Leerink Partnrs Has Strong Forecast for CRNX FY2024 Earnings

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) – Leerink Partnrs boosted their FY2024 EPS estimates for shares of Crinetics Pharmaceuticals in a report issued on Wednesday, November 13th. Leerink Partnrs analyst J. Schwartz now anticipates 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.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its 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 business posted ($1.01) EPS.

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

Crinetics Pharmaceuticals Stock Down 8.3 %

CRNX stock opened at $54.72 on Monday. The stock has a market capitalization of $5.07 billion, a price-to-earnings ratio of -14.67 and a beta of 0.62. Crinetics Pharmaceuticals has a 52-week low of $27.55 and a 52-week high of $62.53. The stock’s fifty day simple moving average is $54.97 and its 200-day simple moving average is $51.32.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Driehaus Capital Management LLC boosted 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 valued at $273,764,000 after buying an additional 885,876 shares during the last quarter. FMR LLC boosted its stake in Crinetics Pharmaceuticals by 8.8% during the 3rd quarter. FMR LLC now owns 4,455,770 shares of the company’s stock valued at $227,690,000 after acquiring an additional 358,975 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in Crinetics Pharmaceuticals by 27.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,823,218 shares of the company’s stock worth $178,966,000 after acquiring an additional 814,360 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Crinetics Pharmaceuticals by 2.1% in the 1st quarter. Vanguard Group Inc. now owns 3,575,076 shares of the company’s stock worth $167,349,000 after purchasing an additional 72,624 shares during the last quarter. Finally, State Street Corp raised its stake in shares of Crinetics Pharmaceuticals by 0.9% in the 3rd 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. 98.51% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Crinetics Pharmaceuticals news, insider Dana Pizzuti sold 14,375 shares of the business’s stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $54.63, for a total value of $785,306.25. Following the transaction, the insider now owns 28,507 shares in the company, valued at $1,557,337.41. The trade was a 33.52 % decrease in their position. The sale 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 company’s stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of $51.11, for a total transaction of $1,277,750.00. Following the completion of the transaction, the chief financial officer now directly 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 ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 43,410 shares of company stock valued at $2,275,929. Corporate insiders own 6.00% of the company’s stock.

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.