Insider Selling: Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Insider Sells 3,000 Shares of Stock

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) insider Stephen F. Betz sold 3,000 shares of the firm’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $53.43, for a total transaction of $160,290.00. Following the completion of the transaction, the insider now directly owns 75,611 shares in the company, valued at $4,039,895.73. The sale was disclosed in a document filed with the SEC, which is available at this link.

Crinetics Pharmaceuticals Price Performance

Shares of CRNX stock traded up $1.02 during trading on Friday, hitting $54.36. 541,345 shares of the stock traded hands, compared to its average volume of 847,965. The firm has a market capitalization of $4.29 billion, a P/E ratio of -14.38 and a beta of 0.68. The firm’s fifty day moving average price is $47.83 and its 200-day moving average price is $43.94. Crinetics Pharmaceuticals, Inc. has a 52-week low of $15.76 and a 52-week high of $55.78.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released 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 firm had revenue of $0.64 million for the quarter, compared to analysts’ expectations of $0.20 million. The business’s revenue for the quarter was down 76.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.85) earnings per share. As a group, equities research analysts expect that Crinetics Pharmaceuticals, Inc. will post -3.54 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts recently weighed in on CRNX shares. JMP Securities reaffirmed a “market outperform” rating and issued a $80.00 price target on shares of Crinetics Pharmaceuticals in a research note on Tuesday, June 4th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $65.00 price target on shares of Crinetics Pharmaceuticals in a research note on Tuesday, May 14th. Oppenheimer raised their target price on shares of Crinetics Pharmaceuticals from $55.00 to $74.00 and gave the stock an “outperform” rating in a research note on Tuesday, June 4th. JPMorgan Chase & Co. raised their target price on shares of Crinetics Pharmaceuticals from $47.00 to $54.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 9th. Finally, HC Wainwright reissued a “buy” rating and issued a $60.00 target price on shares of Crinetics Pharmaceuticals in a research note on Friday, June 28th. One analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $64.08.

Institutional Trading of Crinetics Pharmaceuticals

Several institutional investors have recently added to or reduced their stakes in CRNX. Comerica Bank acquired a new stake in Crinetics Pharmaceuticals in the 1st quarter valued at approximately $33,000. Quarry LP acquired a new stake in Crinetics Pharmaceuticals in the 4th quarter valued at approximately $36,000. AJOVista LLC acquired a new position in shares of Crinetics Pharmaceuticals in the fourth quarter worth $58,000. HighMark Wealth Management LLC acquired a new position in shares of Crinetics Pharmaceuticals in the fourth quarter worth $151,000. Finally, Oppenheimer Asset Management Inc. acquired a new position in shares of Crinetics Pharmaceuticals in the first quarter worth $200,000. Institutional investors and hedge funds own 98.51% of the company’s stock.

Crinetics Pharmaceuticals Company Profile

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.