Chip stocks fall with Nvidia after data center rev disappointment
SAN DIEGO—Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX), a biotechnology company with a market capitalization of $3.23 billion, saw its Chief Operating Officer Jeff Knight recently sell a significant portion of company stock. According to a Form 4 filing with the Securities and Exchange Commission, Knight disposed of shares valued at approximately $244,963 in transactions executed on March 19, 2025. Based on InvestingPro data, the stock is trading near $34.42, down about 33% year-to-date.
The sales were made in two separate transactions. The first involved the sale of 6,801 shares at an average price of $34.17, totaling approximately $232,390. The second transaction saw Knight selling 361 shares at an average price of $34.83, amounting to around $12,573. These sales were conducted to cover tax obligations related to the vesting of Restricted Stock Units granted over the past few years.
Following these transactions, Knight holds 87,491 shares of Crinetics Pharmaceuticals. The sales were executed as part of a pre-established Rule 10b5-1 trading plan, which allows insiders to sell stock at predetermined times to avoid any potential conflicts of interest.
In other recent news, Crinetics Pharmaceuticals has seen significant developments that are attracting attention from investors. Cantor Fitzgerald analyst Josh Schimmer increased the price target for Crinetics to $100, maintaining an Overweight rating, following a review of updated data on their drug atumelnant, which is being developed for congenital adrenal hyperplasia (CAH). Meanwhile, JMP Securities analyst Jonathan Wolleben adjusted the price target to $91, while maintaining a Market Outperform rating, expressing confidence in Crinetics’ management and pipeline. Crinetics is anticipated to receive approval for paltusotine for acromegaly treatment by September 25, based on strong data from Phase 3 PATHFNDR studies.
Crinetics Pharmaceuticals is also preparing for several Phase 3 trials in 2025, including paltusotine for carcinoid syndrome and atumelnant for CAH. The company ended 2024 with $1.4 billion in cash reserves, expected to fund operations into 2029. This financial strength supports the company’s ongoing research and development efforts, which saw increased expenses totaling $240.2 million in 2024. Despite a net loss of $298.4 million for the year, Crinetics is expanding its commercial infrastructure in the U.S. and Europe in anticipation of new product launches.
Additionally, the company is working on finalizing trial designs for CAH, aiming to demonstrate atumelnant’s dual ability to normalize A4 levels and reduce glucocorticoid requirements. These strategic moves underscore Crinetics Pharmaceuticals’ commitment to advancing its pipeline and preparing for future growth in the pharmaceutical market.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.