HC Wainwright Has Pessimistic View of CRNX FY2024 Earnings

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) - Stock analysts at HC Wainwright reduced their FY2024 earnings estimates for Crinetics Pharmaceuticals in a research note issued on Wednesday, November 13th. HC Wainwright analyst D. Tsao now forecasts that the company will earn ($3.70) per share for the year, down from their previous estimate of ($3.66). HC Wainwright currently has a "Buy" rating and a $81.00 price target on the stock. The consensus estimate for Crinetics Pharmaceuticals' current full-year earnings is ($3.72) per share. HC Wainwright also issued estimates for Crinetics Pharmaceuticals' Q4 2024 earnings at ($0.87) EPS, Q1 2025 earnings at ($0.88) EPS, Q2 2025 earnings at ($0.88) EPS, Q3 2025 earnings at ($0.95) EPS, Q4 2025 earnings at ($0.95) EPS, FY2025 earnings at ($3.65) EPS, FY2026 earnings at ($4.00) EPS, FY2027 earnings at ($1.95) EPS and FY2028 earnings at $2.59 EPS.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.96) EPS for the quarter, missing the consensus estimate of ($0.91) by ($0.05). During the same quarter last year, the business posted ($1.01) EPS.

CRNX has been the topic of several other reports. Cantor Fitzgerald reissued an "overweight" rating and issued a $90.00 target price on shares of Crinetics Pharmaceuticals in a report on Monday, September 16th. JMP Securities reissued a "market outperform" rating and issued a $80.00 target price on shares of Crinetics Pharmaceuticals in a report on Friday, September 27th. Oppenheimer reissued an "outperform" rating and issued a $73.00 target price (down from $74.00) on shares of Crinetics Pharmaceuticals in a report on Friday, August 9th. Finally, Citigroup lifted their price target on shares of Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the company a "buy" rating in a report on Thursday. One analyst has rated the stock with a hold rating and ten have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $70.18.

Crinetics Pharmaceuticals Trading Down 8.3 %

CRNX stock traded down $4.94 during mid-day trading on Friday, hitting $54.72. The stock 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 firm has a market capitalization of $5.07 billion, a P/E ratio of -14.67 and a beta of 0.62. The firm has a fifty day simple moving average of $54.97 and a 200 day simple moving average of $51.23.

Institutional Trading of Crinetics Pharmaceuticals

A number of large investors have recently bought and sold shares of the business. Comerica Bank acquired a new stake in shares of Crinetics Pharmaceuticals in the 1st quarter valued at about $33,000. Quest Partners LLC acquired a new stake in shares of Crinetics Pharmaceuticals in the 2nd quarter valued at about $42,000. Values First Advisors Inc. acquired a new stake in shares of Crinetics Pharmaceuticals in the 3rd quarter valued at about $84,000. Allspring Global Investments Holdings LLC acquired a new stake in shares of Crinetics Pharmaceuticals in the 3rd quarter valued at about $91,000. Finally, KBC Group NV grew its stake in shares of Crinetics Pharmaceuticals by 22.8% in the 3rd quarter. KBC Group NV now owns 2,193 shares of the company's stock valued at $112,000 after buying an additional 407 shares during the period. 98.51% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, insider Dana Pizzuti sold 14,375 shares of Crinetics Pharmaceuticals stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $54.63, for a total transaction of $785,306.25. Following the completion of the transaction, the insider now owns 28,507 shares of the company's stock, valued at $1,557,337.41. This trade represents a 33.52 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Marc Wilson sold 25,000 shares of the business's stock in a transaction on Thursday, September 26th. The shares were 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 owns 111,092 shares in the company, valued at approximately $5,677,912.12. The trade was a 18.37 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 43,410 shares of company stock worth $2,275,929 in the last ninety days. Company 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.