Insider Selling: Crinetics Pharmaceuticals (NASDAQ:CRNX) Director Sells 16,000 Shares of Stock

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Director Matthew Fust sold 16,000 shares of the company’s stock in a transaction that occurred on Friday, September 26th. The shares were sold at an average price of $44.75, for a total transaction of $716,000.00. Following the completion of the sale, the director owned 22,836 shares of the company’s stock, valued at approximately $1,021,911. This trade represents a 41.20% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

Crinetics Pharmaceuticals Stock Down 4.3%

Shares of NASDAQ:CRNX opened at $41.65 on Wednesday. The firm has a fifty day moving average of $32.25 and a two-hundred day moving average of $31.58. The firm has a market capitalization of $3.92 billion, a P/E ratio of -10.13 and a beta of 0.28. Crinetics Pharmaceuticals, Inc. has a 12-month low of $24.10 and a 12-month high of $62.53.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its earnings results on Thursday, August 7th. The company reported ($1.23) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.13) by ($0.10). The business had revenue of $1.03 million for the quarter, compared to the consensus estimate of $0.52 million. The firm’s revenue for the quarter was up 158.4% on a year-over-year basis. During the same period in the prior year, the business earned ($0.94) earnings per share. Equities research analysts expect that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on CRNX. HC Wainwright reissued a “buy” rating and set a $81.00 target price on shares of Crinetics Pharmaceuticals in a research note on Friday, June 27th. Leerink Partners lifted their target price on shares of Crinetics Pharmaceuticals from $80.00 to $88.00 and gave the company an “outperform” rating in a research note on Monday. Robert W. Baird lifted their target price on shares of Crinetics Pharmaceuticals from $58.00 to $62.00 and gave the company an “outperform” rating in a research note on Friday, September 26th. Oppenheimer lifted their target price on shares of Crinetics Pharmaceuticals from $73.00 to $87.00 and gave the company an “outperform” rating in a research note on Tuesday. Finally, JMP Securities raised their price target on shares of Crinetics Pharmaceuticals from $86.00 to $143.00 and gave the company a “market outperform” rating in a report on Friday, September 26th. Eleven investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $74.45.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Headlands Technologies LLC bought a new position in shares of Crinetics Pharmaceuticals during the 2nd quarter valued at $30,000. Raymond James Financial Inc. bought a new position in Crinetics Pharmaceuticals in the 2nd quarter worth $45,000. Penserra Capital Management LLC bought a new position in Crinetics Pharmaceuticals in the 2nd quarter worth $48,000. Osaic Holdings Inc. raised its holdings in Crinetics Pharmaceuticals by 126.1% in the 2nd quarter. Osaic Holdings Inc. now owns 2,478 shares of the company’s stock worth $75,000 after acquiring an additional 1,382 shares during the period. Finally, GF Fund Management CO. LTD. raised its holdings in Crinetics Pharmaceuticals by 22.0% in the 1st quarter. GF Fund Management CO. LTD. now owns 2,375 shares of the company’s stock worth $80,000 after acquiring an additional 428 shares during the period. Institutional investors own 98.51% of the company’s stock.

Crinetics Pharmaceuticals Company Profile

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.