Stephanie Okey Sells 6,900 Shares of Crinetics Pharmaceuticals (NASDAQ:CRNX) Stock

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Director Stephanie Okey sold 6,900 shares of the company’s stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $35.67, for a total transaction of $246,123.00. Following the completion of the sale, the director directly owned 6,400 shares of the company’s stock, valued at $228,288. This trade represents a 51.88% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Crinetics Pharmaceuticals Price Performance

NASDAQ:CRNX opened at $35.87 on Friday. The company has a fifty day moving average of $37.08 and a 200 day moving average of $42.29. Crinetics Pharmaceuticals, Inc. has a 52 week low of $25.83 and a 52 week high of $57.99. The firm has a market capitalization of $3.78 billion, a P/E ratio of -6.99 and a beta of 0.24.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($1.23) earnings per share for the quarter, missing the consensus estimate 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 for the quarter, compared to analysts’ expectations of $8.51 million. During the same period in the previous year, the company earned ($1.04) EPS. The company’s quarterly revenue was up 2873.4% on a year-over-year basis. As a group, analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -4.85 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Citizens Jmp reiterated a “market outperform” rating and issued a $95.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Thursday, June 11th. HC Wainwright restated a “buy” rating and set a $81.00 target price on shares of Crinetics Pharmaceuticals in a report on Monday, June 15th. Oppenheimer dropped their price target on Crinetics Pharmaceuticals from $87.00 to $84.00 and set an “outperform” rating for the company in a research note on Monday, May 11th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a report on Monday, April 20th. Finally, Wall Street Zen raised shares of Crinetics Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research report on Sunday, May 17th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Crinetics Pharmaceuticals has a consensus rating of “Moderate Buy” and a consensus price target of $76.12.

Institutional Trading of Crinetics Pharmaceuticals

Several large investors have recently bought and sold shares of CRNX. Wellington Management Group LLP raised its position in shares of Crinetics Pharmaceuticals by 44.3% in the 3rd quarter. Wellington Management Group LLP now owns 8,381,991 shares of the company’s stock worth $349,110,000 after acquiring an additional 2,574,683 shares in the last quarter. Baker BROS. Advisors LP lifted its stake in shares of Crinetics Pharmaceuticals by 488.9% in the 4th quarter. Baker BROS. Advisors LP now owns 1,648,869 shares of the company’s stock valued at $76,755,000 after purchasing an additional 1,368,869 shares during the period. Farallon Capital Management LLC boosted its position in shares of Crinetics Pharmaceuticals by 20.2% during the fourth quarter. Farallon Capital Management LLC now owns 6,933,098 shares of the company’s stock valued at $322,736,000 after purchasing an additional 1,163,000 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of Crinetics Pharmaceuticals by 279.2% during the third quarter. JPMorgan Chase & Co. now owns 1,258,722 shares of the company’s stock valued at $52,426,000 after purchasing an additional 926,765 shares in the last quarter. Finally, ADAR1 Capital Management LLC grew its stake in Crinetics Pharmaceuticals by 268.3% in the first quarter. ADAR1 Capital Management LLC now owns 1,139,331 shares of the company’s stock worth $41,381,000 after purchasing an additional 829,963 shares during the period. 98.51% of the stock is owned by institutional investors.

Crinetics Pharmaceuticals Company Profile

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.