Insider Selling: 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 dated Wednesday, June 17th. The stock was sold at an average price of $35.67, for a total value of $246,123.00. Following the transaction, the director owned 6,400 shares in the company, valued at approximately $228,288. This represents a 51.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Crinetics Pharmaceuticals Price Performance

Shares of Crinetics Pharmaceuticals stock opened at $35.87 on Friday. Crinetics Pharmaceuticals, Inc. has a 1 year low of $25.83 and a 1 year high of $57.99. The business has a 50-day moving average of $37.08 and a two-hundred day moving average of $42.29. The company has a market capitalization of $3.78 billion, a P/E ratio of -6.99 and a beta of 0.24.

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

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on CRNX. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a research note on Monday, April 20th. Wall Street Zen raised shares of Crinetics Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research report on Sunday, May 17th. Oppenheimer dropped their price objective on shares of Crinetics Pharmaceuticals from $87.00 to $84.00 and set an “outperform” rating on the stock in a report on Monday, May 11th. Citizens Jmp reaffirmed a “market outperform” rating and issued a $95.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Thursday, June 11th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $81.00 target price on shares of Crinetics Pharmaceuticals in a research note on Monday, June 15th. One 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 MarketBeat.com, Crinetics Pharmaceuticals has an average rating of “Moderate Buy” and an average price target of $76.12.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Smartleaf Asset Management LLC boosted its position in 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 during the last quarter. Headlands Technologies LLC acquired a new stake in shares of Crinetics Pharmaceuticals in the second quarter valued at approximately $30,000. Raymond James Financial Inc. acquired a new stake in shares of Crinetics Pharmaceuticals in the second quarter valued at approximately $45,000. Parallel Advisors LLC raised its holdings in shares of Crinetics Pharmaceuticals by 34.6% in the fourth quarter. Parallel Advisors LLC now owns 1,225 shares of the company’s stock valued at $57,000 after purchasing an additional 315 shares during the last quarter. Finally, Arax Advisory Partners lifted its position in shares of Crinetics Pharmaceuticals by 131.2% in the fourth quarter. Arax Advisory Partners now owns 1,498 shares of the company’s stock worth $70,000 after purchasing an additional 850 shares in the last quarter. Institutional investors and hedge funds own 98.51% of the company’s stock.

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.