Leerink Partnrs Issues Optimistic Forecast for CRNX Earnings

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) - Stock analysts at Leerink Partnrs increased their FY2024 earnings per share estimates for Crinetics Pharmaceuticals in a research report issued on Wednesday, November 13th. Leerink Partnrs analyst J. Schwartz now anticipates that the company will post earnings per share of ($3.61) for the year, up from their previous forecast of ($3.72). The consensus estimate for Crinetics Pharmaceuticals' current full-year earnings is ($3.75) per share. Leerink Partnrs also issued estimates for Crinetics Pharmaceuticals' Q4 2024 earnings at ($0.80) EPS, Q1 2025 earnings at ($0.89) EPS, Q2 2025 earnings at ($0.99) EPS, Q3 2025 earnings at ($1.12) EPS, Q4 2025 earnings at ($1.21) EPS, FY2025 earnings at ($4.21) EPS and FY2026 earnings at ($5.05) 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 quarter in the prior year, the business posted ($1.01) earnings per share.

A number of other equities research analysts have also recently issued reports on the company. Citigroup boosted their price objective on Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the stock a "buy" rating in a report on Thursday. Oppenheimer restated an "outperform" rating and set a $73.00 target price (down from $74.00) on shares of Crinetics Pharmaceuticals in a research note on Friday, August 9th. JMP Securities reaffirmed a "market outperform" rating and set a $80.00 target price on shares of Crinetics Pharmaceuticals in a research note on Friday, September 27th. Cantor Fitzgerald reiterated an "overweight" rating and set a $90.00 target price on shares of Crinetics Pharmaceuticals in a research report on Monday, September 16th. Finally, HC Wainwright increased their price target on Crinetics Pharmaceuticals from $69.00 to $81.00 and gave the company a "buy" rating in a research note on Wednesday, November 13th. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, Crinetics Pharmaceuticals has an average rating of "Moderate Buy" and an average target price of $70.18.

Crinetics Pharmaceuticals Trading Down 1.9 %

Shares of Crinetics Pharmaceuticals stock traded down $1.02 on Monday, reaching $53.70. 769,960 shares of the company were exchanged, compared to its average volume of 785,312. The company has a 50-day moving average of $55.00 and a 200 day moving average of $51.37. Crinetics Pharmaceuticals has a one year low of $29.23 and a one year high of $62.53. The company has a market capitalization of $4.98 billion, a price-to-earnings ratio of -14.40 and a beta of 0.62.

Insider Buying and Selling at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, insider Stephen F. Betz sold 1,035 shares of Crinetics Pharmaceuticals stock in a transaction dated 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 owns 68,576 shares of the company's stock, valued at approximately $3,531,664. The trade was a 1.49 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 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 of the company's stock, valued at approximately $5,677,912.12. This represents a 18.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 43,410 shares of company stock worth $2,275,929 over the last 90 days. 6.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

Institutional investors have recently modified their holdings of the company. SG Americas Securities LLC acquired a new position in shares of Crinetics Pharmaceuticals during the first quarter worth about $279,000. Swiss National Bank grew its stake in shares of Crinetics Pharmaceuticals by 21.4% during the first quarter. Swiss National Bank now owns 126,500 shares of the company's stock valued at $5,921,000 after acquiring an additional 22,300 shares in the last quarter. Sei Investments Co. lifted its position in shares of Crinetics Pharmaceuticals by 75.9% during the first quarter. Sei Investments Co. now owns 29,669 shares of the company's stock worth $1,389,000 after purchasing an additional 12,804 shares during the last quarter. Russell Investments Group Ltd. grew its holdings in shares of Crinetics Pharmaceuticals by 366,571.4% during the first quarter. Russell Investments Group Ltd. now owns 51,334 shares of the company's stock valued at $2,403,000 after purchasing an additional 51,320 shares during the last quarter. Finally, ProShare Advisors LLC grew its holdings in Crinetics Pharmaceuticals by 11.0% in the 1st quarter. ProShare Advisors LLC now owns 16,731 shares of the company's stock worth $783,000 after buying an additional 1,655 shares in the last quarter. 98.51% of the stock is owned by hedge funds and other institutional investors.

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.