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

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 stock was sold at an average price of $40.10, for a total transaction of $3,415,036.30. Following the transaction, the insider owned 105,289 shares of the company’s stock, valued at approximately $4,222,088.90. This represents a 44.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Crinetics Pharmaceuticals Price Performance

CRNX stock opened at $39.44 on Friday. Crinetics Pharmaceuticals, Inc. has a 1 year low of $25.83 and a 1 year high of $57.99. The company has a 50 day simple moving average of $40.35 and a 200 day simple moving average of $44.20. The stock has a market cap of $4.13 billion, a price-to-earnings ratio of -7.98 and a beta of 0.30.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its quarterly earnings results on Thursday, February 26th. The company reported ($1.29) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.37) by $0.08. Crinetics Pharmaceuticals had a negative net margin of 6,046.22% and a negative return on equity of 41.46%. The firm had revenue of $6.16 million during the quarter, compared to analysts’ expectations of $4.32 million. During the same period in the prior year, the company posted ($0.88) EPS. The company’s revenue was up NaN% on a year-over-year basis. On average, equities research analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS for the current fiscal year.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

Several large investors have recently modified their holdings of CRNX. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Crinetics Pharmaceuticals by 11.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 59,311 shares of the company’s stock worth $1,995,000 after buying an additional 6,148 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position 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 period. Strs Ohio acquired a new stake in shares of Crinetics Pharmaceuticals during the first quarter worth $124,000. Invesco Ltd. increased its position in shares of Crinetics Pharmaceuticals by 11.7% during the second quarter. Invesco Ltd. now owns 78,140 shares of the company’s stock worth $2,247,000 after buying an additional 8,181 shares during the period. Finally, Sei Investments Co. increased its position in shares of Crinetics Pharmaceuticals by 20.6% during the second quarter. Sei Investments Co. now owns 60,180 shares of the company’s stock worth $1,731,000 after buying an additional 10,269 shares during the period. 98.51% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on CRNX shares. Wall Street Zen cut shares of Crinetics Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Saturday, March 28th. The Goldman Sachs Group upgraded shares of Crinetics Pharmaceuticals from a “neutral” rating to a “buy” rating and set a $67.00 price target for the company in a research report on Monday, January 12th. Citizens Jmp decreased their price target on shares of Crinetics Pharmaceuticals from $105.00 to $96.00 and set a “market outperform” rating for the company in a research report on Monday, March 2nd. Morgan Stanley upped their price target on shares of Crinetics Pharmaceuticals from $77.00 to $80.00 and gave the company an “overweight” rating in a research report on Tuesday, January 6th. Finally, Weiss Ratings restated 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 given a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $76.63.

Crinetics Pharmaceuticals Company Profile

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.