Stephen Betz Sells 10,612 Shares of Crinetics Pharmaceuticals (NASDAQ:CRNX) Stock

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) insider Stephen Betz sold 10,612 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $37.37, for a total value of $396,570.44. Following the completion of the sale, the insider directly owned 137,101 shares in the company, valued at $5,123,464.37. This represents a 7.18% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Crinetics Pharmaceuticals Price Performance

NASDAQ CRNX traded down $1.84 during mid-day trading on Wednesday, hitting $36.05. The stock had a trading volume of 1,865,531 shares, compared to its average volume of 1,270,091. The firm’s 50 day moving average is $46.58 and its 200 day moving average is $43.99. The stock has a market capitalization of $3.77 billion, a price-to-earnings ratio of -7.30 and a beta of 0.23. Crinetics Pharmaceuticals, Inc. has a twelve month low of $24.10 and a twelve month high of $57.99.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its earnings results 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. 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 previous year, the firm posted ($0.88) EPS. The business’s quarterly revenue was up NaN% on a year-over-year basis. As a group, equities research analysts expect that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms have commented on CRNX. Morgan Stanley increased their price objective on shares of Crinetics Pharmaceuticals from $77.00 to $80.00 and gave the company an “overweight” rating in a report on Tuesday, January 6th. The Goldman Sachs Group upgraded Crinetics Pharmaceuticals from a “neutral” rating to a “buy” rating and set a $67.00 target price on the stock in a report on Monday, January 12th. Weiss Ratings restated a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a research report on Wednesday, January 21st. Wall Street Zen raised Crinetics Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Saturday, February 28th. Finally, Lifesci Capital upgraded Crinetics Pharmaceuticals to a “strong-buy” rating in a research report on Friday, February 13th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $74.78.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

Hedge funds and other institutional investors have recently bought and sold shares of the company. Rockefeller Capital Management L.P. raised its stake in Crinetics Pharmaceuticals by 12.5% during the fourth quarter. Rockefeller Capital Management L.P. now owns 4,679 shares of the company’s stock worth $218,000 after purchasing an additional 521 shares during the period. Invesco Ltd. grew its stake in shares of Crinetics Pharmaceuticals by 76.8% in the 4th quarter. Invesco Ltd. now owns 158,089 shares of the company’s stock valued at $7,359,000 after buying an additional 68,696 shares during the period. ADAR1 Capital Management LLC increased its holdings in shares of Crinetics Pharmaceuticals by 24.6% during the 4th quarter. ADAR1 Capital Management LLC now owns 309,368 shares of the company’s stock worth $14,401,000 after buying an additional 61,000 shares during the last quarter. Virtus Investment Advisers LLC increased its holdings in shares of Crinetics Pharmaceuticals by 282.7% during the 4th quarter. Virtus Investment Advisers LLC now owns 13,535 shares of the company’s stock worth $630,000 after buying an additional 9,998 shares during the last quarter. Finally, Progeny 3 Inc. purchased a new stake in shares of Crinetics Pharmaceuticals during the 4th quarter valued at approximately $1,117,000. 98.51% of the stock is currently owned by institutional investors and hedge funds.

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.