Crinetics Pharmaceuticals (NASDAQ:CRNX) Insider Stephen Betz Sells 10,612 Shares

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) insider Stephen Betz sold 10,612 shares of the company’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 $396,570.44. Following the transaction, the insider owned 137,101 shares in the company, valued at $5,123,464.37. The trade was a 7.18% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

Crinetics Pharmaceuticals Trading Down 4.9%

Shares of NASDAQ:CRNX traded down $1.84 on Wednesday, hitting $36.05. 1,865,531 shares of the company were exchanged, compared to its average volume of 1,270,091. Crinetics Pharmaceuticals, Inc. has a 1-year low of $24.10 and a 1-year high of $57.99. The stock’s 50 day moving average price is $46.58 and its 200 day moving average price is $43.99. The firm has a market capitalization of $3.77 billion, a P/E ratio of -7.30 and a beta of 0.23.

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

Institutional Trading of Crinetics Pharmaceuticals

Several institutional investors have recently modified their holdings of the stock. Smartleaf Asset Management LLC raised its position in shares of Crinetics Pharmaceuticals by 107.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 639 shares of the company’s stock worth $30,000 after purchasing an additional 331 shares during the last quarter. Headlands Technologies LLC acquired a new stake in Crinetics Pharmaceuticals in the 2nd quarter worth about $30,000. Farther Finance Advisors LLC boosted its holdings in Crinetics Pharmaceuticals by 523.7% in the 3rd quarter. Farther Finance Advisors LLC now owns 842 shares of the company’s stock worth $35,000 after buying an additional 707 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in Crinetics Pharmaceuticals during the 2nd quarter worth approximately $45,000. Finally, Parallel Advisors LLC increased its stake 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 in the last quarter. Institutional investors and hedge funds own 98.51% of the company’s stock.

Analysts Set New Price Targets

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

About Crinetics Pharmaceuticals

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.