Crinetics Pharmaceuticals (NASDAQ:CRNX) Director Coelho Rogerio Vivaldi Sells 3,000 Shares

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Director Coelho Rogerio Vivaldi sold 3,000 shares of the firm’s stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $40.00, for a total value of $120,000.00. Following the sale, the director directly owned 19,225 shares in the company, valued at approximately $769,000. This represents a 13.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Crinetics Pharmaceuticals Trading Up 98.7%

Shares of NASDAQ CRNX opened at $83.53 on Wednesday. Crinetics Pharmaceuticals, Inc. has a 12-month low of $25.83 and a 12-month high of $83.63. The firm’s 50-day moving average price is $37.67 and its 200-day moving average price is $41.76. The stock has a market capitalization of $8.81 billion, a price-to-earnings ratio of -16.28 and a beta of 0.23.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its earnings results on Thursday, May 7th. The company reported ($1.23) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.22) by ($0.01). The firm had revenue of $10.73 million during the quarter, compared to the consensus estimate of $8.51 million. Crinetics Pharmaceuticals had a negative return on equity of 43.96% and a negative net margin of 2,747.18%.Crinetics Pharmaceuticals’s revenue was up 2873.4% compared to the same quarter last year. During the same quarter last year, the business posted ($1.04) EPS. On average, equities analysts predict that Crinetics Pharmaceuticals, Inc. will post -4.86 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

CRNX has been the subject of a number of analyst reports. JonesTrading restated a “hold” rating and set a $85.00 target price on shares of Crinetics Pharmaceuticals in a report on Tuesday. Wall Street Zen upgraded Crinetics Pharmaceuticals from a “strong sell” rating to a “sell” rating in a report on Sunday, May 17th. Cantor Fitzgerald reissued a “neutral” rating on shares of Crinetics Pharmaceuticals in a research report on Tuesday. Oppenheimer restated a “market perform” rating on shares of Crinetics Pharmaceuticals in a research note on Tuesday. Finally, UBS Group began coverage on Crinetics Pharmaceuticals in a research report on Thursday, July 2nd. They set a “buy” rating and a $55.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $78.27.

Trending Headlines about Crinetics Pharmaceuticals

Here are the key news stories impacting Crinetics Pharmaceuticals this week:

• Positive Sentiment: Vertex announced a definitive agreement to buy Crinetics for $85 per share in cash, giving shareholders a large acquisition premium and driving the stock sharply higher.
• Positive Sentiment: The deal highlights Crinetics’ approved rare-disease drug PALSONIFY and late-stage pipeline candidate Atumelnant, which made the company attractive as a strategic asset.
• Positive Sentiment: Several brokerages raised or reaffirmed favorable price targets around the deal price, signaling that analysts see limited downside near the acquisition value.

Institutional Trading of Crinetics Pharmaceuticals

A number of institutional investors have recently made changes to their positions in the business. Smartleaf Asset Management LLC increased its position in Crinetics Pharmaceuticals by 107.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 639 shares of the company’s stock valued at $30,000 after buying an additional 331 shares in the last quarter. Headlands Technologies LLC purchased a new stake in shares of Crinetics Pharmaceuticals during the second quarter worth about $30,000. Parallel Advisors LLC grew its stake in shares of Crinetics Pharmaceuticals by 34.6% during the fourth quarter. Parallel Advisors LLC now owns 1,225 shares of the company’s stock worth $57,000 after acquiring an additional 315 shares during the last quarter. Arax Advisory Partners increased its holdings in shares of Crinetics Pharmaceuticals by 131.2% during the fourth quarter. Arax Advisory Partners now owns 1,498 shares of the company’s stock valued at $70,000 after acquiring an additional 850 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new position in shares of Crinetics Pharmaceuticals during the second quarter valued at about $45,000. 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.