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

Crinetics Pharmaceuticals (NASDAQ:CRNX) posted its quarterly earnings data on Tuesday. The company reported ($0.96) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.91) by ($0.05), Briefing.com reports. During the same period in the previous year, the firm earned ($1.01) EPS.

Crinetics Pharmaceuticals Price Performance

Crinetics Pharmaceuticals stock traded up $0.74 during trading hours on Thursday, hitting $59.66. The company had a trading volume of 856,455 shares, compared to its average volume of 784,822. Crinetics Pharmaceuticals has a one year low of $27.55 and a one year high of $62.53. The firm has a 50-day moving average of $54.88 and a 200 day moving average of $51.15. The firm has a market cap of $4.77 billion, a PE ratio of -15.99 and a beta of 0.62.

Analyst Ratings Changes

CRNX has been the topic of a number of analyst reports. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $90.00 price objective on shares of Crinetics Pharmaceuticals in a report on Monday, September 16th. JMP Securities restated a “market outperform” rating and set a $80.00 price target on shares of Crinetics Pharmaceuticals in a research note on Friday, September 27th. Oppenheimer restated an “outperform” rating and set a $73.00 price objective (down previously from $74.00) on shares of Crinetics Pharmaceuticals in a research note on Friday, August 9th. Citigroup increased their target price on Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the stock a “buy” rating in a report on Thursday. Finally, HC Wainwright raised their price target on Crinetics Pharmaceuticals from $69.00 to $81.00 and gave the stock a “buy” rating in a report on Wednesday. One analyst has rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $70.18.

Insider Transactions at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, CFO Marc Wilson sold 25,000 shares of the stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of $51.11, for a total value of $1,277,750.00. Following the completion of the sale, the chief financial officer now owns 111,092 shares in the company, valued at approximately $5,677,912.12. This trade represents a 18.37 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Stephen F. Betz sold 3,000 shares of the stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $53.19, for a total transaction of $159,570.00. Following the transaction, the insider now directly owns 69,611 shares of the company’s stock, valued at $3,702,609.09. This represents a 4.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 43,410 shares of company stock valued at $2,275,929. 6.00% of the stock is currently owned by company insiders.

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.