Crinetics Pharmaceuticals (NASDAQ:CRNX) Announces Earnings Results

Crinetics Pharmaceuticals (NASDAQ:CRNX) announced its quarterly earnings results on Thursday. The company reported ($0.88) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.92) by $0.04, Zacks reports.

Crinetics Pharmaceuticals Stock Up 2.0 %

Shares of CRNX traded up $0.66 during mid-day trading on Thursday, reaching $33.21. 977,928 shares of the stock traded hands, compared to its average volume of 1,007,703. The firm has a market cap of $3.08 billion, a price-to-earnings ratio of -8.90 and a beta of 0.56. The stock has a fifty day simple moving average of $41.92 and a 200 day simple moving average of $50.28. Crinetics Pharmaceuticals has a 12-month low of $31.84 and a 12-month high of $62.53.

Analyst Ratings Changes

A number of equities research analysts have weighed in on CRNX shares. TD Cowen started coverage on shares of Crinetics Pharmaceuticals in a research report on Tuesday, February 11th. They set a “buy” rating for the company. Jefferies Financial Group upgraded shares of Crinetics Pharmaceuticals from a “hold” rating to a “buy” rating and set a $55.00 price objective for the company in a report on Wednesday, January 22nd. HC Wainwright reiterated a “buy” rating and set a $81.00 price target on shares of Crinetics Pharmaceuticals in a report on Monday, January 13th. JMP Securities reiterated a “market outperform” rating and set a $87.00 price target on shares of Crinetics Pharmaceuticals in a report on Monday, December 16th. Finally, Wolfe Research started coverage on shares of Crinetics Pharmaceuticals in a report on Tuesday, February 4th. They set a “peer perform” rating for the company. One equities research analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, Crinetics Pharmaceuticals has an average rating of “Moderate Buy” and a consensus target price of $72.64.

Insider Buying and Selling

In other Crinetics Pharmaceuticals news, insider Dana Pizzuti sold 5,000 shares of the business’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $39.07, for a total transaction of $195,350.00. Following the completion of the sale, the insider now owns 31,748 shares in the company, valued at $1,240,394.36. The trade was a 13.61 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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.