Crinetics Pharmaceuticals (NASDAQ:CRNX) Announces Earnings Results

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

Crinetics Pharmaceuticals Stock Performance

Shares of NASDAQ:CRNX traded up $0.66 during midday trading on Thursday, reaching $33.21. The company’s stock had a trading volume of 977,928 shares, compared to its average volume of 1,007,703. Crinetics Pharmaceuticals has a fifty-two week low of $31.84 and a fifty-two week high of $62.53. The firm has a market capitalization of $3.08 billion, a price-to-earnings ratio of -8.90 and a beta of 0.56. The firm has a 50 day moving average price of $41.92 and a two-hundred day moving average price of $50.28.

Insider Activity at Crinetics Pharmaceuticals

In related news, insider Dana Pizzuti sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $39.07, for a total value of $195,350.00. Following the transaction, the insider now owns 31,748 shares in the company, valued at approximately $1,240,394.36. This represents a 13.61 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 6.00% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

CRNX has been the topic of several research analyst reports. Wolfe Research began coverage on shares of Crinetics Pharmaceuticals in a research report on Tuesday, February 4th. They set a “peer perform” rating on the stock. Citigroup boosted their target price on Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. JMP Securities restated a “market outperform” rating and issued a $87.00 price target on shares of Crinetics Pharmaceuticals in a report on Monday, December 16th. TD Cowen initiated coverage on Crinetics Pharmaceuticals in a research report on Tuesday, February 11th. They set a “buy” rating on the stock. Finally, HC Wainwright reissued a “buy” rating and set a $81.00 price target on shares of Crinetics Pharmaceuticals in a report on Monday, January 13th. One analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, Crinetics Pharmaceuticals currently has a consensus rating of “Moderate Buy” and an average price target 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.