Insider Selling: Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) CFO Sells 19,056 Shares of Stock

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) CFO Marc Wilson sold 19,056 shares of the firm’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $53.88, for a total value of $1,026,737.28. Following the completion of the sale, the chief financial officer now owns 111,092 shares of the company’s stock, valued at $5,985,636.96. The sale was disclosed in a document filed with the SEC, which is available through the SEC website.

Marc Wilson also recently made the following trade(s):

• On Monday, July 15th, Marc Wilson sold 25,000 shares of Crinetics Pharmaceuticals stock. The stock was sold at an average price of $55.00, for a total value of $1,375,000.00.
• On Friday, June 28th, Marc Wilson sold 32,129 shares of Crinetics Pharmaceuticals stock. The shares were sold at an average price of $43.61, for a total value of $1,401,145.69.

Crinetics Pharmaceuticals Price Performance

Shares of NASDAQ:CRNX opened at $54.36 on Monday. Crinetics Pharmaceuticals, Inc. has a 1 year low of $15.76 and a 1 year high of $55.78. The company has a market capitalization of $4.29 billion, a PE ratio of -14.38 and a beta of 0.68. The business has a fifty day moving average price of $47.88 and a two-hundred day moving average price of $44.16.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its quarterly earnings results on Thursday, May 9th. The company reported ($0.93) earnings per share for the quarter, missing the consensus estimate of ($0.84) by ($0.09). The company had revenue of $0.64 million for the quarter, compared to the consensus estimate of $0.20 million. The business’s revenue for the quarter was down 76.1% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.85) EPS. Sell-side analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -3.54 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on CRNX shares. JMP Securities reissued a “market outperform” rating and issued a $80.00 price target on shares of Crinetics Pharmaceuticals in a research report on Tuesday, June 4th. Morgan Stanley boosted their target price 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. Oppenheimer raised their price target on shares of Crinetics Pharmaceuticals from $55.00 to $74.00 and gave the company an “outperform” rating in a research report on Tuesday, June 4th. HC Wainwright reiterated a “buy” rating and set a $60.00 price target on shares of Crinetics Pharmaceuticals in a research note on Friday, June 28th. Finally, JPMorgan Chase & Co. increased their price objective on Crinetics Pharmaceuticals from $47.00 to $54.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 9th. One analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $64.08.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

Several institutional investors and hedge funds have recently bought and sold shares of the company. Comerica Bank bought a new stake in shares of Crinetics Pharmaceuticals in the first quarter valued at $33,000. Hennion & Walsh Asset Management Inc. raised its stake in Crinetics Pharmaceuticals by 2.5% in the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 38,087 shares of the company’s stock valued at $1,783,000 after acquiring an additional 927 shares during the period. Quarry LP purchased a new stake in Crinetics Pharmaceuticals during the fourth quarter valued at about $36,000. AJOVista LLC bought a new position in Crinetics Pharmaceuticals during the fourth quarter worth about $58,000. Finally, ProShare Advisors LLC increased its stake in shares of Crinetics Pharmaceuticals by 11.0% in the first quarter. ProShare Advisors LLC now owns 16,731 shares of the company’s stock worth $783,000 after purchasing an additional 1,655 shares in the last quarter. 98.51% of the stock is owned by institutional investors.

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.