Crinetics Pharmaceuticals (NASDAQ:CRNX) Director Sells $246,123.00 in Stock

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

Crinetics Pharmaceuticals Price Performance

Shares of CRNX traded up $0.12 on Thursday, hitting $35.87. The company’s stock had a trading volume of 2,013,875 shares, compared to its average volume of 1,219,817. The company has a market capitalization of $3.78 billion, a PE ratio of -6.99 and a beta of 0.24. Crinetics Pharmaceuticals, Inc. has a fifty-two week low of $25.83 and a fifty-two week high of $57.99. The company has a 50 day moving average price of $37.21 and a 200 day moving average price of $42.41.

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

Institutional Investors Weigh In On Crinetics Pharmaceuticals

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Smartleaf Asset Management LLC lifted 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 acquiring an additional 331 shares during the period. Headlands Technologies LLC acquired a new stake in Crinetics Pharmaceuticals in the second quarter worth about $30,000. Parallel Advisors LLC increased its position in Crinetics Pharmaceuticals by 34.6% in the fourth quarter. Parallel Advisors LLC now owns 1,225 shares of the company’s stock worth $57,000 after purchasing an additional 315 shares during the period. Arax Advisory Partners raised its holdings in Crinetics Pharmaceuticals by 131.2% during the 4th quarter. Arax Advisory Partners now owns 1,498 shares of the company’s stock worth $70,000 after purchasing an additional 850 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new stake in Crinetics Pharmaceuticals during the 2nd quarter worth about $45,000. 98.51% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

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.