Crinetics Pharmaceuticals Inc (NASDAQ:CRNX) major shareholder Vivo Capital Fund Viii, L.P. sold 417,000 shares of the stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $22.25, for a total value of $9,278,250.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Large shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

Crinetics Pharmaceuticals stock opened at $22.33 on Thursday. Crinetics Pharmaceuticals Inc has a one year low of $19.23 and a one year high of $42.00. The firm has a market cap of $527.69 million and a P/E ratio of -10.01.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings data on Wednesday, March 13th. The company reported ($0.35) EPS for the quarter, beating the consensus estimate of ($0.41) by $0.06. Crinetics Pharmaceuticals had a negative return on equity of 38.38% and a negative net margin of 1,117.52%. The company had revenue of $0.78 million for the quarter, compared to analysts’ expectations of $0.32 million. As a group, research analysts predict that Crinetics Pharmaceuticals Inc will post -1.87 EPS for the current fiscal year.

Several equities research analysts recently commented on the company. HC Wainwright assumed coverage on Crinetics Pharmaceuticals in a research report on Thursday, February 14th. They set a “buy” rating and a $35.00 price objective on the stock. Cantor Fitzgerald assumed coverage on Crinetics Pharmaceuticals in a research report on Monday, March 11th. They set an “overweight” rating and a $40.00 price objective on the stock. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Crinetics Pharmaceuticals presently has a consensus rating of “Buy” and a consensus target price of $37.20.

Institutional investors have recently added to or reduced their stakes in the stock. Legal & General Group Plc purchased a new stake in shares of Crinetics Pharmaceuticals during the third quarter valued at $30,000. New York State Common Retirement Fund purchased a new position in Crinetics Pharmaceuticals in the fourth quarter worth about $123,000. American International Group Inc. purchased a new position in Crinetics Pharmaceuticals in the third quarter worth about $132,000. Bank of America Corp DE boosted its position in Crinetics Pharmaceuticals by 377.2% in the fourth quarter. Bank of America Corp DE now owns 5,932 shares of the company’s stock worth $179,000 after purchasing an additional 4,689 shares during the last quarter. Finally, Rhumbline Advisers purchased a new position in Crinetics Pharmaceuticals in the fourth quarter worth about $254,000. 69.68% of the stock is currently owned by institutional investors.

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About Crinetics Pharmaceuticals

Crinetics Pharmaceuticals, Inc, a clinical stage pharmaceutical company, focuses on the discovery, development, and commercialization of therapeutics for rare endocrine diseases and endocrine-related tumors. Its lead product candidate is CRN00808, an oral selective nonpeptide somatostatin receptor type 2 biased agonist, which is in Phase I clinical trials used for the treatment of acromegaly.

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