HC Wainwright Has Bearish Estimate for CRNX FY2024 Earnings

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) – Research analysts at HC Wainwright decreased their FY2024 earnings per share (EPS) estimates for Crinetics Pharmaceuticals in a report issued on Wednesday, November 13th. HC Wainwright analyst D. Tsao now forecasts that the company will post earnings of ($3.70) per share for the year, down from their prior estimate of ($3.66). HC Wainwright has a “Buy” rating and a $81.00 price objective on the stock. The consensus estimate for Crinetics Pharmaceuticals’ current full-year earnings is ($3.72) per share. HC Wainwright also issued estimates for Crinetics Pharmaceuticals’ Q4 2024 earnings at ($0.87) EPS, Q1 2025 earnings at ($0.88) EPS, Q2 2025 earnings at ($0.88) EPS, Q3 2025 earnings at ($0.95) EPS, Q4 2025 earnings at ($0.95) EPS, FY2025 earnings at ($3.65) EPS, FY2026 earnings at ($4.00) EPS, FY2027 earnings at ($1.95) EPS and FY2028 earnings at $2.59 EPS.

Other equities research analysts have also recently issued research reports about the stock. Oppenheimer reissued an “outperform” rating and issued a $73.00 price target (down previously from $74.00) on shares of Crinetics Pharmaceuticals in a research note on Friday, August 9th. JMP Securities reissued a “market outperform” rating and issued a $80.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Friday, September 27th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $90.00 target price on shares of Crinetics Pharmaceuticals in a research report on Monday, September 16th. Finally, Citigroup boosted their price objective on Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the stock a “buy” rating in a research note on Thursday. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, Crinetics Pharmaceuticals presently has a consensus rating of “Moderate Buy” and an average price target of $70.18.

Crinetics Pharmaceuticals Stock Down 8.3 %

CRNX stock opened at $54.72 on Friday. The firm has a market cap of $5.07 billion, a P/E ratio of -14.67 and a beta of 0.62. The company’s 50-day simple moving average is $54.97 and its 200-day simple moving average is $51.23. Crinetics Pharmaceuticals has a 52-week low of $27.55 and a 52-week high of $62.53.

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

Institutional Investors Weigh In On Crinetics Pharmaceuticals

Institutional investors and hedge funds have recently made changes to their positions in the business. Russell Investments Group Ltd. boosted its holdings in shares of Crinetics Pharmaceuticals by 366,571.4% in the first quarter. Russell Investments Group Ltd. now owns 51,334 shares of the company’s stock valued at $2,403,000 after acquiring an additional 51,320 shares in the last quarter. Swiss National Bank raised its stake in Crinetics Pharmaceuticals by 21.4% during the first quarter. Swiss National Bank now owns 126,500 shares of the company’s stock worth $5,921,000 after purchasing an additional 22,300 shares during the period. Vanguard Group Inc. increased its holdings in shares of Crinetics Pharmaceuticals by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 3,575,076 shares of the company’s stock worth $167,349,000 after buying an additional 72,624 shares during the last quarter. SG Americas Securities LLC boosted its holdings in Crinetics Pharmaceuticals by 1,224.8% in the second quarter. SG Americas Securities LLC now owns 79,051 shares of the company’s stock valued at $3,541,000 after acquiring an additional 73,084 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its position in Crinetics Pharmaceuticals by 27.1% during the first 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 period. 98.51% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Crinetics Pharmaceuticals

In related news, insider Stephen F. Betz sold 3,000 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $53.19, for a total transaction of $159,570.00. Following the transaction, the insider now owns 69,611 shares in the company, valued at $3,702,609.09. This trade represents a 4.13 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Marc Wilson sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $51.11, for a total transaction of $1,277,750.00. Following the transaction, the chief financial officer now owns 111,092 shares in the company, valued at approximately $5,677,912.12. This trade represents a 18.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 43,410 shares of company stock worth $2,275,929. 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.