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

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

Crinetics Pharmaceuticals Trading Down 2.9 %

Crinetics Pharmaceuticals stock opened at $44.20 on Friday. The firm’s 50 day simple moving average is $46.49 and its 200 day simple moving average is $42.23. The firm has a market capitalization of $3.49 billion, a PE ratio of -11.69 and a beta of 0.68. Crinetics Pharmaceuticals, Inc. has a 1-year low of $15.76 and a 1-year high of $53.70.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its 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 company had revenue of $0.64 million for the quarter, compared to analyst estimates of $0.20 million. The company’s revenue for the quarter was down 76.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.85) earnings per share. Research analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.53 earnings per share for the current year.

Hedge Funds Weigh In On Crinetics Pharmaceuticals

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Comerica Bank purchased a new position in Crinetics Pharmaceuticals in the 1st quarter worth approximately $33,000. Quarry LP purchased a new position in Crinetics Pharmaceuticals in the 4th quarter worth approximately $36,000. AJOVista LLC purchased a new position in Crinetics Pharmaceuticals in the 4th quarter worth approximately $58,000. HighMark Wealth Management LLC purchased a new position in Crinetics Pharmaceuticals in the 4th quarter worth approximately $151,000. Finally, Oppenheimer Asset Management Inc. purchased a new position in Crinetics Pharmaceuticals in the 1st quarter worth approximately $200,000. Hedge funds and other institutional investors own 98.51% of the company’s stock.

Analysts Set New Price Targets

Several analysts have commented on the stock. Piper Sandler reaffirmed an “overweight” rating and issued a $97.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Tuesday. Cantor Fitzgerald reissued an “overweight” rating and issued a $65.00 price target on shares of Crinetics Pharmaceuticals in a research report on Tuesday, May 14th. JMP Securities reissued a “market outperform” rating and issued a $80.00 price target on shares of Crinetics Pharmaceuticals in a research report on Tuesday, June 4th. HC Wainwright reissued a “buy” rating and issued a $60.00 price target on shares of Crinetics Pharmaceuticals in a research report on Friday, June 28th. Finally, Oppenheimer boosted their price target on shares of Crinetics Pharmaceuticals from $55.00 to $74.00 and gave the company an “outperform” rating in a research report on Tuesday, June 4th. One equities research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $62.50.

About Crinetics Pharmaceuticals

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.