Crinetics Pharmaceuticals (NASDAQ:CRNX) CEO Richard Scott Struthers Sells 21,981 Shares

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

Crinetics Pharmaceuticals Trading Down 4.9%

Shares of NASDAQ:CRNX traded down $1.84 on Wednesday, reaching $36.05. The company had a trading volume of 1,865,531 shares, compared to its average volume of 1,270,091. The firm has a market capitalization of $3.77 billion, a PE ratio of -7.30 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. The firm’s 50 day simple moving average is $46.58 and its 200-day simple moving average is $43.99.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings data on Thursday, February 26th. The company reported ($1.29) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.37) by $0.08. Crinetics Pharmaceuticals had a negative return on equity of 41.46% and a negative net margin of 6,046.22%.The firm’s revenue for the quarter was up NaN% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.88) earnings per share. As a group, equities research analysts predict that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current year.

Wall Street Analyst Weigh In

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

Institutional Inflows and Outflows

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

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.