Crinetics Pharmaceuticals (NASDAQ:CRNX) Posts Earnings Results, Misses Expectations By $0.08 EPS

Crinetics Pharmaceuticals (NASDAQ:CRNX) released its quarterly earnings results on Thursday. The company reported ($0.94) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.86) by ($0.08), Briefing.com reports. The company had revenue of $0.40 million during the quarter, compared to analyst estimates of $0.47 million. During the same period last year, the company earned ($0.94) earnings per share. The firm’s revenue was down 59.6% compared to the same quarter last year.

Crinetics Pharmaceuticals Stock Performance

NASDAQ:CRNX traded down $3.10 during trading hours on Friday, hitting $47.64. The stock had a trading volume of 965,885 shares, compared to its average volume of 833,317. The business’s 50 day moving average is $48.51 and its 200-day moving average is $45.08. The company has a market cap of $3.76 billion, a price-to-earnings ratio of -12.60 and a beta of 0.68. Crinetics Pharmaceuticals has a one year low of $15.76 and a one year high of $55.78.

Insider Transactions at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, insider Stephen F. Betz sold 3,000 shares of the stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $47.49, for a total value of $142,470.00. Following the completion of the sale, the insider now directly owns 86,643 shares in the company, valued at $4,114,676.07. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Crinetics Pharmaceuticals news, CFO Marc Wilson sold 32,129 shares of Crinetics Pharmaceuticals stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $43.61, for a total value of $1,401,145.69. Following the sale, the chief financial officer now owns 111,092 shares of the company’s stock, valued at approximately $4,844,722.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Stephen F. Betz sold 3,000 shares of the company’s stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $47.49, for a total value of $142,470.00. Following the transaction, the insider now directly owns 86,643 shares of the company’s stock, valued at $4,114,676.07. The disclosure for this sale can be found here. Insiders have sold a total of 170,016 shares of company stock valued at $8,320,842 over the last three months. 6.00% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

CRNX has been the topic of several research analyst reports. Morgan Stanley increased their price target on shares of Crinetics Pharmaceuticals from $50.00 to $70.00 and gave the company an “overweight” rating in a research note on Thursday, May 23rd. Oppenheimer reiterated an “outperform” rating and issued a $73.00 price objective (down from $74.00) on shares of Crinetics Pharmaceuticals in a research report on Friday. HC Wainwright boosted their target price on Crinetics Pharmaceuticals from $60.00 to $69.00 and gave the stock a “buy” rating in a research report on Friday. Cantor Fitzgerald reiterated an “overweight” rating and issued a $65.00 price target on shares of Crinetics Pharmaceuticals in a report on Tuesday, May 14th. Finally, JPMorgan Chase & Co. boosted their price objective on Crinetics Pharmaceuticals from $47.00 to $54.00 and gave the stock an “overweight” rating in a report on Tuesday, July 9th. One investment analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $64.75.

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.