Crinetics Pharmaceuticals (NASDAQ:CRNX) Issues Quarterly Earnings Results

Crinetics Pharmaceuticals (NASDAQ:CRNX) issued its earnings results on Monday. The company reported ($1.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.18) by $0.04, FiscalAI reports. The business had revenue of $25.12 million during the quarter, compared to the consensus estimate of $14.84 million. Crinetics Pharmaceuticals had a negative return on equity of 43.96% and a negative net margin of 2,747.18%.

Crinetics Pharmaceuticals Stock Up 0.3%

NASDAQ CRNX traded up $0.24 during trading on Monday, hitting $83.76. The stock had a trading volume of 1,745,071 shares, compared to its average volume of 2,292,426. The company has a market capitalization of $8.83 billion, a PE ratio of -16.33 and a beta of 0.23. The firm has a 50 day moving average price of $54.15 and a 200 day moving average price of $46.18. Crinetics Pharmaceuticals has a twelve month low of $25.83 and a twelve month high of $84.00.

Analysts Set New Price Targets

CRNX has been the subject of several analyst reports. Oppenheimer reiterated a “market perform” rating on shares of Crinetics Pharmaceuticals in a research report on Tuesday, July 7th. Evercore lowered Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 7th. Piper Sandler cut Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 7th. Wall Street Zen raised Crinetics Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research report on Sunday, July 12th. Finally, TD Cowen lowered shares of Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Wednesday, July 8th. Five investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $81.00.

Insider Activity at Crinetics Pharmaceuticals

In related news, Director Coelho Rogerio Vivaldi sold 3,000 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $40.00, for a total value of $120,000.00. Following the completion of the transaction, the director owned 19,225 shares in the company, valued at approximately $769,000. The trade was a 13.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephanie Okey sold 6,900 shares of the stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $35.67, for a total transaction of $246,123.00. Following the sale, the director owned 6,400 shares in the company, valued at approximately $228,288. This trade represents a 51.88% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 3.80% of the company’s stock.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

Several large investors have recently bought and sold shares of CRNX. Headlands Technologies LLC acquired a new position in shares of Crinetics Pharmaceuticals during the second quarter worth about $30,000. Smartleaf Asset Management LLC lifted its stake in Crinetics Pharmaceuticals by 107.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 639 shares of the company’s stock worth $30,000 after acquiring an additional 331 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Crinetics Pharmaceuticals during the 2nd quarter worth approximately $45,000. Parallel Advisors LLC increased its position in shares of Crinetics Pharmaceuticals by 34.6% in the 4th quarter. Parallel Advisors LLC now owns 1,225 shares of the company’s stock valued at $57,000 after purchasing an additional 315 shares during the last quarter. Finally, Arax Advisory Partners increased its position in shares of Crinetics Pharmaceuticals by 131.2% in the 4th quarter. Arax Advisory Partners now owns 1,498 shares of the company’s stock valued at $70,000 after purchasing an additional 850 shares during the last quarter. Hedge funds and other institutional investors own 98.51% of the company’s stock.

About Crinetics Pharmaceuticals

Crinetics Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of novel therapeutics for rare endocrine diseases. The company’s proprietary platform leverages insights into hormone receptor signaling to design small-molecule candidates that address conditions driven by dysregulated hormone activity. Crinetics’ research efforts center on targeting somatostatin, vasopressin and other GPCR-mediated pathways with orally bioavailable molecules intended to improve patient convenience and adherence.

The company’s lead product candidate, paltusotine (formerly CRN04777), is a selective, non-peptide somatostatin receptor type 2 agonist being evaluated for the treatment of acromegaly and carcinoid syndrome diarrhea.