Isabel Kalofonos, an insider at Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX), sold 2,500 shares of the company on January 5, 2024. The shares were transacted at an average price of $55.00, resulting in a total sale value of $137,500. Following this transaction, Kalofonos now directly owns 834 shares of Crinetics, valued at approximately $45,870. This sale represents a significant 74.99% decrease in her ownership stake.
The details of this transaction were disclosed in a filing with the U.S. Securities and Exchange Commission (SEC), which is accessible on their official website. This move comes as Crinetics Pharmaceuticals navigates a fluctuating stock market, with its stock opening at $53.24 on January 5, 2024, reflecting a 0.2% decline from the previous trading day. The company currently holds a market capitalization of $5.05 billion and a price-to-earnings (P/E) ratio of -11.75.
Crinetics Pharmaceuticals has experienced a twelve-month low of $24.10 and a high of $57.99. The stock has a 50-day moving average of $45.96 and a 200-day moving average of $38.36. In its last quarterly earnings report on November 6, 2023, the company reported an earnings per share (EPS) of ($1.38), which fell short of analysts’ expectations by ($0.11). The revenue for the quarter was $0.14 million, significantly below the anticipated $0.39 million.
Market Reactions and Analyst Ratings
Recent analyst reports have provided mixed insights into Crinetics Pharmaceuticals. Morgan Stanley has raised its price target from $77.00 to $80.00, issuing an “overweight” rating. Conversely, Wall Street Zen upgraded its rating from “sell” to “hold” in a report published on January 3, 2024.
Analysts at Citizens JMP revised their price target down from $108.00 to $105.00, maintaining a “market outperform” rating. JMP Securities also increased their target from $86.00 to $143.00, while Robert W. Baird raised its target from $58.00 to $62.00, both assigning an “outperform” rating. Currently, eleven research analysts have rated Crinetics with a Buy rating, two have issued a Hold rating, and one has given a Sell rating. According to data from MarketBeat.com, the consensus rating for Crinetics Pharmaceuticals stands at “Moderate Buy,” with a price target of $77.55.
Company Overview
Crinetics Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company concentrating on the discovery, development, and commercialization of innovative therapeutics aimed at rare endocrine diseases. Utilizing its proprietary platform, the company focuses on hormone receptor signaling to develop small-molecule candidates that target conditions resulting from dysregulated hormone activity.
The company is currently advancing its lead product candidate, paltusotine (formerly known as CRN04777), which is a selective, non-peptide somatostatin receptor type 2 agonist. Paltusotine is being evaluated for its potential to treat acromegaly and carcinoid syndrome diarrhea, highlighting Crinetics’ commitment to improving patient outcomes in specialized medical fields.
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