Insider Selling: Crinetics Pharmaceuticals (NASDAQ:CRNX) Insider Sells 5,000 Shares of Stock

Key Points

• Dana Pizzuti, an insider at Crinetics Pharmaceuticals, sold 5,000 shares at an average price of $41.81, decreasing their ownership by 7.02% and leaving them with approximately $2.77 million in shares.
• Crinetics Pharmaceuticals reported earnings per share of ($1.23) for the last quarter, which was below the consensus estimate of ($1.13), although their revenue increased by 158.4% year-over-year.
• The company's stock has seen mixed ratings from analysts, with eleven Buy ratings and a consensus target price of $74.45, indicating strong market interest despite current selling activity.

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Get Free Report) insider Dana Pizzuti sold 5,000 shares of the firm's stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $41.81, for a total value of $209,050.00. Following the completion of the sale, the insider owned 66,270 shares of the company's stock, valued at approximately $2,770,748.70. This represents a 7.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Dana Pizzuti also recently made the following trade(s):

• On Friday, August 22nd, Dana Pizzuti sold 30,000 shares of Crinetics Pharmaceuticals stock. The stock was sold at an average price of $30.43, for a total transaction of $912,900.00.
• On Wednesday, August 20th, Dana Pizzuti sold 6,492 shares of Crinetics Pharmaceuticals stock. The shares were sold at an average price of $29.18, for a total transaction of $189,436.56.

Crinetics Pharmaceuticals Stock Performance

NASDAQ CRNX traded down $0.65 during trading on Friday, hitting $40.86. The stock had a trading volume of 1,385,646 shares, compared to its average volume of 1,064,588. Crinetics Pharmaceuticals, Inc. has a one year low of $24.10 and a one year high of $62.53. The stock has a 50 day simple moving average of $32.69 and a 200 day simple moving average of $31.69. The stock has a market capitalization of $3.85 billion, a price-to-earnings ratio of -9.94 and a beta of 0.33.

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

Wall Street Analyst Weigh In

CRNX has been the topic of several research reports. Weiss Ratings reiterated a "sell (d-)" rating on shares of Crinetics Pharmaceuticals in a report on Saturday, September 27th. HC Wainwright restated a "buy" rating and set a $81.00 target price on shares of Crinetics Pharmaceuticals in a research report on Friday, June 27th. Robert W. Baird increased their price target on Crinetics Pharmaceuticals from $58.00 to $62.00 and gave the stock an "outperform" rating in a research report on Friday, September 26th. JMP Securities lifted their price objective on Crinetics Pharmaceuticals from $86.00 to $143.00 and gave the company a "market outperform" rating in a research note on Friday, September 26th. Finally, Oppenheimer upped their target price on Crinetics Pharmaceuticals from $73.00 to $87.00 and gave the stock an "outperform" rating in a research note on Tuesday. Eleven research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $74.45.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Praxis Investment Management Inc. purchased a new position in Crinetics Pharmaceuticals during the third quarter worth about $242,000. Osaic Holdings Inc. raised its position in shares of Crinetics Pharmaceuticals by 126.1% during the 2nd quarter. Osaic Holdings Inc. now owns 2,478 shares of the company's stock valued at $75,000 after buying an additional 1,382 shares during the period. Headlands Technologies LLC acquired a new position in Crinetics Pharmaceuticals in the second quarter valued at approximately $30,000. Tower Research Capital LLC TRC lifted its holdings in Crinetics Pharmaceuticals by 2,295.5% in the second quarter. Tower Research Capital LLC TRC now owns 12,768 shares of the company's stock valued at $367,000 after acquiring an additional 12,235 shares during the last quarter. Finally, Exome Asset Management LLC grew its position in Crinetics Pharmaceuticals by 22.2% in the second quarter. Exome Asset Management LLC now owns 62,700 shares of the company's stock worth $1,803,000 after acquiring an additional 11,405 shares during the period. Hedge funds and other institutional investors own 98.51% of the company's stock.

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.

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