Insider Selling: Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) COO Sells 7,162 Shares of Stock

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) COO Jeff E. Knight sold 7,162 shares of the firm’s stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $34.20, for a total transaction of $244,940.40. Following the completion of the transaction, the chief operating officer now directly owns 87,491 shares in the company, valued at approximately $2,992,192.20. This represents a 7.57 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Crinetics Pharmaceuticals Stock Performance

Crinetics Pharmaceuticals stock opened at $34.42 on Friday. The firm’s 50-day moving average is $36.22 and its 200-day moving average is $48.13. Crinetics Pharmaceuticals, Inc. has a 1 year low of $31.84 and a 1 year high of $62.53. The company has a market cap of $3.20 billion, a P/E ratio of -9.23 and a beta of 0.58.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its quarterly earnings results on Thursday, February 27th. The company reported ($0.88) earnings per share (EPS) 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 year.

Analyst Upgrades and Downgrades

CRNX has been the subject of a number of recent analyst reports. JMP Securities reaffirmed a “market outperform” rating and set a $87.00 price target on shares of Crinetics Pharmaceuticals in a report on Monday, December 16th. TD Cowen initiated coverage on shares of Crinetics Pharmaceuticals in a report on Tuesday, February 11th. They set a “buy” rating for the company. HC Wainwright reaffirmed a “buy” rating and set a $81.00 price target on shares of Crinetics Pharmaceuticals in a report on Monday, January 13th. Jefferies Financial Group raised shares of Crinetics Pharmaceuticals from a “hold” rating to a “buy” rating and set a $55.00 price target for the company in a report on Wednesday, January 22nd. Finally, Wolfe Research assumed coverage on shares of Crinetics Pharmaceuticals in a 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 company’s stock. According to data from MarketBeat.com, Crinetics Pharmaceuticals has an average rating of “Moderate Buy” and a consensus price target of $74.30.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of CRNX. Principal Financial Group Inc. lifted its position in shares of Crinetics Pharmaceuticals by 488.5% in the 3rd quarter. Principal Financial Group Inc. now owns 77,709 shares of the company’s stock worth $3,971,000 after buying an additional 64,504 shares during the last quarter. Oppenheimer Asset Management Inc. bought a new stake in Crinetics Pharmaceuticals in the 3rd quarter valued at about $215,000. Oppenheimer & Co. Inc. lifted its position in Crinetics Pharmaceuticals by 16.4% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 5,469 shares of the company’s stock valued at $279,000 after purchasing an additional 770 shares during the last quarter. KBC Group NV lifted its position in Crinetics Pharmaceuticals by 22.8% in the 3rd quarter. KBC Group NV now owns 2,193 shares of the company’s stock valued at $112,000 after purchasing an additional 407 shares during the last quarter. Finally, Natixis Advisors LLC lifted its position in Crinetics Pharmaceuticals by 36.6% in the 3rd quarter. Natixis Advisors LLC now owns 44,346 shares of the company’s stock valued at $2,266,000 after purchasing an additional 11,870 shares during the last quarter. 98.51% of the stock is currently owned by institutional investors.

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.