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SAN DIEGO—Stephen F. Betz, the Chief Scientific Officer of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX), recently sold shares of the company in transactions totaling $197,352. According to a filing with the Securities and Exchange Commission, Betz sold 5,479 shares on March 19 at an average price of $34.17, amounting to $187,217. Additionally, he sold another 291 shares at an average price of $34.83, totaling $10,135. The stock currently trades at $34.42, with InvestingPro analysis indicating the company appears slightly overvalued based on its Fair Value assessment.
These sales were executed to cover tax obligations related to the vesting of Restricted Stock Units, as outlined in a pre-established Rule 10b5-1 trading plan. Following these transactions, Betz holds 108,588 shares of Crinetics Pharmaceuticals. The company maintains strong liquidity with a current ratio of 23.04, and according to InvestingPro data, holds more cash than debt on its balance sheet.
Crinetics Pharmaceuticals, headquartered in San Diego, focuses on the development of therapies for rare endocrine diseases and endocrine-related tumors. With a market capitalization of $3.2 billion, analysts maintain a strong buy consensus with price targets ranging from $55 to $100 per share. Get comprehensive insights and 8 additional key ProTips with a InvestingPro subscription.
In other recent news, Crinetics Pharmaceuticals has seen significant developments, particularly concerning its drug atumelnant. Cantor Fitzgerald analyst Josh Schimmer has increased the price target for Crinetics to $100, maintaining an Overweight rating, following a renewed confidence in atumelnant’s sustained efficacy for congenital adrenal hyperplasia (CAH). The drug is advancing to Phase 3 trials, with potential implications for the CAH market. Meanwhile, JMP Securities adjusted Crinetics’ price target to $91, maintaining a Market Outperform rating, highlighting the company’s strong management and promising drug pipeline. Crinetics is expected to receive approval for paltusotine for acromegaly treatment by the September 25 PDUFA date, supported by strong Phase 3 study data. The company’s financial health remains robust, with $1.4 billion in cash reserves, expected to fund operations into 2029. Crinetics is also preparing for the commercial launch of paltusotine, expanding its infrastructure in the U.S. and Europe. These developments indicate a promising trajectory for Crinetics in the pharmaceutical market.
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