Crinetics Pharmaceuticals exec sells shares worth $195,350

SAN DIEGO—Dana Pizzuti, the Chief Medical (TASE:PMCN) and Development Officer of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX), recently executed a series of stock transactions as disclosed in a recent SEC filing. On February 3, Pizzuti sold 5,000 shares of Crinetics common stock in open market transactions, amassing approximately $195,350. The shares were sold at a volume-weighted average price of $39.07 per share, with prices ranging from $38.89 to $39.49. According to InvestingPro data, the stock has seen a -21% year-to-date return, with analysts setting price targets between $55 and $97.

In addition to the sale, Pizzuti exercised stock options to acquire 5,000 shares at a price of $16.89 per share, totaling $84,450. Following these transactions, Pizzuti holds 31,748 shares of Crinetics common stock directly. The company, currently valued at $3.6 billion, maintains strong liquidity with a current ratio of 16.38. Get access to 10+ additional key insights about CRNX with an InvestingPro subscription.

The sale was conducted under a pre-arranged trading plan, complying with Rule 10b5-1, which allows insiders to set up a trading plan for selling stocks they own. Nine analysts have recently revised their earnings expectations upward for the upcoming period, suggesting positive sentiment despite recent price volatility.

In other recent news, Crinetics Pharmaceuticals has been the focus of several analyst upgrades and a key executive appointment. Jefferies upgraded Crinetics from Hold to Buy, recognizing the potential $1 billion opportunity for CAH treatment, while Oppenheimer maintained an Outperform rating following encouraging results from the Phase 2 TouCAHn study of atumelnant. Similarly, Piper Sandler reiterated its Overweight rating, reflecting the firm’s outlook on Crinetics’ potential in the CAH treatment landscape. Furthermore, Crinetics announced the appointment of Isabel Kalofonos as its new Chief Commercial Officer, bolstering its leadership team.

In terms of product development, Crinetics reported positive top-line results from a Phase 2 study of atumelnant, a novel oral medication for congenital adrenal hyperplasia (CAH). The study demonstrated significant reductions in key biomarkers and improvements in clinical symptoms for patients with CAH. Based on these promising findings, the company plans to initiate a global Phase 3 pivotal trial for adults with CAH and prepare for a Phase 2b/3 trial in pediatric patients within the year.

These recent developments highlight Crinetics’ ongoing efforts to advance its CAH treatment and establish itself as a leader in endocrine therapies. Analysts from Jefferies, Oppenheimer, and Piper Sandler have all expressed positive expectations for the company’s future, based on their analysis of the company’s progress and the potential of its CAH treatment.

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