Why Crinetics Pharmaceuticals Stock Was Sliding on Friday
The stock of biotech Crinetics Pharmaceuticals (NASDAQ: CRNX) wasn't ending the trading week on a high note. In late-session action on Friday, the company's share price was down by more than 8% on a quarterly earnings report that clearly wasn't impressing the market. By comparison, the benchmark S&P 500 index was underwater by only 1.1% at that point.
For its third quarter, Crinetics earned $143,000 in revenue, derived fully from a licensing agreement with Japanese pharmaceutical company Sanwa Kagaku Kenkyusho. The deal with the company's Asian peer covers Crinetics' acromegaly treatment paltusotine (brand name: Palsonify), which was approved by the U.S. Food and Drug Administration (FDA) in late September.
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Source Fool.com
