Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) COO Sells $1,433,827.29 in Stock

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) COO Jeff E. Knight sold 32,359 shares of the company’s stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $44.31, for a total transaction of $1,433,827.29. Following the completion of the sale, the chief operating officer now owns 52,580 shares in the company, valued at approximately $2,329,819.80. The sale was disclosed in a filing with the SEC, which is accessible through this link.

Crinetics Pharmaceuticals Trading Up 2.4 %

Shares of NASDAQ:CRNX opened at $44.43 on Thursday. The firm’s 50 day moving average is $39.56 and its two-hundred day moving average is $34.15. Crinetics Pharmaceuticals, Inc. has a 52 week low of $15.23 and a 52 week high of $47.58. The firm has a market capitalization of $3.09 billion, a P/E ratio of -12.01 and a beta of 0.62.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its quarterly earnings results on Wednesday, February 28th. The company reported ($0.90) EPS for the quarter, missing the consensus estimate of ($0.89) by ($0.01). Crinetics Pharmaceuticals had a negative net margin of 4,223.27% and a negative return on equity of 52.93%. During the same quarter last year, the business posted ($0.84) earnings per share. The firm’s revenue for the quarter was down 100.0% on a year-over-year basis. Analysts predict that Crinetics Pharmaceuticals, Inc. will post -3.34 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on CRNX. Morgan Stanley began coverage on shares of Crinetics Pharmaceuticals in a research note on Tuesday, January 16th. They issued an “overweight” rating and a $50.00 target price on the stock. HC Wainwright restated a “buy” rating and issued a $50.00 target price on shares of Crinetics Pharmaceuticals in a research note on Tuesday, March 19th. Jefferies Financial Group assumed coverage on shares of Crinetics Pharmaceuticals in a research note on Thursday, December 21st. They set a “hold” rating and a $35.00 price objective on the stock. Oppenheimer increased their price objective on shares of Crinetics Pharmaceuticals from $54.00 to $55.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 20th. Finally, Cantor Fitzgerald increased their price objective on shares of Crinetics Pharmaceuticals from $50.00 to $65.00 and gave the stock an “overweight” rating in a research note on Monday, March 4th. One investment analyst has rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $54.17.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

Several large investors have recently made changes to their positions in the company. BlackRock Inc. boosted its holdings in shares of Crinetics Pharmaceuticals by 16.3% in the second quarter. BlackRock Inc. now owns 4,600,486 shares of the company’s stock valued at $82,901,000 after acquiring an additional 644,128 shares in the last quarter. Wellington Management Group LLP boosted its holdings in shares of Crinetics Pharmaceuticals by 1.1% in the third quarter. Wellington Management Group LLP now owns 3,640,235 shares of the company’s stock valued at $108,261,000 after acquiring an additional 38,523 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of Crinetics Pharmaceuticals by 2.8% in the fourth quarter. Vanguard Group Inc. now owns 3,502,452 shares of the company’s stock valued at $124,617,000 after acquiring an additional 95,417 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Crinetics Pharmaceuticals by 16.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,008,858 shares of the company’s stock valued at $107,056,000 after acquiring an additional 430,659 shares in the last quarter. Finally, Jennison Associates LLC boosted its holdings in shares of Crinetics Pharmaceuticals by 77.7% in the fourth quarter. Jennison Associates LLC now owns 2,547,683 shares of the company’s stock valued at $90,647,000 after acquiring an additional 1,113,992 shares in the last quarter. Institutional investors and hedge funds own 98.51% of the company’s stock.

Crinetics Pharmaceuticals Company Profile

Crinetics Pharmaceuticals, Inc, a clinical-stage pharmaceutical company, focuses on the discovery, development, and commercialization of novel therapeutics for rare endocrine diseases and endocrine-related tumors. The company's lead product candidate is paltusotine, an oral selective nonpeptide somatostatin receptor type 2 agonist, which is in Phase 3 trial for the treatment of acromegaly; and Phase 2 trial for treating carcinoid syndrome associated with neuroendocrine tumors.