Key Points
- Crinetics Pharmaceuticals director Coelho Rogerio Vivaldi sold 3,000 shares on July 2 at an average price of $40.00, totaling $120,000. The filing said the sale was made under a pre-arranged Rule 10b5-1 trading plan.
- After the transaction, Vivaldi directly owned 19,225 shares worth about $769,000, which marked a 13.5% reduction in his holdings.
- The stock has been volatile but recently surged, opening at $83.53 with a 52-week high of $83.63, while analysts currently rate CRNX Moderate Buy with a consensus price target of $78.27.
Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Get Free Report) Director Coelho Rogerio Vivaldi sold 3,000 shares of the company's stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $40.00, for a total value of $120,000.00. Following the completion of the transaction, the director directly owned 19,225 shares in the company, valued at approximately $769,000. The trade was a 13.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Crinetics Pharmaceuticals Stock Up 98.7%
Shares of NASDAQ:CRNX opened at $83.53 on Wednesday. Crinetics Pharmaceuticals, Inc. has a 52-week low of $25.83 and a 52-week high of $83.63. The stock has a market cap of $8.81 billion, a price-to-earnings ratio of -16.28 and a beta of 0.23. The business has a 50-day moving average price of $37.67 and a 200-day moving average price of $41.76.
Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last issued its earnings results on Thursday, May 7th. The company reported ($1.23) EPS for the quarter, missing analysts' consensus estimates of ($1.22) by ($0.01). Crinetics Pharmaceuticals had a negative net margin of 2,747.18% and a negative return on equity of 43.96%. The firm had revenue of $10.73 million during the quarter, compared to analysts' expectations of $8.51 million. During the same quarter in the prior year, the company earned ($1.04) EPS. Crinetics Pharmaceuticals's quarterly revenue was up 2873.4% on a year-over-year basis. As a group, equities analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -4.86 EPS for the current fiscal year.
Analyst Ratings Changes
Several research analysts recently weighed in on CRNX shares. Citizens Jmp reiterated a "market outperform" rating and set a $95.00 price target on shares of Crinetics Pharmaceuticals in a research report on Thursday, June 11th. Cantor Fitzgerald reaffirmed a "neutral" rating on shares of Crinetics Pharmaceuticals in a research note on Tuesday. HC Wainwright reaffirmed a "neutral" rating and set a $85.00 target price (up from $81.00) on shares of Crinetics Pharmaceuticals in a report on Tuesday. Wall Street Zen upgraded shares of Crinetics Pharmaceuticals from a "strong sell" rating to a "sell" rating in a research note on Sunday, May 17th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Crinetics Pharmaceuticals in a report on Monday, April 20th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Crinetics Pharmaceuticals presently has an average rating of "Moderate Buy" and a consensus price target of $78.27.
Check Out Our Latest Research Report on Crinetics Pharmaceuticals
Institutional Trading of Crinetics Pharmaceuticals
Several institutional investors have recently modified their holdings of CRNX. First Light Asset Management LLC raised its position in shares of Crinetics Pharmaceuticals by 9.0% during the 3rd quarter. First Light Asset Management LLC now owns 941,516 shares of the company's stock worth $39,214,000 after purchasing an additional 77,380 shares during the last quarter. JPMorgan Chase & Co. increased its stake in Crinetics Pharmaceuticals by 279.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,258,722 shares of the company's stock worth $52,426,000 after buying an additional 926,765 shares in the last quarter. WINTON GROUP Ltd acquired a new position in shares of Crinetics Pharmaceuticals during the third quarter valued at approximately $2,841,000. Aberdeen Group plc raised its holdings in shares of Crinetics Pharmaceuticals by 98.4% during the fourth quarter. Aberdeen Group plc now owns 674,533 shares of the company's stock valued at $31,400,000 after acquiring an additional 334,584 shares during the last quarter. Finally, Farallon Capital Management LLC lifted its position in shares of Crinetics Pharmaceuticals by 24.2% in the third quarter. Farallon Capital Management LLC now owns 5,770,098 shares of the company's stock valued at $240,325,000 after acquiring an additional 1,124,000 shares in the last quarter. Institutional investors and hedge funds own 98.51% of the company's stock.
More Crinetics Pharmaceuticals News
Here are the key news stories impacting Crinetics Pharmaceuticals this week:
- Positive Sentiment: Vertex announced a definitive agreement to buy Crinetics for $85 per share in cash, giving shareholders a large acquisition premium and driving the stock sharply higher.
- Positive Sentiment: The deal highlights Crinetics’ approved rare-disease drug PALSONIFY and late-stage pipeline candidate Atumelnant, which made the company attractive as a strategic asset.
- Positive Sentiment: Several brokerages raised or reaffirmed favorable price targets around the deal price, signaling that analysts see limited downside near the acquisition value.
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.
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