Insider Selling: Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Insider Sells 1,035 Shares of Stock

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Get Free Report) insider Stephen F. Betz sold 1,035 shares of the firm's stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $51.50, for a total value of $53,302.50. Following the transaction, the insider now directly owns 68,576 shares in the company, valued at $3,531,664. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Crinetics Pharmaceuticals Price Performance

NASDAQ CRNX traded up $0.49 during mid-day trading on Thursday, reaching $51.23. The stock had a trading volume of 435,217 shares, compared to its average volume of 787,502. Crinetics Pharmaceuticals, Inc. has a 1 year low of $25.35 and a 1 year high of $55.78. The stock has a market cap of $4.10 billion, a PE ratio of -13.42 and a beta of 0.63. The company has a fifty day moving average price of $51.75 and a 200 day moving average price of $47.48.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.94) earnings per share for the quarter, missing analysts' consensus estimates of ($0.86) by ($0.08). The company had revenue of $0.40 million for the quarter, compared to the consensus estimate of $0.47 million. During the same period in the prior year, the firm posted ($0.94) EPS. The firm's revenue was down 59.6% compared to the same quarter last year. As a group, equities research analysts expect that Crinetics Pharmaceuticals, Inc. will post -3.72 earnings per share for the current year.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

Hedge funds have recently added to or reduced their stakes in the stock. Comerica Bank purchased a new stake in Crinetics Pharmaceuticals during the 1st quarter valued at $33,000. Quest Partners LLC purchased a new stake in Crinetics Pharmaceuticals during the 2nd quarter valued at $42,000. Quarry LP purchased a new stake in Crinetics Pharmaceuticals during the 4th quarter valued at $36,000. Amalgamated Bank grew its position in shares of Crinetics Pharmaceuticals by 20.8% during the 2nd quarter. Amalgamated Bank now owns 2,692 shares of the company's stock valued at $121,000 after acquiring an additional 464 shares during the period. Finally, Oppenheimer Asset Management Inc. bought a new stake in shares of Crinetics Pharmaceuticals during the 1st quarter valued at $200,000. 98.51% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently issued reports on CRNX. Piper Sandler reissued an "overweight" rating and issued a $97.00 target price on shares of Crinetics Pharmaceuticals in a research note on Tuesday, July 2nd. Robert W. Baird raised their target price on Crinetics Pharmaceuticals from $52.00 to $62.00 and gave the stock an "outperform" rating in a research note on Thursday, May 23rd. Oppenheimer reissued an "outperform" rating and issued a $73.00 target price (down from $74.00) on shares of Crinetics Pharmaceuticals in a research note on Friday, August 9th. Morgan Stanley raised their target price on Crinetics Pharmaceuticals from $50.00 to $70.00 and gave the stock an "overweight" rating in a research note on Thursday, May 23rd. Finally, JPMorgan Chase & Co. raised their target price on Crinetics Pharmaceuticals from $47.00 to $54.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 9th. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $66.27.

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.

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