Crinetics Pharmaceuticals (NASDAQ:CRNX) Posts Quarterly Earnings Results, Beats Expectations By $0.04 EPS

Crinetics Pharmaceuticals (NASDAQ:CRNX) issued its earnings results on Thursday. The company reported ($0.88) earnings per share for the quarter, topping the consensus estimate of ($0.92) by $0.04, Zacks reports.

Crinetics Pharmaceuticals Price Performance

Shares of NASDAQ CRNX traded up $0.66 during trading hours on Thursday, hitting $33.21. 977,928 shares of the company’s stock were exchanged, compared to its average volume of 1,007,703. Crinetics Pharmaceuticals has a 1-year low of $31.84 and a 1-year high of $62.53. The stock has a market capitalization of $3.08 billion, a price-to-earnings ratio of -8.90 and a beta of 0.56. The company’s 50-day moving average price is $41.92 and its 200-day moving average price is $50.28.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on CRNX shares. Wolfe Research started coverage on Crinetics Pharmaceuticals in a research note on Tuesday, February 4th. They set a “peer perform” rating for the company. Jefferies Financial Group raised Crinetics Pharmaceuticals from a “hold” rating to a “buy” rating and set a $55.00 price objective on the stock in a research note on Wednesday, January 22nd. Citigroup increased their price objective on Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. JMP Securities reaffirmed a “market outperform” rating and set a $87.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Monday, December 16th. Finally, TD Cowen initiated coverage on Crinetics Pharmaceuticals in a research note on Tuesday, February 11th. They set a “buy” rating on the stock. One analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $72.64.

Insider Activity at Crinetics Pharmaceuticals

In other news, insider Dana Pizzuti sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $39.07, for a total value of $195,350.00. Following the sale, the insider now directly owns 31,748 shares in the company, valued at approximately $1,240,394.36. This represents a 13.61 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 6.00% 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.