Crinetics Pharmaceuticals Inc’s (CRNX) Lock-Up Period To Expire Tomorrow

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Crinetics Pharmaceuticals’ (NASDAQ:CRNX) lock-up period will expire on Monday, January 14th. Crinetics Pharmaceuticals had issued 6,000,000 shares in its public offering on July 18th. The total size of the offering was $102,000,000 based on an initial share price of $17.00. After the expiration of Crinetics Pharmaceuticals’ lock-up period, major shareholders and company insiders will be able to sell their shares of the company.

A number of equities research analysts have weighed in on the company. JPMorgan Chase & Co. reduced their price objective on Crinetics Pharmaceuticals from $29.00 to $28.00 and set a “neutral” rating for the company in a research note on Wednesday, November 14th. Zacks Investment Research upgraded Crinetics Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Tuesday, November 6th.

Crinetics Pharmaceuticals stock opened at $23.37 on Friday. Crinetics Pharmaceuticals has a 12 month low of $19.23 and a 12 month high of $42.00.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings results on Tuesday, November 13th. The company reported ($0.38) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.34) by ($0.04). Crinetics Pharmaceuticals had a negative return on equity of 78.81% and a negative net margin of 972.23%. The company had revenue of $0.55 million for the quarter, compared to analysts’ expectations of $0.28 million. On average, sell-side analysts anticipate that Crinetics Pharmaceuticals will post -2.2 earnings per share for the current fiscal year.

Several institutional investors have recently added to or reduced their stakes in CRNX. Legal & General Group Plc purchased a new stake in shares of Crinetics Pharmaceuticals during the third quarter worth approximately $30,000. American International Group Inc. purchased a new stake in shares of Crinetics Pharmaceuticals during the third quarter worth approximately $132,000. Teachers Advisors LLC purchased a new stake in shares of Crinetics Pharmaceuticals during the third quarter worth approximately $260,000. TIAA CREF Investment Management LLC purchased a new stake in shares of Crinetics Pharmaceuticals during the third quarter worth approximately $268,000. Finally, Zimmer Partners LP purchased a new stake in shares of Crinetics Pharmaceuticals during the third quarter worth approximately $287,000. Institutional investors and hedge funds own 67.26% of the company’s stock.

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Crinetics Pharmaceuticals Company Profile

Crinetics Pharmaceuticals, Inc, a clinical stage pharmaceutical company, focuses on the discovery, development, and commercialization of therapeutics for rare endocrine diseases and endocrine-related tumors. Its lead product candidate is CRN00808, an oral selective nonpeptide somatostatin receptor type 2 biased agonist, which is in Phase I clinical trials used for the treatment of acromegaly.

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