Crinetics Pharmaceuticals (NASDAQ:CRNX) Shares Down 3.5% After Insider Selling

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)’s stock price fell 3.5% on Wednesday after an insider sold shares in the company. The stock traded as low as $43.24 and last traded at $43.28. 51,907 shares were traded during trading, a decline of 94% from the average session volume of 808,579 shares. The stock had previously closed at $44.87.

Specifically, CEO Richard Scott Struthers sold 40,951 shares of Crinetics Pharmaceuticals stock in a transaction dated Thursday, April 4th. The stock was sold at an average price of $49.17, for a total value of $2,013,560.67. Following the transaction, the chief executive officer now owns 237,835 shares in the company, valued at $11,694,346.95. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Crinetics Pharmaceuticals news, CEO Richard Scott Struthers sold 40,951 shares of the firm’s stock in a transaction that occurred on Thursday, April 4th. The shares were sold at an average price of $49.17, for a total value of $2,013,560.67. Following the sale, the chief executive officer now owns 237,835 shares in the company, valued at $11,694,346.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider James Hassard sold 15,000 shares of the company’s stock in a transaction on Friday, June 21st. The stock was sold at an average price of $44.66, for a total transaction of $669,900.00. Following the transaction, the insider now owns 29,259 shares of the company’s stock, valued at $1,306,706.94. The disclosure for this sale can be found here. In the last quarter, insiders have sold 196,274 shares of company stock valued at $9,487,423. 6.00% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on CRNX. Citigroup began coverage on Crinetics Pharmaceuticals in a research note on Wednesday, March 6th. They issued a “buy” rating and a $68.00 price objective for the company. JMP Securities reaffirmed a “market outperform” rating and set a $80.00 price target on shares of Crinetics Pharmaceuticals in a research note on Tuesday, June 4th. Oppenheimer boosted their price objective on shares of Crinetics Pharmaceuticals from $55.00 to $74.00 and gave the stock an “outperform” rating in a research note on Tuesday, June 4th. Jonestrading raised their target price on Crinetics Pharmaceuticals from $52.00 to $56.00 and gave the stock a “buy” rating in a research report on Wednesday, March 20th. Finally, Robert W. Baird lifted their target price on Crinetics Pharmaceuticals from $52.00 to $62.00 and gave the stock an “outperform” rating in a report on Thursday, May 23rd. One investment analyst has rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, Crinetics Pharmaceuticals presently has a consensus rating of “Moderate Buy” and a consensus price target of $62.50.

Crinetics Pharmaceuticals Trading Up 3.0 %

The firm has a 50-day moving average of $46.32 and a 200 day moving average of $41.85. The company has a market cap of $3.43 billion, a P/E ratio of -11.50 and a beta of 0.64.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its quarterly earnings results on Thursday, May 9th. The company reported ($0.93) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.84) by ($0.09). The business had revenue of $0.64 million for the quarter, compared to the consensus estimate of $0.20 million. Crinetics Pharmaceuticals had a negative return on equity of 42.50% and a negative net margin of 4,223.27%. Crinetics Pharmaceuticals’s quarterly revenue was down 76.1% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.85) earnings per share. On average, equities analysts predict that Crinetics Pharmaceuticals, Inc. will post -3.53 EPS for the current year.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

Large investors have recently bought and sold shares of the stock. Comerica Bank bought a new position in shares of Crinetics Pharmaceuticals during the 1st quarter worth about $33,000. Quarry LP bought a new position in Crinetics Pharmaceuticals in the fourth quarter worth approximately $36,000. AJOVista LLC acquired a new stake in Crinetics Pharmaceuticals in the fourth quarter valued at approximately $58,000. HighMark Wealth Management LLC bought a new stake in shares of Crinetics Pharmaceuticals during the fourth quarter valued at approximately $151,000. Finally, Oppenheimer Asset Management Inc. acquired a new position in shares of Crinetics Pharmaceuticals during the first quarter worth approximately $200,000. 98.51% of the stock is currently owned by institutional investors and hedge funds.

About Crinetics Pharmaceuticals

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.