HC Wainwright Issues Pessimistic Forecast for CRNX Earnings

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) – Equities researchers at HC Wainwright cut their FY2024 earnings per share (EPS) estimates for Crinetics Pharmaceuticals in a report released on Wednesday, November 13th. HC Wainwright analyst D. Tsao now forecasts that the company will post earnings of ($3.70) per share for the year, down from their prior forecast of ($3.66). HC Wainwright currently has a “Buy” rating and a $81.00 target price on the stock. The consensus estimate for Crinetics Pharmaceuticals’ current full-year earnings is ($3.72) per share. HC Wainwright also issued estimates for Crinetics Pharmaceuticals’ Q4 2024 earnings at ($0.87) EPS, Q1 2025 earnings at ($0.88) EPS, Q2 2025 earnings at ($0.88) EPS, Q3 2025 earnings at ($0.95) EPS, Q4 2025 earnings at ($0.95) EPS, FY2025 earnings at ($3.65) EPS, FY2026 earnings at ($4.00) EPS, FY2027 earnings at ($1.95) EPS and FY2028 earnings at $2.59 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 quarter in the prior year, the company earned ($1.01) EPS.

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

Crinetics Pharmaceuticals Stock Up 1.3 %

NASDAQ CRNX opened at $59.66 on Friday. Crinetics Pharmaceuticals has a 12-month low of $27.55 and a 12-month high of $62.53. The firm has a 50-day moving average price of $54.88 and a two-hundred day moving average price of $51.15. The company has a market capitalization of $5.53 billion, a P/E ratio of -15.99 and a beta of 0.62.

Insider Activity

In other news, insider Stephen F. Betz sold 1,035 shares of Crinetics Pharmaceuticals 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 completion of the transaction, the insider now directly owns 68,576 shares of the company’s stock, valued at approximately $3,531,664. This trade represents a 1.49 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Dana Pizzuti sold 14,375 shares of the business’s stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $54.63, for a total value of $785,306.25. Following the completion of the transaction, the insider now directly owns 28,507 shares in the company, valued at $1,557,337.41. This represents a 33.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 43,410 shares of company stock valued at $2,275,929. Company insiders own 6.00% of the company’s stock.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

Institutional investors and hedge funds have recently modified their holdings of the business. Janus Henderson Group PLC boosted its stake in Crinetics Pharmaceuticals by 264.1% during the first quarter. Janus Henderson Group PLC now owns 1,978,172 shares of the company’s stock worth $92,526,000 after acquiring an additional 1,434,909 shares in the last quarter. Artal Group S.A. bought a new stake in Crinetics Pharmaceuticals during the 1st quarter valued at $65,088,000. Driehaus Capital Management LLC raised its holdings in Crinetics Pharmaceuticals by 17.0% during the second quarter. Driehaus Capital Management LLC now owns 6,112,173 shares of the company’s stock worth $273,764,000 after buying an additional 885,876 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Crinetics Pharmaceuticals by 27.1% in the first 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. Finally, Farallon Capital Management LLC grew its holdings in shares of Crinetics Pharmaceuticals by 9,840.0% during the second quarter. Farallon Capital Management LLC now owns 497,000 shares of the company’s stock valued at $22,261,000 after buying an additional 492,000 shares during the last quarter. 98.51% of the stock is currently owned by institutional investors.

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.