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

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) insider Stephen Betz sold 10,612 shares of the business’s stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $37.37, for a total transaction of $396,570.44. Following the completion of the sale, the insider directly owned 137,101 shares of the company’s stock, valued at approximately $5,123,464.37. The trade was a 7.18% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link.

Crinetics Pharmaceuticals Stock Performance

CRNX stock opened at $35.82 on Friday. Crinetics Pharmaceuticals, Inc. has a 52 week low of $24.10 and a 52 week high of $57.99. The company has a market capitalization of $3.75 billion, a PE ratio of -7.25 and a beta of 0.23. The company’s 50-day simple moving average is $45.89 and its 200 day simple moving average is $43.87.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings data 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 net margin of 6,046.22% and a negative return on equity of 41.46%. The firm’s quarterly revenue was up NaN% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.88) earnings per share. On average, analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on CRNX shares. Lifesci Capital upgraded shares of Crinetics Pharmaceuticals to a “strong-buy” rating in a research report on Friday, February 13th. The Goldman Sachs Group raised Crinetics Pharmaceuticals from a “neutral” rating to a “buy” rating and set a $67.00 price target on the stock in a research report on Monday, January 12th. Wall Street Zen upgraded Crinetics Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Saturday, February 28th. Citizens Jmp dropped their price objective on Crinetics Pharmaceuticals from $105.00 to $96.00 and set a “market outperform” rating for the company in a report on Monday, March 2nd. Finally, Morgan Stanley upped their target price on Crinetics Pharmaceuticals from $77.00 to $80.00 and gave the company an “overweight” rating in a research 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’s stock. According to MarketBeat, Crinetics Pharmaceuticals has an average rating of “Moderate Buy” and an average target price of $74.78.

Institutional Trading of Crinetics Pharmaceuticals

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

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.