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

Crinetics Pharmaceuticals (NASDAQ:CRNX) released its earnings results on Monday. The company reported ($1.14) EPS for the quarter, beating the consensus estimate of ($1.18) by $0.04, FiscalAI reports. The firm had revenue of $25.12 million for the quarter, compared to analysts’ expectations 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 Performance

Crinetics Pharmaceuticals stock traded up $0.24 during midday trading on Monday, reaching $83.76. 1,745,071 shares of the company’s stock were exchanged, compared to its average volume of 2,292,429. Crinetics Pharmaceuticals has a 52 week low of $25.83 and a 52 week high of $84.00. The firm has a market cap of $8.83 billion, a price-to-earnings ratio of -16.33 and a beta of 0.23. The stock’s 50-day simple moving average is $54.15 and its 200 day simple moving average is $46.18.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on CRNX. Cantor Fitzgerald lowered shares of Crinetics Pharmaceuticals from an “overweight” rating to a “hold” rating in a research report on Tuesday, July 7th. TD Cowen lowered shares of Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Wednesday, July 8th. Wall Street Zen raised shares of Crinetics Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research report on Sunday, July 12th. Jefferies Financial Group downgraded shares of Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating and increased their price objective for the stock from $55.00 to $85.00 in a research note on Tuesday, July 7th. Finally, Citizens Jmp cut Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 7th. Five analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $81.00.

Insider Activity at Crinetics Pharmaceuticals

In related news, Director Coelho Rogerio Vivaldi sold 3,000 shares of the business’s stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $40.00, for a total transaction of $120,000.00. Following the transaction, the director directly owned 19,225 shares of the company’s stock, valued at approximately $769,000. The trade was a 13.50% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 on Wednesday, June 17th. The shares were sold at an average price of $35.67, for a total value of $246,123.00. Following the completion of 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 position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 3.80% of the company’s stock.

Institutional Trading of Crinetics Pharmaceuticals

Several hedge funds have recently added to or reduced their stakes in the company. Parkman Healthcare Partners LLC grew its stake in shares of Crinetics Pharmaceuticals by 0.4% in the third quarter. Parkman Healthcare Partners LLC now owns 73,725 shares of the company’s stock valued at $3,071,000 after acquiring an additional 313 shares in the last quarter. Parallel Advisors LLC increased its stake in Crinetics Pharmaceuticals by 34.6% in the fourth quarter. Parallel Advisors LLC now owns 1,225 shares of the company’s stock valued at $57,000 after acquiring an additional 315 shares during the last quarter. Smartleaf Asset Management LLC increased its stake in shares of Crinetics Pharmaceuticals by 107.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 639 shares of the company’s stock valued at $30,000 after purchasing an additional 331 shares during the last quarter. Brooklyn Investment Group grew its position in Crinetics Pharmaceuticals by 6.3% in the fourth quarter. Brooklyn Investment Group now owns 5,890 shares of the company’s stock valued at $280,000 after acquiring an additional 348 shares during the last quarter. Finally, Commerce Bank increased its position in Crinetics Pharmaceuticals by 5.9% during the 4th quarter. Commerce Bank now owns 8,019 shares of the company’s stock worth $373,000 after purchasing an additional 444 shares in the last quarter. 98.51% of the stock is owned by institutional investors and hedge funds.

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.