FY2024 EPS Estimates for CRNX Reduced by Lifesci Capital

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) - Research analysts at Lifesci Capital cut their FY2024 earnings estimates for Crinetics Pharmaceuticals in a note issued to investors on Tuesday, November 12th. Lifesci Capital analyst C. Jubinville now forecasts that the company will post earnings of ($3.80) per share for the year, down from their prior estimate of ($3.47). The consensus estimate for Crinetics Pharmaceuticals' current full-year earnings is ($3.72) per share. Lifesci Capital also issued estimates for Crinetics Pharmaceuticals' Q4 2024 earnings at ($0.97) EPS.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last announced its earnings results on Tuesday, November 12th. The company reported ($0.96) earnings per share for the quarter, missing analysts' consensus estimates of ($0.91) by ($0.05). During the same period in the prior year, the company earned ($1.01) EPS.

CRNX has been the subject of several other research reports. Citigroup lifted their price target on shares of Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the stock a "buy" rating in a research report on Thursday. Oppenheimer reiterated an "outperform" rating and set a $73.00 price target (down previously from $74.00) on shares of Crinetics Pharmaceuticals in a research report on Friday, August 9th. JMP Securities reiterated a "market outperform" rating and set a $80.00 price target on shares of Crinetics Pharmaceuticals in a research report on Friday, September 27th. Cantor Fitzgerald reiterated an "overweight" rating and set a $90.00 price target on shares of Crinetics Pharmaceuticals in a research report on Monday, September 16th. Finally, HC Wainwright boosted their price objective on shares of Crinetics Pharmaceuticals from $69.00 to $81.00 and gave the company a "buy" rating in a report on Wednesday. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, Crinetics Pharmaceuticals presently has an average rating of "Moderate Buy" and a consensus price target of $70.18.

Crinetics Pharmaceuticals Stock Performance

Shares of NASDAQ CRNX traded down $4.94 during trading on Friday, reaching $54.72. The company had a trading volume of 908,869 shares, compared to its average volume of 785,381. Crinetics Pharmaceuticals has a 52 week low of $27.55 and a 52 week high of $62.53. The business's 50 day moving average price is $54.97 and its 200-day moving average price is $51.23. The stock has a market cap of $5.07 billion, a PE ratio of -14.67 and a beta of 0.62.

Insider Activity

In other news, insider Dana Pizzuti sold 14,375 shares of the business's stock in a transaction on 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. The trade was a 33.52 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Stephen F. Betz sold 1,035 shares of the business's stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $51.50, for a total transaction of $53,302.50. Following the completion of the sale, the insider now directly owns 68,576 shares in the company, valued at approximately $3,531,664. This represents a 1.49 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 43,410 shares of company stock worth $2,275,929 over the last quarter. 6.00% of the stock is currently owned by company insiders.

Institutional Trading of Crinetics Pharmaceuticals

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Driehaus Capital Management LLC raised its position in Crinetics Pharmaceuticals by 17.0% during the second quarter. Driehaus Capital Management LLC now owns 6,112,173 shares of the company's stock worth $273,764,000 after acquiring an additional 885,876 shares in the last quarter. FMR LLC raised its position in Crinetics Pharmaceuticals by 8.8% during the third quarter. FMR LLC now owns 4,455,770 shares of the company's stock worth $227,690,000 after acquiring an additional 358,975 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in Crinetics Pharmaceuticals by 27.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,823,218 shares of the company's stock worth $178,966,000 after acquiring an additional 814,360 shares in the last quarter. Vanguard Group Inc. raised its position in Crinetics Pharmaceuticals by 2.1% during the first quarter. Vanguard Group Inc. now owns 3,575,076 shares of the company's stock worth $167,349,000 after acquiring an additional 72,624 shares in the last quarter. Finally, State Street Corp raised its position in Crinetics Pharmaceuticals by 0.9% during the third quarter. State Street Corp now owns 2,838,484 shares of the company's stock worth $145,047,000 after acquiring an additional 25,561 shares in the last quarter. 98.51% of the stock is owned by institutional investors.

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.