Crinetics Pharmaceuticals (NASDAQ:CRNX) Director Stephanie Okey Sells 6,900 Shares

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Director Stephanie Okey sold 6,900 shares of the firm’s stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $35.67, for a total value of $246,123.00. Following the completion of the sale, the director owned 6,400 shares of the company’s stock, valued at approximately $228,288. This represents a 51.88% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Crinetics Pharmaceuticals Stock Up 0.3%

NASDAQ CRNX opened at $35.87 on Friday. Crinetics Pharmaceuticals, Inc. has a 52 week low of $25.83 and a 52 week high of $57.99. The firm has a market capitalization of $3.78 billion, a price-to-earnings ratio of -6.99 and a beta of 0.24. The company has a fifty day moving average of $37.16 and a two-hundred day moving average of $42.34.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings results on Thursday, May 7th. The company reported ($1.23) EPS for the quarter, missing analysts’ consensus estimates of ($1.22) by ($0.01). Crinetics Pharmaceuticals had a negative return on equity of 43.96% and a negative net margin of 2,747.18%.The firm had revenue of $10.73 million for the quarter, compared to analysts’ expectations of $8.51 million. During the same period in the prior year, the firm posted ($1.04) earnings per share. Crinetics Pharmaceuticals’s revenue for the quarter was up 2873.4% on a year-over-year basis. Equities research analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -4.85 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. HC Wainwright reiterated a “buy” rating and issued a $81.00 price target on shares of Crinetics Pharmaceuticals in a report on Monday. Wall Street Zen upgraded Crinetics Pharmaceuticals from a “strong sell” rating to a “sell” rating in a report on Sunday, May 17th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a research report on Monday, April 20th. Oppenheimer decreased their target price on Crinetics Pharmaceuticals from $87.00 to $84.00 and set an “outperform” rating for the company in a research report on Monday, May 11th. Finally, Citizens Jmp reissued a “market outperform” rating and set a $95.00 target price on shares of Crinetics Pharmaceuticals in a research note on Thursday, June 11th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $76.12.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

A number of hedge funds and other institutional investors have recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Crinetics Pharmaceuticals by 11.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 59,311 shares of the company’s stock worth $1,995,000 after buying an additional 6,148 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Crinetics Pharmaceuticals by 6.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 347,581 shares of the company’s stock valued at $11,658,000 after acquiring an additional 22,305 shares in the last quarter. Strs Ohio purchased a new position in shares of Crinetics Pharmaceuticals in the 1st quarter valued at $124,000. Invesco Ltd. increased its holdings in shares of Crinetics Pharmaceuticals by 11.7% in the 2nd quarter. Invesco Ltd. now owns 78,140 shares of the company’s stock valued at $2,247,000 after acquiring an additional 8,181 shares during the period. Finally, Sei Investments Co. raised its position in shares of Crinetics Pharmaceuticals by 20.6% in the 2nd quarter. Sei Investments Co. now owns 60,180 shares of the company’s stock worth $1,731,000 after acquiring an additional 10,269 shares in the last quarter. 98.51% of the stock is currently owned by institutional investors.

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.