Insider Selling: Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) CFO Sells 32,129 Shares of Stock

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) CFO Marc Wilson sold 32,129 shares of the business’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $43.61, for a total transaction of $1,401,145.69. Following the sale, the chief financial officer now owns 111,092 shares of the company’s stock, valued at $4,844,722.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Crinetics Pharmaceuticals Stock Performance

CRNX stock opened at $45.54 on Wednesday. The company’s fifty day moving average price is $46.43 and its 200-day moving average price is $42.20. Crinetics Pharmaceuticals, Inc. has a one year low of $15.76 and a one year high of $53.70. The company has a market capitalization of $3.59 billion, a PE ratio of -12.05 and a beta of 0.68.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its quarterly earnings results on Thursday, May 9th. The company reported ($0.93) 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 analyst estimates of $0.20 million. The firm’s quarterly revenue was down 76.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.85) EPS. On average, research analysts predict that Crinetics Pharmaceuticals, Inc. will post -3.53 EPS for the current fiscal year.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CRNX. Price T Rowe Associates Inc. MD increased its stake in Crinetics Pharmaceuticals by 27.1% in 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 acquiring an additional 814,360 shares during the last quarter. Wellington Management Group LLP raised its stake in Crinetics Pharmaceuticals by 1.1% during the third quarter. Wellington Management Group LLP now owns 3,640,235 shares of the company’s stock valued at $108,261,000 after purchasing an additional 38,523 shares in the last quarter. Vanguard Group Inc. lifted its position in Crinetics Pharmaceuticals by 2.1% during the first quarter. Vanguard Group Inc. now owns 3,575,076 shares of the company’s stock valued at $167,349,000 after purchasing an additional 72,624 shares during the last quarter. Jennison Associates LLC lifted its position in Crinetics Pharmaceuticals by 10.6% during the first quarter. Jennison Associates LLC now owns 2,817,854 shares of the company’s stock valued at $131,904,000 after purchasing an additional 270,171 shares during the last quarter. Finally, First Light Asset Management LLC grew its stake in shares of Crinetics Pharmaceuticals by 25.5% in the 4th quarter. First Light Asset Management LLC now owns 1,987,772 shares of the company’s stock worth $70,725,000 after buying an additional 404,443 shares in the last quarter. 98.51% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on CRNX. Piper Sandler reissued an “overweight” rating and set a $97.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Tuesday. Morgan Stanley raised their price objective on Crinetics Pharmaceuticals from $50.00 to $70.00 and gave the stock an “overweight” rating in a research note on Thursday, May 23rd. Cantor Fitzgerald reiterated an “overweight” rating and set a $65.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Tuesday, May 14th. JMP Securities restated a “market outperform” rating and set a $80.00 target price on shares of Crinetics Pharmaceuticals in a research note on Tuesday, June 4th. Finally, Robert W. Baird upped their price target on shares of Crinetics Pharmaceuticals from $52.00 to $62.00 and gave the stock an “outperform” rating in a research report on Thursday, May 23rd. One analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $62.50.

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.