HC Wainwright Has Negative Estimate for CRNX FY2030 Earnings

Key Points

• HC Wainwright cut its FY2030 earnings estimate for Crinetics Pharmaceuticals to $2.65 per share from $2.98, while the broader consensus remains far lower at ($4.95) per share.
• Crinetics reported a quarterly loss of ($1.23) per share, just missing estimates, but revenue came in above expectations at $10.73 million and jumped sharply year over year.
• Analyst sentiment is still mostly positive overall, with the stock carrying a Moderate Buy consensus and an average price target of $76.50, despite recent insider selling and mixed ratings changes.

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) - Equities researchers at HC Wainwright lowered their FY2030 earnings estimates for Crinetics Pharmaceuticals in a research note issued to investors on Friday, May 8th. HC Wainwright analyst D. Tsao now anticipates that the company will earn $2.65 per share for the year, down from their previous forecast of $2.98. The consensus estimate for Crinetics Pharmaceuticals' current full-year earnings is ($4.95) per share.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last posted its quarterly earnings data on Thursday, May 7th. The company reported ($1.23) earnings per share for the quarter, missing the consensus estimate of ($1.22) by ($0.01). Crinetics Pharmaceuticals had a negative return on equity of 43.96% and a negative net margin of 2,747.18%.The company had revenue of $10.73 million during the quarter, compared to the consensus estimate of $8.51 million. During the same quarter last year, the firm earned ($1.04) EPS. The business's revenue for the quarter was up 2873.4% on a year-over-year basis.

Several other equities analysts have also issued reports on the company. Wall Street Zen lowered Crinetics Pharmaceuticals from a "sell" rating to a "strong sell" rating in a research note on Saturday. Lifesci Capital upgraded Crinetics Pharmaceuticals to a "strong-buy" rating in a research report on Friday, February 13th. Weiss Ratings reissued a "sell (d-)" rating on shares of Crinetics Pharmaceuticals in a report on Monday, April 20th. The Goldman Sachs Group upgraded shares of Crinetics Pharmaceuticals from a "neutral" rating to a "buy" rating and set a $67.00 target price on the stock in a research report on Monday, January 12th. Finally, Citizens Jmp reduced their target price on shares of Crinetics Pharmaceuticals from $97.00 to $95.00 and set a "market outperform" rating on the stock in a research note on Friday. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Crinetics Pharmaceuticals presently has a consensus rating of "Moderate Buy" and an average price target of $76.50.

Crinetics Pharmaceuticals Stock Performance

Shares of CRNX opened at $37.48 on Monday. The business's fifty day moving average price is $38.41 and its two-hundred day moving average price is $43.89. The firm has a market capitalization of $3.95 billion, a price-to-earnings ratio of -7.31 and a beta of 0.28. Crinetics Pharmaceuticals has a 52 week low of $25.83 and a 52 week high of $57.99.

Insiders Place Their Bets

In other Crinetics Pharmaceuticals news, CEO Richard Scott Struthers sold 21,981 shares of the stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $37.37, for a total value of $821,429.97. Following the transaction, the chief executive officer owned 404,778 shares of the company's stock, valued at approximately $15,126,553.86. This represents a 5.15% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Jeff E. Knight sold 85,163 shares of the firm's stock in a transaction dated Wednesday, April 8th. The stock was sold at an average price of $40.10, for a total value of $3,415,036.30. Following the transaction, the insider owned 105,289 shares in the company, valued at approximately $4,222,088.90. This trade represents a 44.72% 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 sold 142,380 shares of company stock worth $5,569,475 over the last three months. Insiders own 3.80% of the company's stock.

Institutional Trading of Crinetics Pharmaceuticals

Institutional investors and hedge funds have recently modified their holdings of the stock. Dimensional Fund Advisors LP raised its position in shares of Crinetics Pharmaceuticals by 55.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 852,258 shares of the company's stock valued at $30,935,000 after acquiring an additional 303,281 shares during the period. SEB Asset Management AB acquired a new position in Crinetics Pharmaceuticals during the first quarter valued at approximately $7,769,000. Principal Financial Group Inc. increased its stake in Crinetics Pharmaceuticals by 32.3% in the first quarter. Principal Financial Group Inc. now owns 7,066 shares of the company's stock valued at $257,000 after purchasing an additional 1,725 shares in the last quarter. Teachers Retirement System of The State of Kentucky increased its stake in Crinetics Pharmaceuticals by 4.0% in the first quarter. Teachers Retirement System of The State of Kentucky now owns 28,477 shares of the company's stock valued at $1,034,000 after purchasing an additional 1,100 shares in the last quarter. Finally, Fifth Third Bancorp acquired a new stake in Crinetics Pharmaceuticals in the first quarter worth $126,000. 98.51% of the stock is owned by institutional investors.

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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