Leerink Partnrs Has Strong Estimate for CRNX FY2024 Earnings

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) – Equities research analysts at Leerink Partnrs increased their FY2024 earnings estimates for Crinetics Pharmaceuticals in a report released on Wednesday, November 13th. Leerink Partnrs analyst J. Schwartz now expects that the company will post earnings per share of ($3.61) for the year, up from their previous forecast of ($3.72). The consensus estimate for Crinetics Pharmaceuticals’ current full-year earnings is ($3.75) per share. Leerink Partnrs also issued estimates for Crinetics Pharmaceuticals’ Q4 2024 earnings at ($0.80) EPS, Q1 2025 earnings at ($0.89) EPS, Q2 2025 earnings at ($0.99) EPS, Q3 2025 earnings at ($1.12) EPS, Q4 2025 earnings at ($1.21) EPS, FY2025 earnings at ($4.21) EPS and FY2026 earnings at ($5.05) EPS.

Other analysts also recently issued research reports about the company. Cantor Fitzgerald restated an “overweight” rating and issued a $90.00 target price on shares of Crinetics Pharmaceuticals in a research note on Monday, September 16th. Citigroup upped their price objective on Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. HC Wainwright lifted their target price on shares of Crinetics Pharmaceuticals from $69.00 to $81.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. JMP Securities reiterated a “market outperform” rating and issued a $80.00 target price on shares of Crinetics Pharmaceuticals in a research note on Friday, September 27th. Finally, Oppenheimer restated an “outperform” rating and set a $73.00 price target (down previously from $74.00) on shares of Crinetics Pharmaceuticals in a research report on Friday, August 9th. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $70.18.

Crinetics Pharmaceuticals Trading Down 1.9 %

Shares of NASDAQ:CRNX opened at $53.70 on Monday. Crinetics Pharmaceuticals has a twelve month low of $29.23 and a twelve month high of $62.53. The company’s 50 day moving average is $55.00 and its 200 day moving average is $51.37. The company has a market cap of $4.98 billion, a PE ratio of -14.40 and a beta of 0.62.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.96) EPS for the quarter, missing analysts’ consensus estimates of ($0.91) by ($0.05). During the same quarter in the prior year, the firm posted ($1.01) earnings per share.

Insider Activity at Crinetics Pharmaceuticals

In related news, insider Dana Pizzuti sold 14,375 shares of Crinetics Pharmaceuticals stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $54.63, for a total transaction of $785,306.25. Following the completion of the transaction, the insider now directly owns 28,507 shares of the company’s stock, valued at approximately $1,557,337.41. The trade was a 33.52 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Stephen F. Betz sold 1,035 shares of the business’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $51.50, for a total transaction of $53,302.50. Following the completion of the sale, the insider now owns 68,576 shares in the company, valued at $3,531,664. This represents a 1.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 43,410 shares of company stock worth $2,275,929 over the last 90 days. Company insiders own 6.00% of the company’s stock.

Institutional Trading of Crinetics Pharmaceuticals

Several institutional investors and hedge funds have recently made changes to their positions in CRNX. Geode Capital Management LLC raised its position in shares of Crinetics Pharmaceuticals by 10.1% in the third quarter. Geode Capital Management LLC now owns 1,848,133 shares of the company’s stock valued at $94,458,000 after buying an additional 169,746 shares during the last quarter. Barclays PLC grew its stake in Crinetics Pharmaceuticals by 75.5% in the 3rd quarter. Barclays PLC now owns 207,712 shares of the company’s stock worth $10,614,000 after acquiring an additional 89,358 shares during the period. Castleark Management LLC acquired a new position in Crinetics Pharmaceuticals in the 3rd quarter valued at $3,748,000. State Street Corp lifted its stake in shares of Crinetics Pharmaceuticals by 0.9% during the 3rd quarter. State Street Corp now owns 2,838,484 shares of the company’s stock worth $145,047,000 after purchasing an additional 25,561 shares during the period. Finally, Cinctive Capital Management LP acquired a new stake in shares of Crinetics Pharmaceuticals during the third quarter worth $2,527,000. 98.51% of the stock is currently owned by hedge funds and other institutional investors.

About Crinetics Pharmaceuticals

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.