Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Forecasted to Earn FY2022 Earnings of ($2.54) Per Share

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX – Get Rating) – Research analysts at Cantor Fitzgerald raised their FY2022 earnings estimates for shares of Crinetics Pharmaceuticals in a research note issued to investors on Wednesday, April 20th. Cantor Fitzgerald analyst C. Duncan now forecasts that the company will earn ($2.54) per share for the year, up from their previous estimate of ($2.68). Cantor Fitzgerald has a “Overweight” rating on the stock.

Crinetics Pharmaceuticals (NASDAQ:CRNX – Get Rating) last issued its quarterly earnings results on Wednesday, March 30th. The company reported ($0.68) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.63) by ($0.05).

A number of other brokerages also recently issued reports on CRNX. Zacks Investment Research downgraded Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Tuesday, December 28th. JMP Securities reissued a “buy” rating and issued a $45.00 target price on shares of Crinetics Pharmaceuticals in a research report on Wednesday, April 6th. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $35.67.

Shares of CRNX stock opened at $21.16 on Friday. The business’s fifty day simple moving average is $20.70 and its 200-day simple moving average is $22.62. The company has a market cap of $1.01 billion, a PE ratio of -7.56 and a beta of 1.46. Crinetics Pharmaceuticals has a 12-month low of $15.57 and a 12-month high of $28.95.

In other Crinetics Pharmaceuticals news, insider Ajay Madan sold 13,411 shares of the stock in a transaction dated Monday, February 7th. The stock was sold at an average price of $17.83, for a total transaction of $239,118.13. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Richard Scott Struthers sold 21,357 shares of the stock in a transaction dated Tuesday, April 5th. The stock was sold at an average price of $25.34, for a total value of $541,186.38. Following the sale, the chief executive officer now directly owns 57,400 shares in the company, valued at $1,454,516. The disclosure for this sale can be found here. Insiders have sold a total of 198,485 shares of company stock worth $5,070,006 over the last ninety days. 7.40% of the stock is owned by insiders.

Several hedge funds have recently bought and sold shares of the company. Nisa Investment Advisors LLC purchased a new position in Crinetics Pharmaceuticals in the 4th quarter worth approximately $31,000. Meeder Asset Management Inc. acquired a new stake in shares of Crinetics Pharmaceuticals during the 3rd quarter worth approximately $42,000. Marshall Wace North America L.P. acquired a new stake in Crinetics Pharmaceuticals in the 1st quarter valued at approximately $43,000. Point72 Hong Kong Ltd acquired a new stake in Crinetics Pharmaceuticals in the 3rd quarter valued at approximately $51,000. Finally, Royal Bank of Canada increased its holdings in Crinetics Pharmaceuticals by 62.2% in the 2nd quarter. Royal Bank of Canada now owns 2,897 shares of the company’s stock valued at $55,000 after purchasing an additional 1,111 shares during the last quarter. 80.90% of the stock is currently owned by institutional investors and hedge funds.

About Crinetics Pharmaceuticals (Get Rating)

Crinetics Pharmaceuticals, Inc, a clinical stage pharmaceutical company, focuses on the discovery, development, and commercialization of therapeutics for rare endocrine diseases and endocrine-related tumors. Its lead product candidate is Paltusotine, an oral selective nonpeptide somatostatin receptor type 2 agonist that has completed phase III clinical trial for the treatment of acromegaly, as well as completed phase II clinical trial to treat carcinoid syndrome and nonfunctional neuroendocrine tumors (NETs).

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