Marc Wilson Sells 32,129 Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Stock

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) CFO Marc Wilson sold 32,129 shares of the stock in a transaction on Friday, June 28th. The shares were sold at an average price of $43.61, for a total value of $1,401,145.69. Following the sale, the chief financial officer now owns 111,092 shares in the company, valued at approximately $4,844,722.12. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Crinetics Pharmaceuticals Stock Down 2.9 %

CRNX stock opened at $44.20 on Thursday. Crinetics Pharmaceuticals, Inc. has a 52 week low of $15.76 and a 52 week high of $53.70. The company has a market cap of $3.49 billion, a price-to-earnings ratio of -11.69 and a beta of 0.68. The business has a fifty day simple moving average of $46.45 and a 200-day simple moving average of $42.21.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its quarterly earnings results on Thursday, May 9th. The company reported ($0.93) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.84) by ($0.09). The business had revenue of $0.64 million for the quarter, compared to analysts’ expectations of $0.20 million. During the same quarter last year, the business posted ($0.85) earnings per share. The firm’s quarterly revenue was down 76.1% compared to the same quarter last year. As a group, analysts expect that Crinetics Pharmaceuticals, Inc. will post -3.53 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently issued reports on CRNX. JMP Securities restated a “market outperform” rating and issued a $80.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Tuesday, June 4th. Citigroup initiated coverage on shares of Crinetics Pharmaceuticals in a report on Wednesday, March 6th. They issued a “buy” rating and a $68.00 target price on the stock. Jonestrading boosted their price objective on shares of Crinetics Pharmaceuticals from $52.00 to $56.00 and gave the company a “buy” rating in a research report on Wednesday, March 20th. Morgan Stanley upped their price objective on shares of Crinetics Pharmaceuticals from $50.00 to $70.00 and gave the company an “overweight” rating in a research note on Thursday, May 23rd. Finally, Robert W. Baird lifted their target price on shares of Crinetics Pharmaceuticals from $52.00 to $62.00 and gave the stock an “outperform” rating in a research note on Thursday, May 23rd. One research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $62.50.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Comerica Bank purchased a new stake in shares of Crinetics Pharmaceuticals during the 1st quarter valued at about $33,000. Quarry LP acquired a new stake in Crinetics Pharmaceuticals in the fourth quarter valued at approximately $36,000. AJOVista LLC purchased a new stake in shares of Crinetics Pharmaceuticals during the fourth quarter valued at approximately $58,000. HighMark Wealth Management LLC purchased a new stake in shares of Crinetics Pharmaceuticals during the fourth quarter valued at approximately $151,000. Finally, Oppenheimer Asset Management Inc. acquired a new position in shares of Crinetics Pharmaceuticals during the first quarter worth $200,000. Institutional investors and hedge funds own 98.51% of the company’s stock.

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.