Richard Scott Struthers Sells 4,000 Shares of Crinetics Pharmaceuticals (NASDAQ:CRNX) Stock

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) CEO Richard Scott Struthers sold 4,000 shares of the business’s stock in a transaction dated Friday, September 26th. The shares were sold at an average price of $45.00, for a total value of $180,000.00. Following the completion of the sale, the chief executive officer directly owned 106,000 shares of the company’s stock, valued at $4,770,000. The trade was a 3.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Crinetics Pharmaceuticals Stock Performance

Shares of NASDAQ:CRNX opened at $41.51 on Friday. Crinetics Pharmaceuticals, Inc. has a 52-week low of $24.10 and a 52-week high of $62.53. The business’s 50 day simple moving average is $32.69 and its two-hundred day simple moving average is $31.69. The firm has a market cap of $3.91 billion, a P/E ratio of -10.10 and a beta of 0.33.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its earnings results on Thursday, August 7th. The company reported ($1.23) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.13) by ($0.10). The company had revenue of $1.03 million during the quarter, compared to the consensus estimate of $0.52 million. During the same quarter in the prior year, the company posted ($0.94) EPS. The firm’s quarterly revenue was up 158.4% compared to the same quarter last year. On average, equities analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. JPMorgan Chase & Co. reduced their price objective on shares of Crinetics Pharmaceuticals from $53.00 to $52.00 and set an “overweight” rating for the company in a report on Wednesday, September 24th. Robert W. Baird lifted their price target on Crinetics Pharmaceuticals from $58.00 to $62.00 and gave the company an “outperform” rating in a research note on Friday, September 26th. Morgan Stanley increased their price objective on Crinetics Pharmaceuticals from $65.00 to $77.00 and gave the stock an “overweight” rating in a research note on Monday. The Goldman Sachs Group raised their target price on Crinetics Pharmaceuticals from $35.00 to $40.00 and gave the company a “neutral” rating in a report on Friday, September 26th. Finally, Oppenheimer upped their price objective on shares of Crinetics Pharmaceuticals from $73.00 to $87.00 and gave the stock an “outperform” rating in a research report on Tuesday. Eleven research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $74.45.

Institutional Trading of Crinetics Pharmaceuticals

Several hedge funds have recently added to or reduced their stakes in the stock. Exome Asset Management LLC bought a new position in shares of Crinetics Pharmaceuticals during the 1st quarter valued at approximately $1,720,000. Rhumbline Advisers lifted its stake in Crinetics Pharmaceuticals by 6.3% in the first quarter. Rhumbline Advisers now owns 131,950 shares of the company’s stock valued at $4,426,000 after purchasing an additional 7,872 shares during the last quarter. Intech Investment Management LLC grew its holdings in Crinetics Pharmaceuticals by 32.1% during the first quarter. Intech Investment Management LLC now owns 56,950 shares of the company’s stock valued at $1,910,000 after purchasing an additional 13,845 shares during the period. Amalgamated Bank grew its holdings in Crinetics Pharmaceuticals by 17.3% during the first quarter. Amalgamated Bank now owns 3,159 shares of the company’s stock valued at $106,000 after purchasing an additional 467 shares during the period. Finally, GAMMA Investing LLC increased its position in Crinetics Pharmaceuticals by 6,291.5% in the first quarter. GAMMA Investing LLC now owns 6,775 shares of the company’s stock worth $227,000 after buying an additional 6,669 shares during the last quarter. Institutional investors own 98.51% of the company’s stock.

Crinetics Pharmaceuticals Company Profile

Crinetics Pharmaceuticals, Inc, a clinical-stage pharmaceutical company, focuses on the discovery, development, and commercialization of novel therapeutics for rare endocrine diseases and endocrine-related tumors. The company's lead product candidate is paltusotine, an oral selective nonpeptide somatostatin receptor type 2 agonist, which is in Phase 3 trial for the treatment of acromegaly; and Phase 2 trial for treating carcinoid syndrome associated with neuroendocrine tumors.