Crinetics Pharmaceuticals, Inc. to Post Q1 2024 Earnings of ($0.92) Per Share, Leerink Partnrs Forecasts (NASDAQ:CRNX)

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) – Equities research analysts at Leerink Partnrs boosted their Q1 2024 earnings per share estimates for Crinetics Pharmaceuticals in a research report issued to clients and investors on Monday, September 11th. Leerink Partnrs analyst J. Schwartz now expects that the company will post earnings of ($0.92) per share for the quarter, up from their prior forecast of ($0.93). The consensus estimate for Crinetics Pharmaceuticals’ current full-year earnings is ($3.68) per share. Leerink Partnrs also issued estimates for Crinetics Pharmaceuticals’ Q2 2024 earnings at ($0.96) EPS, FY2024 earnings at ($3.90) EPS, FY2025 earnings at ($4.30) EPS and FY2026 earnings at ($3.85) EPS.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings results on Tuesday, August 8th. The company reported ($0.94) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.85) by ($0.09). Crinetics Pharmaceuticals had a negative net margin of 3,804.10% and a negative return on equity of 61.19%. The business had revenue of $0.99 million during the quarter, compared to the consensus estimate of $5.00 million.

Several other analysts have also recently weighed in on the company. Evercore ISI boosted their price objective on Crinetics Pharmaceuticals from $41.00 to $48.00 and gave the stock an “outperform” rating in a report on Monday. HC Wainwright reissued a “buy” rating and set a $33.00 price objective on shares of Crinetics Pharmaceuticals in a report on Monday. JMP Securities lowered their price target on Crinetics Pharmaceuticals from $43.00 to $42.00 and set a “market outperform” rating for the company in a research note on Wednesday, August 9th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $45.00 price target on shares of Crinetics Pharmaceuticals in a research note on Tuesday, August 22nd. Finally, Oppenheimer upped their price target on Crinetics Pharmaceuticals from $40.00 to $46.00 and gave the company an “outperform” rating in a research note on Monday. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $45.00.

Crinetics Pharmaceuticals Stock Up 2.6 %

Shares of CRNX stock opened at $29.28 on Thursday. The firm has a market cap of $1.60 billion, a price-to-earnings ratio of -8.59 and a beta of 0.85. Crinetics Pharmaceuticals has a 12 month low of $15.23 and a 12 month high of $31.00. The stock has a 50-day moving average price of $18.83 and a 200 day moving average price of $19.05.

Insider Buying and Selling

In related news, CEO Richard Scott Struthers sold 14,157 shares of the stock in a transaction that occurred on Thursday, July 13th. The stock was sold at an average price of $20.35, for a total transaction of $288,094.95. Following the completion of the sale, the chief executive officer now directly owns 630,805 shares of the company’s stock, valued at approximately $12,836,881.75. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Crinetics Pharmaceuticals news, CEO Richard Scott Struthers sold 14,157 shares of the company’s stock in a transaction that occurred on Thursday, July 13th. The stock was sold at an average price of $20.35, for a total transaction of $288,094.95. Following the completion of the transaction, the chief executive officer now owns 630,805 shares of the company’s stock, valued at approximately $12,836,881.75. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Marc Wilson sold 30,922 shares of the company’s stock in a transaction that occurred on Tuesday, June 20th. The stock was sold at an average price of $19.97, for a total value of $617,512.34. Following the transaction, the chief financial officer now directly owns 95,158 shares of the company’s stock, valued at approximately $1,900,305.26. The disclosure for this sale can be found here. In the last three months, insiders sold 69,463 shares of company stock valued at $1,396,701. 7.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

A number of large investors have recently bought and sold shares of the company. First Republic Investment Management Inc. boosted its position in Crinetics Pharmaceuticals by 2.8% during the 1st quarter. First Republic Investment Management Inc. now owns 19,761 shares of the company’s stock worth $317,000 after acquiring an additional 545 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Crinetics Pharmaceuticals by 8.7% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,868 shares of the company’s stock valued at $126,000 after buying an additional 627 shares during the last quarter. Federated Hermes Inc. boosted its holdings in shares of Crinetics Pharmaceuticals by 2.6% in the 1st quarter. Federated Hermes Inc. now owns 25,482 shares of the company’s stock valued at $559,000 after buying an additional 646 shares during the last quarter. Legal & General Group Plc boosted its holdings in shares of Crinetics Pharmaceuticals by 4.5% in the 4th quarter. Legal & General Group Plc now owns 15,946 shares of the company’s stock valued at $292,000 after buying an additional 685 shares during the last quarter. Finally, MetLife Investment Management LLC boosted its holdings in shares of Crinetics Pharmaceuticals by 2.9% in the 4th quarter. MetLife Investment Management LLC now owns 28,047 shares of the company’s stock valued at $513,000 after buying an additional 792 shares during the last quarter. Institutional investors and hedge funds own 98.51% of the company’s stock.

About Crinetics Pharmaceuticals

Crinetics Pharmaceuticals, Inc, a clinical stage pharmaceutical company, focuses on the discovery, development, and commercialization of therapeutics for endocrine diseases and endocrine-related tumors. The company's 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).