Crinetics Pharmaceuticals (NASDAQ:CRNX) COO Sells $370,374.07 in Stock

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) COO Jeff Knight sold 9,911 shares of the firm’s stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $37.37, for a total transaction of $370,374.07. Following the completion of the sale, the chief operating officer owned 112,018 shares in the company, valued at $4,186,112.66. This represents a 8.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.

Crinetics Pharmaceuticals Stock Down 0.7%

NASDAQ CRNX opened at $35.57 on Friday. The firm has a market cap of $3.72 billion, a PE ratio of -7.20 and a beta of 0.23. The company has a 50 day moving average price of $45.53 and a 200 day moving average price of $43.91. Crinetics Pharmaceuticals, Inc. has a 52 week low of $24.10 and a 52 week high of $57.99.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its earnings results 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 quarter in the previous year, the business earned ($0.88) earnings per share. Crinetics Pharmaceuticals’s quarterly revenue was up NaN% on a year-over-year basis. On average, equities research analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current fiscal year.

Institutional Trading of Crinetics Pharmaceuticals

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Smartleaf Asset Management LLC boosted its position 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 purchasing an additional 331 shares during the period. Headlands Technologies LLC purchased a new position in Crinetics Pharmaceuticals during the 2nd quarter worth approximately $30,000. Farther Finance Advisors LLC increased its position in Crinetics Pharmaceuticals by 523.7% during the third quarter. Farther Finance Advisors LLC now owns 842 shares of the company’s stock worth $35,000 after buying an additional 707 shares during the period. Raymond James Financial Inc. acquired a new position in Crinetics Pharmaceuticals during the second quarter worth approximately $45,000. Finally, Parallel Advisors LLC lifted its stake in 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 buying an additional 315 shares during the last quarter. Institutional investors and hedge funds own 98.51% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on CRNX shares. Wall Street Zen raised Crinetics Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Saturday, February 28th. Lifesci Capital raised Crinetics Pharmaceuticals to a “strong-buy” rating in a research report on Friday, February 13th. The Goldman Sachs Group upgraded Crinetics Pharmaceuticals from a “neutral” rating to a “buy” rating and set a $67.00 price target for the company in a research note on Monday, January 12th. Morgan Stanley raised their price target 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 restated a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a research note 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 assigned a Sell rating to the stock. According to data from MarketBeat, Crinetics Pharmaceuticals currently has an average rating of “Moderate Buy” and an average price target of $74.78.

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.