CRNX FY2024 EPS Estimate Lifted by Cantor Fitzgerald

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) – Cantor Fitzgerald upped their FY2024 earnings per share estimates for shares of Crinetics Pharmaceuticals in a research report issued to clients and investors on Wednesday, November 13th. Cantor Fitzgerald analyst J. Schimmer now forecasts that the company will post earnings per share of ($3.69) for the year, up from their previous estimate of ($3.91). Cantor Fitzgerald currently has a “Overweight” rating and a $90.00 target price on the stock. The consensus estimate for Crinetics Pharmaceuticals’ current full-year earnings is ($3.75) per share.

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

CRNX has been the topic of several other research reports. Citigroup raised their price objective on Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Oppenheimer reissued an “outperform” rating and issued a $73.00 target price (down from $74.00) on shares of Crinetics Pharmaceuticals in a research report on Friday, August 9th. JMP Securities reaffirmed a “market outperform” rating and set a $80.00 price target on shares of Crinetics Pharmaceuticals in a research report on Friday, September 27th. Finally, HC Wainwright increased their price objective on Crinetics Pharmaceuticals from $69.00 to $81.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $70.18.

Crinetics Pharmaceuticals Price Performance

NASDAQ CRNX opened at $55.17 on Monday. Crinetics Pharmaceuticals has a 12 month low of $29.23 and a 12 month high of $62.53. The company has a market capitalization of $5.12 billion, a price-to-earnings ratio of -14.79 and a beta of 0.62. The firm’s fifty day moving average price is $55.09 and its 200 day moving average price is $51.43.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Driehaus Capital Management LLC grew its stake in shares of Crinetics Pharmaceuticals by 17.0% during the 2nd quarter. Driehaus Capital Management LLC now owns 6,112,173 shares of the company’s stock worth $273,764,000 after purchasing an additional 885,876 shares during the period. FMR LLC boosted its position in shares of Crinetics Pharmaceuticals by 8.8% in the 3rd quarter. FMR LLC now owns 4,455,770 shares of the company’s stock worth $227,690,000 after buying an additional 358,975 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in Crinetics Pharmaceuticals by 27.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,823,218 shares of the company’s stock valued at $178,966,000 after acquiring an additional 814,360 shares during the last quarter. Vanguard Group Inc. increased its holdings in Crinetics Pharmaceuticals by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 3,575,076 shares of the company’s stock valued at $167,349,000 after acquiring an additional 72,624 shares in the last quarter. Finally, State Street Corp lifted its holdings in shares of Crinetics Pharmaceuticals by 0.9% in the third quarter. State Street Corp now owns 2,838,484 shares of the company’s stock valued at $145,047,000 after purchasing an additional 25,561 shares in the last quarter. Institutional investors and hedge funds own 98.51% of the company’s stock.

Insider Transactions at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, CFO Marc Wilson sold 25,000 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $51.11, for a total value of $1,277,750.00. Following the sale, the chief financial officer now owns 111,092 shares of the company’s stock, valued at approximately $5,677,912.12. The trade was a 18.37 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Stephen F. Betz sold 1,035 shares of the stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $51.50, for a total value of $53,302.50. Following the transaction, the insider now directly owns 68,576 shares of the company’s stock, valued at approximately $3,531,664. This trade represents a 1.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 43,410 shares of company stock worth $2,275,929 over the last 90 days. 6.00% of the stock is currently owned by insiders.

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.