Crinetics Pharmaceuticals (NASDAQ:CRNX) Director Matthew Fust Sells 16,000 Shares

Key Points

• Matthew Fust, a director at Crinetics Pharmaceuticals, sold 16,000 shares at an average price of $44.75, reducing his holdings by 41.20% to 22,836 shares valued at approximately $1,021,911.
• Crinetics Pharmaceuticals' stock is currently down 4.3% to $41.65, with a twelve-month trading range between $24.10 and $62.53 and a market capitalization of $3.92 billion.
• Analysts maintain a "Moderate Buy" consensus rating for CRNX, with an average target price of $74.45 despite recent price target adjustments from several brokerages.

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Get Free Report) Director Matthew Fust sold 16,000 shares of the stock in a transaction that occurred on Friday, September 26th. The stock was sold at an average price of $44.75, for a total transaction of $716,000.00. Following the completion of the sale, the director owned 22,836 shares of the company's stock, valued at approximately $1,021,911. The trade was a 41.20% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Crinetics Pharmaceuticals Stock Down 4.3%

Shares of CRNX traded down $1.86 during mid-day trading on Tuesday, hitting $41.65. 2,107,900 shares of the company's stock were exchanged, compared to its average volume of 1,057,266. The firm has a fifty day moving average of $32.03 and a two-hundred day moving average of $31.51. Crinetics Pharmaceuticals, Inc. has a twelve month low of $24.10 and a twelve month high of $62.53. The stock has a market cap of $3.92 billion, a price-to-earnings ratio of -10.13 and a beta of 0.28.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported ($1.23) EPS for the quarter, missing the consensus estimate of ($1.13) by ($0.10). The firm had revenue of $1.03 million for the quarter, compared to the consensus estimate of $0.52 million. During the same quarter last year, the business posted ($0.94) EPS. The firm's revenue was up 158.4% compared to the same quarter last year. On average, equities analysts predict that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current year.

Institutional Trading of Crinetics Pharmaceuticals

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Exome Asset Management LLC acquired a new stake in Crinetics Pharmaceuticals in the 1st quarter worth $1,720,000. Rhumbline Advisers grew its position in Crinetics Pharmaceuticals by 6.3% in the 1st quarter. Rhumbline Advisers now owns 131,950 shares of the company's stock worth $4,426,000 after purchasing an additional 7,872 shares during the last quarter. Intech Investment Management LLC grew its position in Crinetics Pharmaceuticals by 32.1% in the 1st quarter. Intech Investment Management LLC now owns 56,950 shares of the company's stock worth $1,910,000 after purchasing an additional 13,845 shares during the last quarter. Amalgamated Bank boosted its position in shares of Crinetics Pharmaceuticals by 17.3% during the 1st quarter. Amalgamated Bank now owns 3,159 shares of the company's stock valued at $106,000 after acquiring an additional 467 shares in the last quarter. Finally, GAMMA Investing LLC boosted its position in shares of Crinetics Pharmaceuticals by 6,291.5% during the 1st quarter. GAMMA Investing LLC now owns 6,775 shares of the company's stock valued at $227,000 after acquiring an additional 6,669 shares in the last quarter. 98.51% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have recently commented on CRNX. JPMorgan Chase & Co. dropped their price target on shares of Crinetics Pharmaceuticals from $53.00 to $52.00 and set an "overweight" rating on the stock in a research note on Wednesday, September 24th. HC Wainwright restated a "buy" rating and set a $81.00 price target on shares of Crinetics Pharmaceuticals in a research note on Friday, June 27th. Robert W. Baird lifted their target price on shares of Crinetics Pharmaceuticals from $58.00 to $62.00 and gave the stock an "outperform" rating in a report on Friday. The Goldman Sachs Group lifted their target price on shares of Crinetics Pharmaceuticals from $35.00 to $40.00 and gave the stock a "neutral" rating in a report on Friday. Finally, Oppenheimer lifted their target price on shares of Crinetics Pharmaceuticals from $73.00 to $87.00 and gave the stock an "outperform" rating in a report on Tuesday. Eleven analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, Crinetics Pharmaceuticals presently has a consensus rating of "Moderate Buy" and an average target price of $74.45.

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.

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