX) Releases Quarterly Earnings Results, Misses Estimates By $0.05 EPS

Crinetics Pharmaceuticals (NASDAQ:CRNX) issued its quarterly earnings results on Tuesday. The company reported ($0.96) EPS for the quarter, missing the consensus estimate of ($0.91) by ($0.05), Briefing.com reports. During the same quarter in the previous year, the business earned ($1.01) earnings per share.

Crinetics Pharmaceuticals Stock Up 1.3 %

CRNX stock traded up $0.74 during midday trading on Thursday, reaching $59.66. The stock had a trading volume of 856,455 shares, compared to its average volume of 784,822. Crinetics Pharmaceuticals has a twelve month low of $27.55 and a twelve month high of $62.53. The firm has a market cap of $4.77 billion, a price-to-earnings ratio of -15.99 and a beta of 0.62. The business has a fifty day simple moving average of $54.88 and a two-hundred day simple moving average of $51.15.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Cantor Fitzgerald reissued an “overweight” rating and set a $90.00 price objective on shares of Crinetics Pharmaceuticals in a report on Monday, September 16th. Citigroup increased their price objective on Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the company a “buy” rating in a report on Thursday. JMP Securities reaffirmed a “market outperform” rating and issued a $80.00 price target on shares of Crinetics Pharmaceuticals in a report on Friday, September 27th. HC Wainwright raised their price target on Crinetics Pharmaceuticals from $69.00 to $81.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, Oppenheimer reiterated an “outperform” rating and issued a $73.00 price objective (down previously from $74.00) on shares of Crinetics Pharmaceuticals in a report on Friday, August 9th. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $70.18.

Insider Buying and Selling at Crinetics Pharmaceuticals

In related news, CFO Marc Wilson sold 25,000 shares of the business’s stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $51.11, for a total transaction of $1,277,750.00. Following the completion of the transaction, the chief financial officer now directly owns 111,092 shares in the company, valued at $5,677,912.12. The trade was a 18.37 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Dana Pizzuti sold 14,375 shares of the stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $54.63, for a total value of $785,306.25. Following the sale, the insider now owns 28,507 shares of the company’s stock, valued at $1,557,337.41. This represents a 33.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 43,410 shares of company stock worth $2,275,929. Corporate insiders own 6.00% of the company’s stock.

Crinetics Pharmaceuticals Company Profile

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.