Insider Selling: Crinetics Pharmaceuticals (NASDAQ:CRNX) CEO Sells $821,429.97 in Stock

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) CEO Richard Scott Struthers sold 21,981 shares of the company’s stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $37.37, for a total transaction of $821,429.97. Following the completion of the transaction, the chief executive officer owned 404,778 shares in the company, valued at approximately $15,126,553.86. This trade represents a 5.15% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Crinetics Pharmaceuticals Price Performance

Shares of NASDAQ CRNX opened at $35.57 on Friday. The company has a 50-day simple moving average of $45.53 and a 200-day simple moving average of $43.91. The company has a market cap of $3.72 billion, a PE ratio of -7.20 and a beta of 0.23. Crinetics Pharmaceuticals, Inc. has a 12 month low of $24.10 and a 12 month high of $57.99.

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, 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%. During the same quarter in the prior year, the business earned ($0.88) EPS. The firm’s revenue was up NaN% on a year-over-year basis. On average, analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Weiss Ratings restated a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a report on Wednesday, January 21st. Wall Street Zen upgraded Crinetics Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Saturday, February 28th. Lifesci Capital raised Crinetics Pharmaceuticals to a “strong-buy” rating in a research note on Friday, February 13th. Morgan Stanley lifted their price target on Crinetics Pharmaceuticals from $77.00 to $80.00 and gave the company an “overweight” rating in a report on Tuesday, January 6th. Finally, Citizens Jmp dropped their price objective on shares of 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. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Crinetics Pharmaceuticals currently has an average rating of “Moderate Buy” and an average target price of $74.78.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CRNX. Walleye Capital LLC lifted its stake in shares of Crinetics Pharmaceuticals by 53.5% during the second quarter. Walleye Capital LLC now owns 190,373 shares of the company’s stock worth $5,475,000 after purchasing an additional 66,391 shares in the last quarter. Segall Bryant & Hamill LLC grew its stake in shares of Crinetics Pharmaceuticals by 20.7% in the second quarter. Segall Bryant & Hamill LLC now owns 176,517 shares of the company’s stock valued at $5,077,000 after buying an additional 30,243 shares in the last quarter. Lisanti Capital Growth LLC purchased a new stake in shares of Crinetics Pharmaceuticals during the 3rd quarter valued at about $953,000. Assenagon Asset Management S.A. acquired a new position in Crinetics Pharmaceuticals during the 3rd quarter worth approximately $514,000. Finally, AXQ Capital LP acquired a new position in Crinetics Pharmaceuticals during the 2nd quarter worth approximately $230,000. 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.