Crinetics Pharmaceuticals (NASDAQ:CRNX) Insider Isabel Kalofonos Sells 2,500 Shares

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) insider Isabel Kalofonos sold 2,500 shares of the firm’s stock in a transaction dated Monday, January 5th. The stock was sold at an average price of $55.00, for a total value of $137,500.00. Following the sale, the insider directly owned 834 shares in the company, valued at $45,870. This trade represents a 74.99% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link.

Crinetics Pharmaceuticals Stock Up 16.1%

Shares of CRNX opened at $53.34 on Thursday. The company has a market capitalization of $5.06 billion, a price-to-earnings ratio of -11.77 and a beta of 0.20. Crinetics Pharmaceuticals, Inc. has a 52-week low of $24.10 and a 52-week high of $57.99. The stock has a 50 day moving average price of $45.76 and a 200 day moving average price of $38.26.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings data on Thursday, November 6th. The company reported ($1.38) earnings per share for the quarter, missing the consensus estimate of ($1.27) by ($0.11). The firm had revenue of $0.14 million for the quarter, compared to analyst estimates of $0.39 million. During the same period in the previous year, the company earned ($0.96) EPS. On average, equities analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS for the current fiscal year.

Institutional Investors Weigh In On Crinetics Pharmaceuticals

A number of hedge funds have recently added to or reduced their stakes in CRNX. Wellington Management Group LLP boosted its holdings in Crinetics Pharmaceuticals by 44.3% in the 3rd quarter. Wellington Management Group LLP now owns 8,381,991 shares of the company’s stock valued at $349,110,000 after purchasing an additional 2,574,683 shares in the last quarter. Farallon Capital Management LLC grew its holdings in Crinetics Pharmaceuticals by 24.2% during the third quarter. Farallon Capital Management LLC now owns 5,770,098 shares of the company’s stock worth $240,325,000 after acquiring an additional 1,124,000 shares during the period. JPMorgan Chase & Co. raised its position in Crinetics Pharmaceuticals by 279.2% in the third quarter. JPMorgan Chase & Co. now owns 1,258,722 shares of the company’s stock worth $52,426,000 after acquiring an additional 926,765 shares in the last quarter. Ameriprise Financial Inc. lifted its holdings in Crinetics Pharmaceuticals by 157.7% in the third quarter. Ameriprise Financial Inc. now owns 614,816 shares of the company’s stock valued at $25,607,000 after acquiring an additional 376,206 shares during the period. Finally, American Century Companies Inc. boosted its position in shares of Crinetics Pharmaceuticals by 33.6% during the 3rd quarter. American Century Companies Inc. now owns 1,133,535 shares of the company’s stock worth $47,212,000 after purchasing an additional 284,897 shares in the last quarter. Institutional investors and hedge funds own 98.51% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. JPMorgan Chase & Co. reduced their price objective on Crinetics Pharmaceuticals from $53.00 to $52.00 and set an “overweight” rating for the company in a research note on Wednesday, September 24th. Wall Street Zen upgraded shares of Crinetics Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Saturday, January 3rd. Leerink Partners increased their price target on shares of Crinetics Pharmaceuticals from $80.00 to $88.00 and gave the stock an “outperform” rating in a research note on Monday, September 29th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a report on Wednesday, October 8th. Finally, JMP Securities raised their price target on Crinetics Pharmaceuticals from $86.00 to $143.00 and gave the stock a “market outperform” rating in a report on Friday, September 26th. Eleven research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $77.55.

About Crinetics Pharmaceuticals

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.