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

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNXGet 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:CRNXGet 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).

Further Reading

Earnings History and Estimates for Crinetics Pharmaceuticals (NASDAQ:CRNX)

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