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Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX), a $3.23 billion biotech company currently trading at $34.42, recently saw its Chief Medical (TASE:BLWV) and Development Officer, Dana Pizzuti, sell shares of the company’s common stock. According to a Form 4 filing with the Securities and Exchange Commission, Pizzuti sold a total of 2,515 shares on March 19. InvestingPro analysis indicates the stock is currently trading near its Fair Value, with analyst price targets ranging from $55 to $100.
The transactions were executed in two separate sales. The first sale involved 2,388 shares at a volume-weighted average price of $34.17 per share, amounting to approximately $81,597. The second sale included 127 shares at an average price of $34.83 per share, totaling about $4,423. These sales were part of a Rule 10b5-1 trading plan, which allows company insiders to sell a predetermined number of shares at a set time to avoid accusations of insider trading. InvestingPro data shows the company maintains a strong liquidity position with a current ratio of 23.04 and holds more cash than debt on its balance sheet.
Following these transactions, Pizzuti’s direct ownership of Crinetics Pharmaceuticals stands at 72,233 shares. While the company has demonstrated strong returns over the past five years, InvestingPro subscribers can access 8 additional key insights about CRNX’s financial health and growth prospects through the comprehensive Pro Research Report.
In other recent news, Crinetics Pharmaceuticals has been the focus of attention due to several key developments. Cantor Fitzgerald analyst Josh Schimmer has increased the price target for Crinetics to $100, maintaining an Overweight rating, citing renewed confidence in the efficacy of their drug atumelnant for congenital adrenal hyperplasia (CAH). Meanwhile, JMP Securities adjusted their price target slightly down to $91, while still expressing optimism about Crinetics’ management and drug pipeline. The company is expected to receive approval for paltusotine for treating acromegaly, backed by strong Phase 3 study data.
The company is also preparing for additional Phase 3 trials for paltusotine and atumelnant, with a strong cash reserve of $1.4 billion anticipated to fund operations through 2029. In terms of financial performance, Kinetics Pharmaceuticals, a related entity, reported a significant drop in revenue for 2024, down to $1 million from $4 million in 2023, alongside increased research and development expenses. Despite these financial challenges, Kinetics is gearing up for the potential launch of paltucitine, another treatment for acromegaly, and expanding its commercial infrastructure in the U.S. and Europe.
These developments indicate a dynamic period for Crinetics Pharmaceuticals, with significant advancements in their drug development pipeline and strategic positioning in the market.
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