Leerink Partnrs Has Strong Estimate for CRNX FY2024 Earnings

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) – Investment analysts at Leerink Partnrs upped their FY2024 earnings per share estimates for shares of Crinetics Pharmaceuticals in a research report issued on Wednesday, November 13th. Leerink Partnrs analyst J. Schwartz now forecasts that the company will post earnings of ($3.61) per share for the year, up from their prior estimate 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.

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

Crinetics Pharmaceuticals Stock Up 2.7 %

Shares of CRNX stock opened at $55.17 on Monday. The company’s fifty day simple moving average is $55.09 and its two-hundred day simple moving average is $51.43. Crinetics Pharmaceuticals has a 52 week low of $29.23 and a 52 week high of $62.53. The stock has a market cap of $5.12 billion, a P/E ratio of -14.79 and a beta of 0.62.

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 in the previous year, the firm earned ($1.01) EPS.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

Several large investors have recently added to or reduced their stakes in CRNX. Comerica Bank purchased a new stake in shares of Crinetics Pharmaceuticals in the first quarter valued at approximately $33,000. Quest Partners LLC purchased a new stake in shares of Crinetics Pharmaceuticals in the 2nd quarter worth $42,000. Values First Advisors Inc. bought a new position in shares of Crinetics Pharmaceuticals during the 3rd quarter worth $84,000. Allspring Global Investments Holdings LLC purchased a new position in shares of Crinetics Pharmaceuticals during the third quarter valued at $91,000. Finally, KBC Group NV raised its holdings 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. 98.51% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CFO Marc Wilson sold 25,000 shares of Crinetics Pharmaceuticals stock in a transaction 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 completion of the sale, the chief financial officer now directly 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 transaction 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 the company’s 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 completion of the transaction, the insider now owns 28,507 shares in the company, valued at approximately $1,557,337.41. The trade was a 33.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 43,410 shares of company stock valued at $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.