Insider Selling: Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) COO Sells 32,359 Shares of Stock

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) COO Jeff E. Knight sold 32,359 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $44.31, for a total value of $1,433,827.29. Following the completion of the sale, the chief operating officer now directly owns 52,580 shares in the company, valued at approximately $2,329,819.80. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Crinetics Pharmaceuticals Stock Up 5.4 %

CRNX opened at $46.81 on Friday. Crinetics Pharmaceuticals, Inc. has a 52-week low of $15.36 and a 52-week high of $47.58. The stock has a market cap of $3.26 billion, a P/E ratio of -12.65 and a beta of 0.62. The business has a fifty day moving average of $39.77 and a 200 day moving average of $34.24.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its quarterly earnings results on Wednesday, February 28th. The company reported ($0.90) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.89) by ($0.01). Crinetics Pharmaceuticals had a negative return on equity of 52.93% and a negative net margin of 4,223.27%. During the same period in the prior year, the company posted ($0.84) EPS. The company’s quarterly revenue was down 100.0% on a year-over-year basis. Equities analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -3.34 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

CRNX has been the topic of several analyst reports. Jefferies Financial Group initiated coverage on Crinetics Pharmaceuticals in a research report on Thursday, December 21st. They set a “hold” rating and a $35.00 target price on the stock. Morgan Stanley initiated coverage on Crinetics Pharmaceuticals in a research report on Tuesday, January 16th. They set an “overweight” rating and a $50.00 target price on the stock. JMP Securities reissued a “market outperform” rating and set a $80.00 target price on shares of Crinetics Pharmaceuticals in a research report on Thursday. Citigroup initiated coverage on Crinetics Pharmaceuticals in a research report on Wednesday, March 6th. They set a “buy” rating and a $68.00 target price on the stock. Finally, Robert W. Baird boosted their target price on Crinetics Pharmaceuticals from $45.00 to $52.00 and gave the company an “outperform” rating in a research report on Thursday, February 29th. One research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $54.17.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

A number of hedge funds and other institutional investors have recently made changes to their positions in CRNX. Jennison Associates LLC grew its position in shares of Crinetics Pharmaceuticals by 77.7% during the 4th quarter. Jennison Associates LLC now owns 2,547,683 shares of the company’s stock worth $90,647,000 after buying an additional 1,113,992 shares in the last quarter. FMR LLC grew its position in shares of Crinetics Pharmaceuticals by 97.7% during the 3rd quarter. FMR LLC now owns 2,140,861 shares of the company’s stock worth $63,669,000 after buying an additional 1,057,947 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Crinetics Pharmaceuticals by 24.7% during the 3rd quarter. Vanguard Group Inc. now owns 3,407,035 shares of the company’s stock worth $101,325,000 after buying an additional 674,301 shares in the last quarter. BlackRock Inc. grew its position in shares of Crinetics Pharmaceuticals by 16.3% during the 2nd quarter. BlackRock Inc. now owns 4,600,486 shares of the company’s stock worth $82,901,000 after buying an additional 644,128 shares in the last quarter. Finally, Avidity Partners Management LP purchased a new stake in shares of Crinetics Pharmaceuticals during the 3rd quarter worth $18,141,000. 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.