Stephen F. Betz Sells 97,483 Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Stock

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) insider Stephen F. Betz sold 97,483 shares of the company’s stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $32.23, for a total value of $3,141,877.09. Following the sale, the insider now directly owns 99,713 shares of the company’s stock, valued at approximately $3,213,749.99. This represents a 49.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Crinetics Pharmaceuticals Trading Down 1.1%

NASDAQ CRNX opened at $30.85 on Wednesday. The business’s 50 day moving average is $31.29 and its two-hundred day moving average is $37.56. Crinetics Pharmaceuticals, Inc. has a 12-month low of $24.10 and a 12-month high of $62.53. The stock has a market capitalization of $2.89 billion, a price-to-earnings ratio of -8.08 and a beta of 0.28.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its earnings results on Thursday, May 8th. The company reported ($1.04) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.99) by ($0.05). The business had revenue of $0.36 million during the quarter, compared to the consensus estimate of $0.10 million. During the same quarter last year, the firm earned ($0.93) EPS. The company’s revenue for the quarter was down 43.6% compared to the same quarter last year. Equities analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current fiscal year.

Analyst Ratings Changes

Separately, Stifel Nicolaus assumed coverage on Crinetics Pharmaceuticals in a research note on Tuesday, March 25th. They set a “buy” rating and a $60.00 price objective for the company. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, Crinetics Pharmaceuticals has a consensus rating of “Moderate Buy” and a consensus price target of $74.56.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. KLP Kapitalforvaltning AS acquired a new position in Crinetics Pharmaceuticals during the 4th quarter worth approximately $818,000. Alliancebernstein L.P. grew its holdings in shares of Crinetics Pharmaceuticals by 9.9% in the 4th quarter. Alliancebernstein L.P. now owns 101,720 shares of the company’s stock worth $5,201,000 after acquiring an additional 9,190 shares during the period. Invesco Ltd. grew its holdings in shares of Crinetics Pharmaceuticals by 16.8% in the 4th quarter. Invesco Ltd. now owns 298,254 shares of the company’s stock worth $15,250,000 after acquiring an additional 42,954 shares during the period. Proficio Capital Partners LLC acquired a new stake in shares of Crinetics Pharmaceuticals in the 4th quarter worth approximately $750,000. Finally, Wells Fargo & Company MN grew its holdings in shares of Crinetics Pharmaceuticals by 18.9% in the 4th quarter. Wells Fargo & Company MN now owns 100,916 shares of the company’s stock worth $5,160,000 after acquiring an additional 16,025 shares during the period. Institutional investors and hedge funds 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.