Key Points
- Jeff Knight sold 85,163 shares of Crinetics (NASDAQ:CRNX) on April 8 at an average price of $40.10, generating about $3.42 million.
- The transaction was executed under a pre-arranged Rule 10b5-1 trading plan and left Knight with 105,289 shares, a 44.72% decrease in his ownership.
- CRNX trades in the low $40s (50-day SMA $40.35, 200-day SMA $44.15) with a $4.13B market cap, and analysts show a Moderate Buy consensus with an average target of $76.63.
Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Get Free Report) insider Jeff Knight sold 85,163 shares of the company's stock in a transaction that occurred on Wednesday, April 8th. The stock was sold at an average price of $40.10, for a total transaction of $3,415,036.30. Following the transaction, the insider owned 105,289 shares of the company's stock, valued at approximately $4,222,088.90. This represents a 44.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Crinetics Pharmaceuticals Price Performance
CRNX stock opened at $39.44 on Friday. The company has a 50 day simple moving average of $40.35 and a 200 day simple moving average of $44.15. The stock has a market cap of $4.13 billion, a price-to-earnings ratio of -7.98 and a beta of 0.30. Crinetics Pharmaceuticals, Inc. has a 1 year low of $25.83 and a 1 year high of $57.99.
Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last released its quarterly earnings data on Thursday, February 26th. The company reported ($1.29) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($1.37) by $0.08. The business had revenue of $6.16 million during the quarter, compared to analysts' expectations of $4.32 million. Crinetics Pharmaceuticals had a negative net margin of 6,046.22% and a negative return on equity of 41.46%. The firm's quarterly revenue was up NaN% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.88) EPS. On average, equities research analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS for the current fiscal year.
Institutional Investors Weigh In On Crinetics Pharmaceuticals
A number of institutional investors have recently modified their holdings of the company. Rockefeller Capital Management L.P. boosted its stake in shares of Crinetics Pharmaceuticals by 12.5% in the 4th quarter. Rockefeller Capital Management L.P. now owns 4,679 shares of the company's stock valued at $218,000 after purchasing an additional 521 shares during the last quarter. Invesco Ltd. boosted its stake in shares of Crinetics Pharmaceuticals by 76.8% in the 4th quarter. Invesco Ltd. now owns 158,089 shares of the company's stock valued at $7,359,000 after purchasing an additional 68,696 shares during the last quarter. ADAR1 Capital Management LLC boosted its stake in shares of Crinetics Pharmaceuticals by 24.6% in the 4th quarter. ADAR1 Capital Management LLC now owns 309,368 shares of the company's stock valued at $14,401,000 after purchasing an additional 61,000 shares during the last quarter. Virtus Investment Advisers LLC boosted its stake in shares of Crinetics Pharmaceuticals by 282.7% in the 4th quarter. Virtus Investment Advisers LLC now owns 13,535 shares of the company's stock valued at $630,000 after purchasing an additional 9,998 shares during the last quarter. Finally, Progeny 3 Inc. bought a new stake in shares of Crinetics Pharmaceuticals in the 4th quarter valued at $1,117,000. 98.51% of the stock is owned by institutional investors.
Analyst Upgrades and Downgrades
CRNX has been the subject of a number of research analyst reports. Weiss Ratings reiterated a "sell (d-)" rating on shares of Crinetics Pharmaceuticals in a research report on Wednesday, January 21st. Morgan Stanley boosted their target price on shares of Crinetics Pharmaceuticals from $77.00 to $80.00 and gave the stock an "overweight" rating in a report on Tuesday, January 6th. The Goldman Sachs Group raised shares of Crinetics Pharmaceuticals from a "neutral" rating to a "buy" rating and set a $67.00 target price on the stock in a report on Monday, January 12th. Lifesci Capital raised shares of Crinetics Pharmaceuticals to a "strong-buy" rating in a report on Friday, February 13th. Finally, Citizens Jmp reduced their target price on shares of Crinetics Pharmaceuticals from $105.00 to $96.00 and set a "market outperform" rating on the stock in a report on Monday, March 2nd. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $76.63.
View Our Latest Stock Report on CRNX
About Crinetics Pharmaceuticals
(
Get Free Report)
Crinetics Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of novel therapeutics for rare endocrine diseases. The company's proprietary platform leverages insights into hormone receptor signaling to design small-molecule candidates that address conditions driven by dysregulated hormone activity. Crinetics' research efforts center on targeting somatostatin, vasopressin and other GPCR-mediated pathways with orally bioavailable molecules intended to improve patient convenience and adherence.
The company's lead product candidate, paltusotine (formerly CRN04777), is a selective, non-peptide somatostatin receptor type 2 agonist being evaluated for the treatment of acromegaly and carcinoid syndrome diarrhea.
Further Reading
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