What is HC Wainwright’s Forecast for CRNX FY2024 Earnings?

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) – Equities researchers at HC Wainwright cut their FY2024 earnings estimates for shares of Crinetics Pharmaceuticals in a research report issued on Wednesday, November 13th. HC Wainwright analyst D. Tsao now expects that the company will earn ($3.70) per share for the year, down from their prior estimate of ($3.66). HC Wainwright has a “Buy” rating and a $81.00 price target 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.

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

Crinetics Pharmaceuticals Trading Down 8.3 %

Shares of CRNX stock opened at $54.72 on Friday. The firm has a fifty day simple moving average of $54.97 and a 200-day simple moving average of $51.23. The company has a market capitalization of $5.07 billion, a PE ratio of -14.67 and a beta of 0.62. Crinetics Pharmaceuticals has a twelve month low of $27.55 and a twelve month high of $62.53.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its earnings results on Tuesday, November 12th. The company reported ($0.96) EPS for the quarter, missing the consensus estimate of ($0.91) by ($0.05). During the same quarter last year, the firm posted ($1.01) earnings per share.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of CRNX. Russell Investments Group Ltd. increased its stake in shares of Crinetics Pharmaceuticals by 366,571.4% in the first quarter. Russell Investments Group Ltd. now owns 51,334 shares of the company’s stock valued at $2,403,000 after purchasing an additional 51,320 shares during the period. Swiss National Bank grew its holdings in shares of Crinetics Pharmaceuticals by 21.4% in the 1st quarter. Swiss National Bank now owns 126,500 shares of the company’s stock worth $5,921,000 after acquiring an additional 22,300 shares during the last quarter. Vanguard Group Inc. lifted its stake in Crinetics Pharmaceuticals by 2.1% during the first quarter. Vanguard Group Inc. now owns 3,575,076 shares of the company’s stock valued at $167,349,000 after buying an additional 72,624 shares in the last quarter. SG Americas Securities LLC boosted its stake in Crinetics Pharmaceuticals by 1,224.8% in the 2nd quarter. SG Americas Securities LLC now owns 79,051 shares of the company’s stock worth $3,541,000 after purchasing an additional 73,084 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its position 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 worth $178,966,000 after buying an additional 814,360 shares during the period. 98.51% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Stephen F. Betz sold 3,000 shares of the business’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $53.19, for a total transaction of $159,570.00. Following the completion of the transaction, the insider now owns 69,611 shares of the company’s stock, valued at approximately $3,702,609.09. The trade was a 4.13 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Dana Pizzuti sold 14,375 shares of the company’s stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $54.63, for a total transaction of $785,306.25. Following the transaction, the insider now owns 28,507 shares of the company’s stock, valued at $1,557,337.41. This represents a 33.52 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 43,410 shares of company stock valued at $2,275,929. Company 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.