Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX – Get Rating)’s share price traded down 5.5% on Thursday after an insider sold shares in the company. The company traded as low as $18.58 and last traded at $18.62. 204,711 shares traded hands during mid-day trading, a decline of 54% from the average session volume of 444,003 shares. The stock had previously closed at $19.70.
Specifically, Director Coelho Rogerio Vivaldi bought 5,000 shares of the company’s stock in a transaction that occurred on Thursday, June 8th. The shares were acquired at an average cost of $22.06 per share, for a total transaction of $110,300.00. Following the acquisition, the director now owns 5,000 shares in the company, valued at approximately $110,300. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, Director Coelho Rogerio Vivaldi acquired 5,000 shares of the business’s stock in a transaction on Thursday, June 8th. The shares were purchased at an average price of $22.06 per share, for a total transaction of $110,300.00. Following the acquisition, the director now directly owns 5,000 shares of the company’s stock, valued at approximately $110,300. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Dana Pizzuti sold 8,212 shares of the firm’s stock in a transaction dated Wednesday, April 5th. The shares were sold at an average price of $16.15, for a total value of $132,623.80. Following the sale, the insider now owns 4,500 shares of the company’s stock, valued at $72,675. The disclosure for this sale can be found here. In the last three months, insiders sold 89,134 shares of company stock valued at $1,790,636. Company insiders own 5.90% of the company’s stock.
Wall Street Analyst Weigh In
CRNX has been the topic of a number of research analyst reports. HC Wainwright reaffirmed a “buy” rating and set a $35.00 target price on shares of Crinetics Pharmaceuticals in a report on Wednesday, March 1st. Robert W. Baird initiated coverage on Crinetics Pharmaceuticals in a research note on Wednesday, March 29th. They set an “outperform” rating and a $48.00 price objective for the company. JMP Securities lifted their price objective on shares of Crinetics Pharmaceuticals from $41.00 to $43.00 in a research report on Friday, May 5th. Lifesci Capital restated an “outperform” rating on shares of Crinetics Pharmaceuticals in a research report on Monday, March 27th. Finally, Piper Sandler assumed coverage on Crinetics Pharmaceuticals in a report on Monday, April 24th. They set an “overweight” rating and a $56.00 price target on the stock. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $45.50.
Crinetics Pharmaceuticals Trading Down 5.6 %
Crinetics Pharmaceuticals (NASDAQ:CRNX – Get Rating) last released its earnings results on Thursday, May 4th. The company reported ($0.85) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.82) by ($0.03). Crinetics Pharmaceuticals had a negative return on equity of 52.55% and a negative net margin of 4,090.69%. The firm had revenue of $2.68 million during the quarter, compared to analyst estimates of $0.63 million. As a group, sell-side analysts predict that Crinetics Pharmaceuticals, Inc. will post -3.38 EPS for the current fiscal year.
Institutional Investors Weigh In On Crinetics Pharmaceuticals
A number of institutional investors and hedge funds have recently bought and sold shares of the business. Atom Investors LP raised its holdings in shares of Crinetics Pharmaceuticals by 66.5% in the 4th quarter. Atom Investors LP now owns 81,466 shares of the company’s stock worth $1,491,000 after purchasing an additional 32,541 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Crinetics Pharmaceuticals by 7.8% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 25,269 shares of the company’s stock valued at $462,000 after purchasing an additional 1,833 shares during the period. First Light Asset Management LLC increased its stake in Crinetics Pharmaceuticals by 8.5% in the 3rd quarter. First Light Asset Management LLC now owns 1,346,652 shares of the company’s stock worth $26,448,000 after purchasing an additional 106,043 shares in the last quarter. Braidwell LP acquired a new stake in Crinetics Pharmaceuticals during the 4th quarter worth about $63,495,000. Finally, Opaleye Management Inc. lifted its stake in Crinetics Pharmaceuticals by 9.0% during the fourth quarter. Opaleye Management Inc. now owns 732,000 shares of the company’s stock valued at $13,396,000 after buying an additional 60,700 shares in the last quarter.
About Crinetics Pharmaceuticals
Crinetics Pharmaceuticals, Inc operates as a clinical stage pharmaceutical company focused on the discovery, development, and commercialization of novel therapeutics for rare endocrine diseases and endocrine-related tumors. Its product candidate, CRN00808, is an oral nonpeptide somatostatin agonist for the treatment of acromegaly.
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