Lifesci Capital Has Pessimistic View of CRNX FY2024 Earnings

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) – Investment analysts at Lifesci Capital decreased their FY2024 EPS estimates for Crinetics Pharmaceuticals in a research note issued to investors on Tuesday, November 12th. Lifesci Capital analyst C. Jubinville now expects that the company will post earnings per share of ($3.80) for the year, down from their previous estimate of ($3.47). The consensus estimate for Crinetics Pharmaceuticals’ current full-year earnings is ($3.72) per share. Lifesci Capital also issued estimates for Crinetics Pharmaceuticals’ Q4 2024 earnings at ($0.97) EPS.

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

A number of other research firms have also weighed in on CRNX. Oppenheimer restated an “outperform” rating and set a $73.00 price objective (down from $74.00) on shares of Crinetics Pharmaceuticals in a research note on Friday, August 9th. Cantor Fitzgerald restated an “overweight” rating and issued a $90.00 price objective on shares of Crinetics Pharmaceuticals in a report on Monday, September 16th. HC Wainwright increased their target price on Crinetics Pharmaceuticals from $69.00 to $81.00 and gave the company a “buy” rating in a research note on Wednesday. JMP Securities reissued a “market outperform” rating and issued a $80.00 target price on shares of Crinetics Pharmaceuticals in a report on Friday, September 27th. Finally, Citigroup upped their price target on Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the company a “buy” rating in a report on Thursday. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, Crinetics Pharmaceuticals currently has an average rating of “Moderate Buy” and an average target price of $70.18.

Crinetics Pharmaceuticals Price Performance

CRNX opened at $54.72 on Friday. The firm has a market cap of $5.07 billion, a PE ratio of -14.67 and a beta of 0.62. The stock has a 50-day moving average price of $54.97 and a 200-day moving average price of $51.23. Crinetics Pharmaceuticals has a 1 year low of $27.55 and a 1 year high of $62.53.

Insider Buying and Selling at Crinetics Pharmaceuticals

In other news, insider Stephen F. Betz sold 1,035 shares of the firm’s stock in a transaction dated 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 owns 68,576 shares of the company’s stock, valued at $3,531,664. This trade represents a 1.49 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Dana Pizzuti sold 14,375 shares of the business’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $1,557,337.41. This trade represents a 33.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 43,410 shares of company stock valued at $2,275,929. 6.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Comerica Bank purchased a new stake in shares of Crinetics Pharmaceuticals in the first quarter worth $33,000. Quest Partners LLC bought a new position in Crinetics Pharmaceuticals in the 2nd quarter worth $42,000. Values First Advisors Inc. purchased a new stake in Crinetics Pharmaceuticals in the 3rd quarter worth $84,000. Allspring Global Investments Holdings LLC bought a new stake in Crinetics Pharmaceuticals during the third quarter valued at about $91,000. Finally, KBC Group NV lifted its position in shares of Crinetics Pharmaceuticals by 22.8% in the third quarter. KBC Group NV now owns 2,193 shares of the company’s stock valued at $112,000 after acquiring an additional 407 shares in the last quarter. Institutional investors own 98.51% 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.