Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) CFO Sells $1,401,145.69 in Stock

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) CFO Marc Wilson sold 32,129 shares of Crinetics Pharmaceuticals stock in a transaction on Friday, June 28th. The stock was sold at an average price of $43.61, for a total transaction of $1,401,145.69. Following the transaction, the chief financial officer now directly owns 111,092 shares in the company, valued at $4,844,722.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Crinetics Pharmaceuticals Trading Down 2.9 %

Shares of CRNX stock opened at $44.20 on Friday. Crinetics Pharmaceuticals, Inc. has a 1 year low of $15.76 and a 1 year high of $53.70. The firm’s fifty day moving average price is $46.49 and its two-hundred day moving average price is $42.23. The firm has a market capitalization of $3.49 billion, a P/E ratio of -11.69 and a beta of 0.68.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings results on Thursday, May 9th. The company reported ($0.93) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.84) by ($0.09). The business had revenue of $0.64 million for the quarter, compared to analysts’ expectations of $0.20 million. During the same quarter in the prior year, the firm earned ($0.85) EPS. The company’s revenue was down 76.1% on a year-over-year basis. As a group, equities research analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.53 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on CRNX. Morgan Stanley lifted their price target on shares of Crinetics Pharmaceuticals from $50.00 to $70.00 and gave the stock an “overweight” rating in a research report on Thursday, May 23rd. Jonestrading boosted their price objective on shares of Crinetics Pharmaceuticals from $52.00 to $56.00 and gave the company a “buy” rating in a research report on Wednesday, March 20th. Piper Sandler reaffirmed an “overweight” rating and issued a $97.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Tuesday. Robert W. Baird boosted their price objective on shares of Crinetics Pharmaceuticals from $52.00 to $62.00 and gave the company an “outperform” rating in a research report on Thursday, May 23rd. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $65.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Tuesday, May 14th. One analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Crinetics Pharmaceuticals has an average rating of “Moderate Buy” and a consensus price target of $62.50.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CRNX. Janus Henderson Group PLC increased its stake in shares of Crinetics Pharmaceuticals by 264.1% during the 1st quarter. Janus Henderson Group PLC now owns 1,978,172 shares of the company’s stock worth $92,526,000 after purchasing an additional 1,434,909 shares during the last quarter. Artal Group S.A. acquired a new position in shares of Crinetics Pharmaceuticals during the 1st quarter worth about $65,088,000. Jennison Associates LLC increased its stake 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 purchasing an additional 1,113,992 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of Crinetics Pharmaceuticals by 27.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,823,218 shares of the company’s stock worth $178,966,000 after purchasing an additional 814,360 shares during the last quarter. Finally, Vanguard Group Inc. increased its stake 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 purchasing an additional 674,301 shares during the last quarter. 98.51% of the stock is currently owned by institutional investors and hedge funds.

About Crinetics Pharmaceuticals

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.