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Richard Scott Struthers, President and CEO of Crinetics Pharmaceuticals Inc . (NASDAQ:CRNX), has sold a significant portion of his shares, according to a recent SEC filing. On March 19, Struthers sold 16,463 shares at an average price of $34.17 per share, totaling approximately $562,540. Additionally, he sold another 875 shares at an average price of $34.83 per share, amounting to about $30,476. The transactions occurred near the current trading price of $34.42, with the company maintaining a market capitalization of $3.23 billion.
These transactions were executed as part of a pre-arranged trading plan to cover tax withholding obligations related to vested restricted stock units. Following these sales, Struthers continues to hold 329,147 shares directly. Indirectly, through various family trusts, he maintains ownership of additional shares. According to InvestingPro analysis, analysts maintain a bullish outlook on CRNX with price targets ranging from $55 to $100, suggesting significant upside potential. For deeper insights into CRNX’s valuation and growth prospects, access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.
In other recent news, Crinetics Pharmaceuticals has been the focus of several analyst assessments and developments. Cantor Fitzgerald analyst Josh Schimmer raised the price target for Crinetics to $100 from $90, maintaining an Overweight rating. This adjustment followed a review of updated data on Crinetics’ drug atumelnant, which is in development for congenital adrenal hyperplasia (CAH). Meanwhile, JMP Securities’ analyst Jonathan Wolleben slightly lowered the price target to $91 from $92 but kept a Market Outperform rating, expressing confidence in Crinetics’ management and its robust pipeline.
Crinetics is also anticipating the approval of paltusotine for acromegaly by the upcoming PDUFA date, based on strong Phase 3 data. The company is preparing for the launch of paltusotine and expanding its commercial infrastructure in the U.S. and Europe. Furthermore, Crinetics reported a significant drop in revenue for 2024, down to $1 million from $4 million in 2023, alongside increased research and development expenses totaling $240.2 million. Despite these financial challenges, Crinetics maintains a strong cash position of $1.4 billion, expected to fund operations into 2029.
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