Cantor Fitzgerald Has Positive View of CRNX FY2024 Earnings

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) – Investment analysts at Cantor Fitzgerald upped their FY2024 earnings per share estimates for Crinetics Pharmaceuticals in a note issued to investors on Wednesday, November 13th. Cantor Fitzgerald analyst J. Schimmer now anticipates that the company will post earnings per share of ($3.69) for the year, up from their prior forecast 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 announced its quarterly earnings results 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 quarter in the previous year, the company earned ($1.01) EPS.

Several other research firms have also recently weighed in on CRNX. HC Wainwright upped their price objective on Crinetics Pharmaceuticals from $69.00 to $81.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Citigroup lifted their price objective on shares of Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Oppenheimer restated an “outperform” rating and set a $73.00 target price (down previously from $74.00) on shares of Crinetics Pharmaceuticals in a report on Friday, August 9th. Finally, JMP Securities reissued a “market outperform” rating and set a $80.00 price target on shares of Crinetics Pharmaceuticals in a research report on Friday, September 27th. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average 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. The company has a fifty day moving average price of $55.00 and a 200 day moving average price of $51.37. The firm has a market cap of $4.98 billion, a PE ratio of -14.40 and a beta of 0.62. Crinetics Pharmaceuticals has a 1-year low of $29.23 and a 1-year high of $62.53.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of CRNX. Driehaus Capital Management LLC grew its position in shares of Crinetics Pharmaceuticals by 17.0% in the second quarter. Driehaus Capital Management LLC now owns 6,112,173 shares of the company’s stock valued at $273,764,000 after purchasing an additional 885,876 shares during the last quarter. FMR LLC boosted its stake in Crinetics Pharmaceuticals by 8.8% in the 3rd quarter. FMR LLC now owns 4,455,770 shares of the company’s stock valued at $227,690,000 after purchasing an additional 358,975 shares during the period. Price T Rowe Associates Inc. MD grew its holdings 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 buying an additional 814,360 shares in the last quarter. Vanguard Group Inc. increased its position in 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 period. Finally, State Street Corp lifted its holdings in shares of Crinetics Pharmaceuticals by 0.9% during the third quarter. State Street Corp now owns 2,838,484 shares of the company’s stock worth $145,047,000 after buying an additional 25,561 shares in the last quarter. 98.51% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, insider Stephen F. Betz sold 3,000 shares of the stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $53.19, for a total value of $159,570.00. Following the transaction, the insider now directly owns 69,611 shares of the company’s stock, valued at $3,702,609.09. This represents a 4.13 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Dana Pizzuti sold 14,375 shares of Crinetics Pharmaceuticals stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $54.63, for a total transaction of $785,306.25. Following the sale, the insider now directly owns 28,507 shares of the company’s stock, valued at $1,557,337.41. The trade was a 33.52 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 43,410 shares of company stock worth $2,275,929. Company insiders own 6.00% of the company’s stock.

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.