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

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) announced its quarterly earnings results on Thursday. The company reported ($0.88) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.92) by $0.04, Zacks reports.

Crinetics Pharmaceuticals Price Performance

CRNX stock traded down $1.64 during trading on Monday, hitting $34.14. 1,237,546 shares of the stock traded hands, compared to its average volume of 1,039,306. The stock has a market cap of $3.17 billion, a price-to-earnings ratio of -9.15 and a beta of 0.56. Crinetics Pharmaceuticals has a 1 year low of $31.84 and a 1 year high of $62.53. The firm's 50 day moving average is $41.17 and its two-hundred day moving average is $50.06.

Insiders Place Their Bets

In related news, insider Dana Pizzuti sold 5,000 shares of the firm'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 transaction of $195,350.00. Following the completion of the sale, the insider now owns 31,748 shares of the company's stock, valued at $1,240,394.36. This trade represents a 13.61 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 6.00% of the company's stock.

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Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. HC Wainwright reaffirmed a "buy" rating and set a $81.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Monday, January 13th. Jefferies Financial Group upgraded Crinetics Pharmaceuticals from a "hold" rating to a "buy" rating and set a $55.00 price target on the stock in a research report on Wednesday, January 22nd. Citigroup increased their price objective on Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the stock a "buy" rating in a report on Thursday, November 14th. TD Cowen assumed coverage on Crinetics Pharmaceuticals in a research report on Tuesday, February 11th. They set a "buy" rating for the company. Finally, Wolfe Research started coverage on shares of Crinetics Pharmaceuticals in a research report on Tuesday, February 4th. They issued a "peer perform" rating on the stock. One research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $72.64.

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.