Insider Selling: Crinetics Pharmaceuticals (NASDAQ:CRNX) Director Sells 3,000 Shares of Stock

by · The Markets Daily

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX – Get Free Report) Director Stephanie Okey sold 3,000 shares of the company’s stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $39.67, for a total value of $119,010.00. Following the completion of the sale, the director owned 13,300 shares of the company’s stock, valued at $527,611. This represents a 18.40% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Crinetics Pharmaceuticals Stock Down 1.5%

Crinetics Pharmaceuticals stock traded down $0.61 during midday trading on Wednesday, hitting $39.51. 1,089,775 shares of the stock were exchanged, compared to its average volume of 1,288,585. The company has a fifty day simple moving average of $48.48 and a two-hundred day simple moving average of $43.44. The stock has a market capitalization of $4.14 billion, a PE ratio of -8.00 and a beta of 0.23. Crinetics Pharmaceuticals, Inc. has a 52 week low of $24.10 and a 52 week high of $57.99.

Crinetics Pharmaceuticals (NASDAQ:CRNX – Get Free Report) last released its quarterly earnings data on Thursday, February 26th. The company reported ($1.29) EPS for the quarter, beating analysts’ consensus estimates 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 previous year, the company posted ($0.88) earnings per share. The business’s quarterly revenue was up NaN% compared to the same quarter last year. As a group, equities research analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS for the current fiscal year.

Wall Street Analyst Weigh In

CRNX has been the subject of several research reports. Wall Street Zen raised shares of Crinetics Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Saturday. Citizens Jmp lowered their target price on Crinetics Pharmaceuticals from $105.00 to $96.00 and set a “market outperform” rating for the company in a report on Monday. The Goldman Sachs Group raised Crinetics Pharmaceuticals from a “neutral” rating to a “buy” rating and set a $67.00 price objective for the company in a research report on Monday, January 12th. Morgan Stanley increased their price objective on Crinetics Pharmaceuticals from $77.00 to $80.00 and gave the stock an “overweight” rating in a report on Tuesday, January 6th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a research report on Wednesday, January 21st. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $74.78.

View Our Latest Analysis on Crinetics Pharmaceuticals

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of CRNX. Smartleaf Asset Management LLC lifted its position in Crinetics Pharmaceuticals by 107.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 639 shares of the company’s stock worth $30,000 after purchasing an additional 331 shares during the period. Farther Finance Advisors LLC increased its holdings in 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 buying an additional 707 shares during the period. Headlands Technologies LLC acquired a new position in shares of Crinetics Pharmaceuticals in the 2nd quarter valued at approximately $30,000. Parallel Advisors LLC raised its position in shares of Crinetics Pharmaceuticals by 34.6% in the 4th quarter. Parallel Advisors LLC now owns 1,225 shares of the company’s stock valued at $57,000 after buying an additional 315 shares in the last quarter. Finally, Covestor Ltd lifted its holdings in shares of Crinetics Pharmaceuticals by 23,983.3% during the 3rd quarter. Covestor Ltd now owns 1,445 shares of the company’s stock worth $60,000 after acquiring an additional 1,439 shares during the period. Institutional investors own 98.51% of the company’s stock.

About Crinetics Pharmaceuticals

(Get Free Report)

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.

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