Crinetics Pharmaceuticals (NASDAQ:CRNX) CEO Sells $821,429.97 in Stock

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) CEO Richard Scott Struthers sold 21,981 shares of the stock in a transaction on Monday, March 16th. The shares were sold at an average price of $37.37, for a total transaction of $821,429.97. Following the completion of the sale, the chief executive officer directly owned 404,778 shares in the company, valued at approximately $15,126,553.86. This represents a 5.15% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Crinetics Pharmaceuticals Trading Down 4.9%

Shares of CRNX stock traded down $1.84 during trading hours on Wednesday, reaching $36.05. 1,865,531 shares of the stock were exchanged, compared to its average volume of 1,270,091. The firm has a market capitalization of $3.77 billion, a price-to-earnings ratio of -7.30 and a beta of 0.23. Crinetics Pharmaceuticals, Inc. has a 12-month low of $24.10 and a 12-month high of $57.99. The company’s 50-day moving average price is $46.58 and its 200-day moving average price is $43.99.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its quarterly earnings data on Thursday, February 26th. The company reported ($1.29) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.37) by $0.08. Crinetics Pharmaceuticals had a negative net margin of 6,046.22% and a negative return on equity of 41.46%. During the same period in the prior year, the company earned ($0.88) earnings per share. The company’s revenue was up NaN% compared to the same quarter last year. On average, sell-side analysts expect that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS for the current year.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

Institutional investors have recently made changes to their positions in the company. Smartleaf Asset Management LLC lifted its stake in Crinetics Pharmaceuticals by 107.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 639 shares of the company’s stock worth $30,000 after acquiring an additional 331 shares during the period. Headlands Technologies LLC bought a new stake in shares of Crinetics Pharmaceuticals in the 2nd quarter valued at about $30,000. Farther Finance Advisors LLC raised its holdings in shares of Crinetics Pharmaceuticals by 523.7% in the 3rd quarter. Farther Finance Advisors LLC now owns 842 shares of the company’s stock valued at $35,000 after purchasing an additional 707 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Crinetics Pharmaceuticals in the 2nd quarter worth approximately $45,000. Finally, Parallel Advisors LLC boosted its stake in shares of Crinetics Pharmaceuticals by 34.6% during the fourth quarter. Parallel Advisors LLC now owns 1,225 shares of the company’s stock valued at $57,000 after purchasing an additional 315 shares in the last quarter. Hedge funds and other institutional investors own 98.51% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have commented on the company. The Goldman Sachs Group raised Crinetics Pharmaceuticals from a “neutral” rating to a “buy” rating and set a $67.00 price objective on the stock in a research report on Monday, January 12th. Wall Street Zen raised shares of Crinetics Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Saturday, February 28th. Weiss Ratings restated a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a report on Wednesday, January 21st. Morgan Stanley raised their price target on shares of Crinetics Pharmaceuticals from $77.00 to $80.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 6th. Finally, Citizens Jmp lowered their price objective on shares of Crinetics Pharmaceuticals from $105.00 to $96.00 and set a “market outperform” rating for the company in a research report on Monday, March 2nd. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Crinetics Pharmaceuticals presently has a consensus rating of “Moderate Buy” and an average target price of $74.78.

Crinetics Pharmaceuticals Company Profile

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.