Crinetics Pharmaceuticals (NASDAQ:CRNX) Insider Jeff Knight Sells 85,163 Shares

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) insider Jeff Knight sold 85,163 shares of the company’s stock in a transaction that occurred on Wednesday, April 8th. The shares were sold at an average price of $40.10, for a total transaction of $3,415,036.30. Following the completion of the transaction, the insider owned 105,289 shares in the company, valued at approximately $4,222,088.90. This represents a 44.72% decrease in their position. The transaction was disclosed in a document filed 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 Trading Down 0.5%

CRNX stock traded down $0.19 during midday trading on Friday, reaching $39.44. The company had a trading volume of 760,521 shares, compared to its average volume of 1,264,703. The company has a 50 day moving average of $40.56 and a two-hundred day moving average of $44.11. Crinetics Pharmaceuticals, Inc. has a 1 year low of $25.83 and a 1 year high of $57.99. The company has a market capitalization of $4.13 billion, a P/E ratio of -7.98 and a beta of 0.30.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its quarterly earnings data on Thursday, February 26th. The company reported ($1.29) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.37) by $0.08. The business had revenue of $6.16 million during the quarter, compared to analyst estimates of $4.32 million. Crinetics Pharmaceuticals had a negative return on equity of 41.46% and a negative net margin of 6,046.22%.Crinetics Pharmaceuticals’s quarterly revenue was up NaN% compared to the same quarter last year. During the same period last year, the company earned ($0.88) earnings per share. On average, sell-side analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current year.

Analyst Upgrades and Downgrades

CRNX has been the subject of a number of recent research reports. Citizens Jmp cut their price target on Crinetics Pharmaceuticals from $105.00 to $96.00 and set a “market outperform” rating for the company in a research note on Monday, March 2nd. Lifesci Capital raised Crinetics Pharmaceuticals to a “strong-buy” rating in a research note on Friday, February 13th. Wall Street Zen downgraded Crinetics Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Saturday, March 28th. The Goldman Sachs Group raised shares of Crinetics Pharmaceuticals from a “neutral” rating to a “buy” rating and set a $67.00 price objective on the stock in a research report on Monday, January 12th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a research report on Wednesday, January 21st. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, Crinetics Pharmaceuticals has an average rating of “Moderate Buy” and a consensus target price of $76.63.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Crinetics Pharmaceuticals by 11.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 59,311 shares of the company’s stock valued at $1,995,000 after buying an additional 6,148 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Crinetics Pharmaceuticals by 6.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 347,581 shares of the company’s stock worth $11,658,000 after buying an additional 22,305 shares during the last quarter. Strs Ohio acquired a new position in shares of Crinetics Pharmaceuticals during the first quarter worth approximately $124,000. Invesco Ltd. boosted its position in shares of Crinetics Pharmaceuticals by 11.7% in the second quarter. Invesco Ltd. now owns 78,140 shares of the company’s stock valued at $2,247,000 after acquiring an additional 8,181 shares during the period. Finally, Sei Investments Co. grew its stake in shares of Crinetics Pharmaceuticals by 20.6% in the second quarter. Sei Investments Co. now owns 60,180 shares of the company’s stock worth $1,731,000 after acquiring an additional 10,269 shares during 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.