Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) CEO Richard Scott Struthers Sells 17,338 Shares

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Get Free Report) CEO Richard Scott Struthers sold 17,338 shares of the stock in a transaction on Wednesday, March 19th. The stock was sold at an average price of $34.20, for a total value of $592,959.60. Following the sale, the chief executive officer now directly owns 329,147 shares in the company, valued at approximately $11,256,827.40. This trade represents a 5.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link.

Crinetics Pharmaceuticals Price Performance

NASDAQ CRNX traded down $0.87 during trading hours on Tuesday, reaching $35.07. The company's stock had a trading volume of 1,036,154 shares, compared to its average volume of 814,522. The firm has a fifty day simple moving average of $36.16 and a 200-day simple moving average of $47.97. Crinetics Pharmaceuticals, Inc. has a 52 week low of $31.84 and a 52 week high of $62.53. The stock has a market cap of $3.26 billion, a P/E ratio of -9.40 and a beta of 0.58.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last released its quarterly earnings results on Thursday, February 27th. The company reported ($0.88) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.92) by $0.04. On average, research analysts expect that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current year.

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Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Principal Financial Group Inc. raised its position in shares of Crinetics Pharmaceuticals by 488.5% during the third quarter. Principal Financial Group Inc. now owns 77,709 shares of the company's stock worth $3,971,000 after acquiring an additional 64,504 shares during the last quarter. Oppenheimer Asset Management Inc. bought a new position in Crinetics Pharmaceuticals during the 3rd quarter worth approximately $215,000. Oppenheimer & Co. Inc. raised its holdings in Crinetics Pharmaceuticals by 16.4% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 5,469 shares of the company's stock worth $279,000 after purchasing an additional 770 shares during the last quarter. KBC Group NV lifted its position in shares of Crinetics Pharmaceuticals by 22.8% in the 3rd quarter. KBC Group NV now owns 2,193 shares of the company's stock worth $112,000 after purchasing an additional 407 shares during the period. Finally, Natixis Advisors LLC boosted its stake in shares of Crinetics Pharmaceuticals by 36.6% in the 3rd quarter. Natixis Advisors LLC now owns 44,346 shares of the company's stock valued at $2,266,000 after purchasing an additional 11,870 shares during the last quarter. 98.51% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. HC Wainwright reaffirmed a "buy" rating and set a $81.00 price target on shares of Crinetics Pharmaceuticals in a report on Monday, January 13th. Jefferies Financial Group raised Crinetics Pharmaceuticals from a "hold" rating to a "buy" rating and set a $55.00 target price on the stock in a report on Wednesday, January 22nd. TD Cowen began coverage on Crinetics Pharmaceuticals in a report on Tuesday, February 11th. They set a "buy" rating for the company. Stifel Nicolaus started coverage on Crinetics Pharmaceuticals in a research report on Tuesday. They set a "buy" rating and a $60.00 price objective for the company. Finally, Wolfe Research started coverage on Crinetics Pharmaceuticals in a research report on Tuesday, February 4th. They issued a "peer perform" rating on the stock. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $73.00.

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.