Insider Selling: Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) COO Sells $244,940.40 in Stock

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) COO Jeff E. Knight sold 7,162 shares of the stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $34.20, for a total value of $244,940.40. Following the sale, the chief operating officer now directly owns 87,491 shares in the company, valued at $2,992,192.20. This represents a 7.57 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Crinetics Pharmaceuticals Stock Performance

NASDAQ CRNX opened at $34.42 on Monday. The firm’s fifty day moving average price is $36.22 and its two-hundred day moving average price is $48.07. The stock 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 fifty-two week low of $31.84 and a fifty-two week high of $62.53.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings data on Thursday, February 27th. The company reported ($0.88) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.92) by $0.04. As a group, sell-side analysts predict that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current fiscal year.

Institutional Trading of Crinetics Pharmaceuticals

Several hedge funds and other institutional investors have recently made changes to their positions in CRNX. FMR LLC boosted its position in Crinetics Pharmaceuticals by 100.4% during the 4th quarter. FMR LLC now owns 8,928,086 shares of the company’s stock worth $456,493,000 after buying an additional 4,472,316 shares during the period. Farallon Capital Management LLC grew its position in shares of Crinetics Pharmaceuticals by 250.7% in the 4th quarter. Farallon Capital Management LLC now owns 4,075,098 shares of the company’s stock valued at $208,360,000 after buying an additional 2,913,098 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Crinetics Pharmaceuticals by 44.6% in the fourth quarter. Vanguard Group Inc. now owns 9,089,391 shares of the company’s stock valued at $464,741,000 after buying an additional 2,801,736 shares during the period. Wellington Management Group LLP raised its position in shares of Crinetics Pharmaceuticals by 55.9% during the fourth quarter. Wellington Management Group LLP now owns 6,950,567 shares of the company’s stock worth $355,382,000 after acquiring an additional 2,490,876 shares during the last quarter. Finally, SG Americas Securities LLC lifted its stake in shares of Crinetics Pharmaceuticals by 4,084.6% in the fourth quarter. SG Americas Securities LLC now owns 542,446 shares of the company’s stock worth $27,735,000 after acquiring an additional 529,483 shares during the period. 98.51% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on CRNX. JMP Securities reissued a “market outperform” rating and set a $87.00 target price on shares of Crinetics Pharmaceuticals in a report on Monday, December 16th. Jefferies Financial Group raised shares of 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. HC Wainwright restated a “buy” rating and issued a $81.00 target price on shares of Crinetics Pharmaceuticals in a research report on Monday, January 13th. TD Cowen began coverage on shares of Crinetics Pharmaceuticals in a research report on Tuesday, February 11th. They set a “buy” rating on the stock. Finally, Wolfe Research assumed coverage on shares of Crinetics Pharmaceuticals in a research report on Tuesday, February 4th. They set a “peer perform” rating for the company. One analyst has rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, Crinetics Pharmaceuticals has an average rating of “Moderate Buy” and an average 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.