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

Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) traded down 3.5% on Wednesday following insider selling activity. The company 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 the firm’s stock in a transaction on 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Crinetics Pharmaceuticals news, 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. Also, insider Dana Pizzuti sold 9,500 shares of Crinetics Pharmaceuticals stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $45.73, for a total value of $434,435.00. Following the completion of the transaction, the insider now owns 27,786 shares in the company, valued at approximately $1,270,653.78. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 196,274 shares of company stock worth $9,487,423. Company insiders own 6.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $65.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Tuesday, May 14th. Jonestrading boosted their price objective on Crinetics Pharmaceuticals from $52.00 to $56.00 and gave the company a “buy” rating in a report on Wednesday, March 20th. Piper Sandler boosted their price objective on Crinetics Pharmaceuticals from $56.00 to $97.00 and gave the company an “overweight” rating in a report on Tuesday, May 7th. Robert W. Baird upped their price target on Crinetics Pharmaceuticals from $52.00 to $62.00 and gave the stock an “outperform” rating in a report on Thursday, May 23rd. Finally, JMP Securities reiterated a “market outperform” rating and set a $80.00 price target on shares of Crinetics Pharmaceuticals in a report on Tuesday, June 4th. One investment analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $62.50.

Crinetics Pharmaceuticals Trading Down 6.0 %

The business has a 50-day moving average price of $46.31 and a 200 day moving average price of $41.84. The stock has a market cap of $3.33 billion, a PE ratio of -11.16 and a beta of 0.64.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings data 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 company had revenue of $0.64 million for the quarter, compared to analysts’ expectations of $0.20 million. Crinetics Pharmaceuticals had a negative return on equity of 42.50% and a negative net margin of 4,223.27%. The business’s revenue for the quarter was down 76.1% on a year-over-year basis. During the same period last year, the company posted ($0.85) EPS. On average, equities analysts predict that Crinetics Pharmaceuticals, Inc. will post -3.53 earnings per share for the current year.

Institutional Trading of Crinetics Pharmaceuticals

A number of institutional investors have recently added to or reduced their stakes in the stock. Comerica Bank bought a new stake in shares of Crinetics Pharmaceuticals during the 1st quarter valued at about $33,000. Quarry LP purchased a new position in shares of Crinetics Pharmaceuticals during the fourth quarter valued at approximately $36,000. AJOVista LLC purchased a new position in shares of Crinetics Pharmaceuticals during the fourth quarter valued at approximately $58,000. HighMark Wealth Management LLC purchased a new position in shares of Crinetics Pharmaceuticals during the fourth quarter valued at approximately $151,000. Finally, Oppenheimer Asset Management Inc. bought a new stake in shares of Crinetics Pharmaceuticals during the first quarter valued at approximately $200,000. Hedge funds and other institutional investors 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.