Crinetics Pharmaceuticals (NASDAQ:CRNX) Director Stephanie Okey Sells 6,900 Shares of Stock

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Director Stephanie Okey sold 6,900 shares of the business’s stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $35.67, for a total transaction of $246,123.00. Following the sale, the director directly owned 6,400 shares of the company’s stock, valued at approximately $228,288. This trade 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.

Crinetics Pharmaceuticals Stock Up 0.3%

CRNX stock traded up $0.12 during midday trading on Thursday, reaching $35.87. The company’s stock had a trading volume of 2,013,875 shares, compared to its average volume of 1,219,817. Crinetics Pharmaceuticals, Inc. has a 52 week low of $25.83 and a 52 week high of $57.99. The stock has a market cap of $3.78 billion, a PE ratio of -6.99 and a beta of 0.24. The business’s 50-day simple moving average is $37.21 and its 200-day simple moving average is $42.41.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its earnings results on Thursday, May 7th. The company reported ($1.23) EPS for the quarter, missing analysts’ consensus estimates of ($1.22) by ($0.01). The business had revenue of $10.73 million for the quarter, compared to analyst estimates of $8.51 million. Crinetics Pharmaceuticals had a negative return on equity of 43.96% and a negative net margin of 2,747.18%.Crinetics Pharmaceuticals’s revenue was up 2873.4% on a year-over-year basis. During the same period in the prior year, the firm posted ($1.04) EPS. As a group, equities analysts forecast that Crinetics Pharmaceuticals, Inc. will post -4.85 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

Hedge funds and other institutional investors have recently made changes to their positions in the company. Smartleaf Asset Management LLC grew its holdings in shares of Crinetics Pharmaceuticals by 107.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 639 shares of the company’s stock valued at $30,000 after buying an additional 331 shares during the period. Headlands Technologies LLC acquired a new stake in Crinetics Pharmaceuticals during the 2nd quarter worth $30,000. Parallel Advisors LLC raised its stake in Crinetics Pharmaceuticals by 34.6% during the 4th quarter. Parallel Advisors LLC now owns 1,225 shares of the company’s stock worth $57,000 after buying an additional 315 shares during the period. Arax Advisory Partners lifted its holdings in Crinetics Pharmaceuticals by 131.2% during the fourth quarter. Arax Advisory Partners now owns 1,498 shares of the company’s stock worth $70,000 after acquiring an additional 850 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new position in Crinetics Pharmaceuticals during the second quarter worth about $45,000. 98.51% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on CRNX shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a report on Monday, April 20th. HC Wainwright restated a “buy” rating and set a $81.00 target price on shares of Crinetics Pharmaceuticals in a report on Monday. Citizens Jmp restated a “market outperform” rating and set a $95.00 target price on shares of Crinetics Pharmaceuticals in a research report on Thursday, June 11th. Oppenheimer decreased their target price on Crinetics Pharmaceuticals from $87.00 to $84.00 and set an “outperform” rating for the company in a research report on Monday, May 11th. Finally, Wall Street Zen raised Crinetics Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 17th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Crinetics Pharmaceuticals has an average rating of “Moderate Buy” and a consensus target price of $76.12.

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.