Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) CEO Sells $592,959.60 in Stock

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) CEO Richard Scott Struthers sold 17,338 shares of Crinetics Pharmaceuticals stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $34.20, for a total transaction of $592,959.60. Following the sale, the chief executive officer now directly owns 329,147 shares in the company, valued at $11,256,827.40. The trade was a 5.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Crinetics Pharmaceuticals Stock Performance

Shares of NASDAQ CRNX opened at $34.42 on Friday. The firm’s 50 day moving average price is $36.22 and its 200-day moving average price is $48.13. The company has a market cap of $3.20 billion, a PE ratio of -9.23 and a beta of 0.58. Crinetics Pharmaceuticals, Inc. has a 52-week low of $31.84 and a 52-week high of $62.53.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its earnings results on Thursday, February 27th. The company reported ($0.88) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.92) by $0.04. On average, analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. KBC Group NV raised its holdings in shares of Crinetics Pharmaceuticals by 22.8% during the third quarter. KBC Group NV now owns 2,193 shares of the company’s stock valued at $112,000 after purchasing an additional 407 shares during the last quarter. Martingale Asset Management L P raised its holdings in shares of Crinetics Pharmaceuticals by 1.9% during the fourth quarter. Martingale Asset Management L P now owns 22,484 shares of the company’s stock valued at $1,150,000 after purchasing an additional 410 shares during the last quarter. Mackenzie Financial Corp raised its holdings in shares of Crinetics Pharmaceuticals by 8.8% during the fourth quarter. Mackenzie Financial Corp now owns 5,422 shares of the company’s stock valued at $277,000 after purchasing an additional 440 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Crinetics Pharmaceuticals by 2.5% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 20,633 shares of the company’s stock valued at $1,054,000 after purchasing an additional 505 shares during the last quarter. Finally, NEOS Investment Management LLC raised its holdings in shares of Crinetics Pharmaceuticals by 0.9% during the fourth quarter. NEOS Investment Management LLC now owns 57,933 shares of the company’s stock valued at $2,962,000 after purchasing an additional 544 shares during the last quarter. 98.51% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CRNX has been the topic of several research reports. JMP Securities reissued a “market outperform” rating and set a $87.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Monday, December 16th. TD Cowen initiated coverage on shares of Crinetics Pharmaceuticals in a research note on Tuesday, February 11th. They set a “buy” rating on the stock. HC Wainwright reissued a “buy” rating and set a $81.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Monday, January 13th. Jefferies Financial Group raised shares of Crinetics Pharmaceuticals from a “hold” rating to a “buy” rating and set a $55.00 price objective on the stock in a research note on Wednesday, January 22nd. Finally, Wolfe Research initiated coverage on shares of Crinetics Pharmaceuticals in a research note on Tuesday, February 4th. They set a “peer perform” rating on the stock. One equities research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $74.30.

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.