Richard Scott Struthers Sells 21,981 Shares of Crinetics Pharmaceuticals (NASDAQ:CRNX) Stock

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) CEO Richard Scott Struthers sold 21,981 shares of the business’s stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $37.37, for a total transaction of $821,429.97. Following the completion of the transaction, the chief executive officer owned 404,778 shares of the company’s stock, valued at $15,126,553.86. The trade was a 5.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website.

Crinetics Pharmaceuticals Trading Down 0.6%

NASDAQ CRNX opened at $35.82 on Friday. The firm’s 50 day simple moving average is $45.89 and its 200 day simple moving average is $43.87. The firm has a market capitalization of $3.75 billion, a price-to-earnings ratio of -7.25 and a beta of 0.23. Crinetics Pharmaceuticals, Inc. has a 1 year low of $24.10 and a 1 year high of $57.99.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its earnings results on Thursday, February 26th. The company reported ($1.29) earnings per share for the quarter, topping the consensus estimate of ($1.37) by $0.08. Crinetics Pharmaceuticals had a negative return on equity of 41.46% and a negative net margin of 6,046.22%.The firm’s quarterly revenue was up NaN% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.88) earnings per share. On average, equities research analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current year.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

A number of institutional investors and hedge funds have recently bought and sold shares of CRNX. Smartleaf Asset Management LLC boosted its stake in shares of Crinetics Pharmaceuticals by 107.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 639 shares of the company’s stock valued at $30,000 after purchasing an additional 331 shares in the last quarter. Headlands Technologies LLC acquired a new position in shares of Crinetics Pharmaceuticals in the second quarter valued at approximately $30,000. Farther Finance Advisors LLC increased its stake in shares of Crinetics Pharmaceuticals by 523.7% in the third quarter. Farther Finance Advisors LLC now owns 842 shares of the company’s stock valued at $35,000 after buying an additional 707 shares during the period. Raymond James Financial Inc. bought a new position in Crinetics Pharmaceuticals in the 2nd quarter valued at approximately $45,000. Finally, Parallel Advisors LLC boosted its position in Crinetics Pharmaceuticals by 34.6% during the 4th quarter. Parallel Advisors LLC now owns 1,225 shares of the company’s stock worth $57,000 after buying an additional 315 shares during the period. Institutional investors and hedge funds own 98.51% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Wall Street Zen upgraded Crinetics Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Saturday, February 28th. Weiss Ratings reissued a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a report on Wednesday, January 21st. Morgan Stanley raised their price target on shares of Crinetics Pharmaceuticals from $77.00 to $80.00 and gave the company an “overweight” rating in a research note on Tuesday, January 6th. The Goldman Sachs Group raised shares of Crinetics Pharmaceuticals from a “neutral” rating to a “buy” rating and set a $67.00 price target on the stock in a report on Monday, January 12th. Finally, Citizens Jmp lowered their price objective on shares of Crinetics Pharmaceuticals from $105.00 to $96.00 and set a “market outperform” rating for the company in a research report on Monday, March 2nd. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $74.78.

Crinetics Pharmaceuticals Company Profile

Crinetics Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of novel therapeutics for rare endocrine diseases. The company’s proprietary platform leverages insights into hormone receptor signaling to design small-molecule candidates that address conditions driven by dysregulated hormone activity. Crinetics’ research efforts center on targeting somatostatin, vasopressin and other GPCR-mediated pathways with orally bioavailable molecules intended to improve patient convenience and adherence.

The company’s lead product candidate, paltusotine (formerly CRN04777), is a selective, non-peptide somatostatin receptor type 2 agonist being evaluated for the treatment of acromegaly and carcinoid syndrome diarrhea.