Insider Selling: Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) CFO Sells $1,277,750.00 in Stock

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) CFO Marc Wilson sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $51.11, for a total transaction of $1,277,750.00. Following the completion of the transaction, the chief financial officer now directly owns 111,092 shares of the company’s stock, valued at approximately $5,677,912.12. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Marc Wilson also recently made the following trade(s):

• On Thursday, July 25th, Marc Wilson sold 19,056 shares of Crinetics Pharmaceuticals stock. The shares were sold at an average price of $53.88, for a total transaction of $1,026,737.28.
• On Monday, July 15th, Marc Wilson sold 25,000 shares of Crinetics Pharmaceuticals stock. The stock was sold at an average price of $55.00, for a total value of $1,375,000.00.

Crinetics Pharmaceuticals Trading Up 4.0 %

CRNX stock opened at $54.02 on Thursday. The firm has a market cap of $4.26 billion, a PE ratio of -14.29 and a beta of 0.63. Crinetics Pharmaceuticals, Inc. has a 1 year low of $25.35 and a 1 year high of $55.78. The company has a fifty day simple moving average of $51.98 and a 200 day simple moving average of $48.55.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.94) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.86) by ($0.08). The business had revenue of $0.40 million during the quarter, compared to the consensus estimate of $0.47 million. Crinetics Pharmaceuticals’s revenue was down 59.6% on a year-over-year basis. During the same period in the prior year, the company earned ($0.94) earnings per share. As a group, analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.72 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have recently weighed in on CRNX. JPMorgan Chase & Co. upped their target price on Crinetics Pharmaceuticals from $47.00 to $54.00 and gave the company an “overweight” rating in a report on Tuesday, July 9th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $90.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Monday, September 16th. HC Wainwright increased their target price on shares of Crinetics Pharmaceuticals from $60.00 to $69.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. JMP Securities restated a “market outperform” rating and set a $80.00 price target on shares of Crinetics Pharmaceuticals in a report on Friday, September 27th. Finally, Oppenheimer reiterated an “outperform” rating and set a $73.00 price objective (down from $74.00) on shares of Crinetics Pharmaceuticals in a report on Friday, August 9th. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, Crinetics Pharmaceuticals presently has an average rating of “Moderate Buy” and a consensus target price of $68.55.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

A number of large investors have recently added to or reduced their stakes in CRNX. Comerica Bank bought a new position in shares of Crinetics Pharmaceuticals in the first quarter valued at approximately $33,000. Quarry LP acquired a new position in Crinetics Pharmaceuticals in the 4th quarter valued at $36,000. Quest Partners LLC bought a new position in Crinetics Pharmaceuticals in the 2nd quarter worth $42,000. Amalgamated Bank lifted its position in Crinetics Pharmaceuticals by 20.8% during the 2nd quarter. Amalgamated Bank now owns 2,692 shares of the company’s stock worth $121,000 after acquiring an additional 464 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. bought a new stake in Crinetics Pharmaceuticals during the first quarter valued at about $200,000. Institutional investors own 98.51% of the company’s stock.

About Crinetics Pharmaceuticals

Crinetics Pharmaceuticals, Inc, a clinical-stage pharmaceutical company, focuses on the discovery, development, and commercialization of novel therapeutics for rare endocrine diseases and endocrine-related tumors. The company's lead product candidate is paltusotine, an oral selective nonpeptide somatostatin receptor type 2 agonist, which is in Phase 3 trial for the treatment of acromegaly; and Phase 2 trial for treating carcinoid syndrome associated with neuroendocrine tumors.