Crinetics Pharmaceuticals (NASDAQ:CRNX) Issues Earnings Results

Key Points

• Crinetics Pharmaceuticals beat quarterly expectations, reporting an adjusted loss of $1.14 per share versus the consensus loss estimate of $1.18. Revenue reached $25.12 million, well above analysts’ $14.84 million forecast.
• The company remains unprofitable, with a negative net margin of 2,747.18% and negative return on equity of 43.96%.
• CRNX shares traded near their 52-week high at $83.76, while analysts’ consensus rating was “Hold” with an average price target of $81.00; several brokerages recently downgraded the stock to Hold.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) issued its earnings results on Monday. The company reported ($1.14) EPS for the quarter, topping analysts' consensus estimates of ($1.18) by $0.04, FiscalAI reports. The business had revenue of $25.12 million for the quarter, compared to analyst estimates of $14.84 million. Crinetics Pharmaceuticals had a negative net margin of 2,747.18% and a negative return on equity of 43.96%.

Crinetics Pharmaceuticals Price Performance

NASDAQ:CRNX traded up $0.24 during trading hours on Monday, hitting $83.76. 1,745,071 shares of the company were exchanged, compared to its average volume of 2,292,426. The company's 50 day moving average price is $54.15 and its 200-day moving average price is $46.18. The stock has a market capitalization of $8.83 billion, a price-to-earnings ratio of -16.33 and a beta of 0.23. Crinetics Pharmaceuticals has a 52-week low of $25.83 and a 52-week high of $84.00.

Wall Street Analyst Weigh In

Several brokerages have weighed in on CRNX. Lifesci Capital cut Crinetics Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 7th. Wall Street Zen upgraded shares of Crinetics Pharmaceuticals from a "strong sell" rating to a "sell" rating in a report on Sunday, July 12th. Jefferies Financial Group cut shares of Crinetics Pharmaceuticals from a "buy" rating to a "hold" rating and upped their price target for the stock from $55.00 to $85.00 in a research report on Tuesday, July 7th. TD Cowen downgraded shares of Crinetics Pharmaceuticals from a "buy" rating to a "hold" rating in a research note on Wednesday, July 8th. Finally, Cantor Fitzgerald lowered Crinetics Pharmaceuticals from an "overweight" rating to a "hold" rating in a research report on Tuesday, July 7th. Five analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $81.00.

Insiders Place Their Bets

In other news, 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 sale, the director owned 6,400 shares in the company, valued at $228,288. This represents a 51.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Coelho Rogerio Vivaldi sold 3,000 shares of the company's stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $40.00, for a total transaction of $120,000.00. Following the completion of the sale, the director directly owned 19,225 shares in the company, valued at approximately $769,000. The trade was a 13.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 3.80% of the company's stock.

Institutional Trading of Crinetics Pharmaceuticals

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Headlands Technologies LLC purchased a new position in shares of Crinetics Pharmaceuticals during the 2nd quarter valued at approximately $30,000. Smartleaf Asset Management LLC grew its stake in Crinetics Pharmaceuticals by 107.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 639 shares of the company's stock valued at $30,000 after acquiring an additional 331 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in Crinetics Pharmaceuticals in the 2nd quarter valued at about $45,000. Parallel Advisors LLC raised its holdings in Crinetics Pharmaceuticals by 34.6% in the 4th 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. Finally, Arax Advisory Partners lifted its stake in Crinetics Pharmaceuticals by 131.2% in the 4th quarter. Arax Advisory Partners now owns 1,498 shares of the company's stock worth $70,000 after purchasing an additional 850 shares in the last quarter. Institutional investors and hedge funds own 98.51% of the company's stock.

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.

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