Insider Selling: Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Insider Sells 97,483 Shares of Stock

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) insider Stephen F. Betz sold 97,483 shares of the business’s stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $32.23, for a total value of $3,141,877.09. Following the sale, the insider now directly owns 99,713 shares in the company, valued at $3,213,749.99. This trade represents a 49.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Crinetics Pharmaceuticals Stock Down 1.8%

Shares of Crinetics Pharmaceuticals stock traded down $0.57 during midday trading on Monday, hitting $31.20. The company’s stock had a trading volume of 533,605 shares, compared to its average volume of 846,075. The stock has a 50-day simple moving average of $31.12 and a 200-day simple moving average of $37.79. The firm has a market capitalization of $2.92 billion, a P/E ratio of -8.36 and a beta of 0.28. Crinetics Pharmaceuticals, Inc. has a 1-year low of $24.10 and a 1-year high of $62.53.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its earnings results on Thursday, May 8th. The company reported ($1.04) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.99) by ($0.05). The firm had revenue of $0.36 million during the quarter, compared to the consensus estimate of $0.10 million. Crinetics Pharmaceuticals’s revenue for the quarter was down 43.6% compared to the same quarter last year. During the same quarter last year, the company earned ($0.93) EPS. As a group, sell-side analysts predict that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current year.

Analysts Set New Price Targets

Separately, Stifel Nicolaus started coverage on Crinetics Pharmaceuticals in a research note on Tuesday, March 25th. They issued a “buy” rating and a $60.00 price target on the stock. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $74.56.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

A number of institutional investors have recently modified their holdings of the stock. Rhumbline Advisers raised its holdings in shares of Crinetics Pharmaceuticals by 14.1% during the fourth quarter. Rhumbline Advisers now owns 124,078 shares of the company’s stock worth $6,344,000 after acquiring an additional 15,359 shares in the last quarter. State of New Jersey Common Pension Fund D raised its stake in shares of Crinetics Pharmaceuticals by 1.9% during the 4th quarter. State of New Jersey Common Pension Fund D now owns 38,049 shares of the company’s stock worth $1,945,000 after purchasing an additional 708 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Crinetics Pharmaceuticals by 4.4% during the 4th quarter. Principal Financial Group Inc. now owns 81,156 shares of the company’s stock valued at $4,150,000 after buying an additional 3,447 shares during the last quarter. Venturi Wealth Management LLC bought a new position in Crinetics Pharmaceuticals during the fourth quarter valued at approximately $41,000. Finally, New York State Common Retirement Fund raised its position in Crinetics Pharmaceuticals by 5.2% during the fourth quarter. New York State Common Retirement Fund now owns 155,426 shares of the company’s stock valued at $7,947,000 after acquiring an additional 7,735 shares in the last quarter. Institutional investors and hedge funds own 98.51% of the company’s stock.

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.