Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Chief Scientific Officer Stephen F. Betz has sold a portion of his company stock, according to the latest filings. On May 28, Betz sold 3,000 shares of Crinetics Pharmaceuticals at an average price of $47.49 per share, totaling approximately $142,470.
The transaction was carried out automatically under a Rule 10b5-1 trading plan, which allows company insiders to set up a predetermined plan to sell stocks at a specific time. The sales occurred in a range of prices from $47.24 to $48.01 per share, as noted in the footnotes of the filing.
Following the sale, Betz still holds a significant amount of Crinetics Pharmaceuticals stock, with 86,643 shares remaining in his possession. The sale was executed in open market transactions and was reported through an SEC Form 4 filing.
Investors often monitor insider sales as they can provide insights into an executive's perspective on the company's current valuation and future prospects. However, transactions under Rule 10b5-1 plans are typically planned well in advance and may not necessarily reflect the insider's view of the company's future performance.
Crinetics Pharmaceuticals, based in San Diego, California, is a company in the pharmaceutical preparations industry, focusing on developing treatments for rare endocrine diseases and endocrine-related tumors.
InvestingPro Insights
Crinetics Pharmaceuticals (NASDAQ:CRNX) has been navigating a challenging financial landscape, as reflected in recent data. With a market capitalization of $3.58 billion, the company's financial health is under scrutiny, especially given the negative revenue growth figures from the last twelve months as of Q1 2024. The company's revenue has plummeted by 53.93%, with an even steeper quarterly decline of 76.11% in Q1 2024. This trend aligns with the concerns of analysts who anticipate a sales decline in the current year, an InvestingPro Tip that highlights potential headwinds for the company.
Moreover, Crinetics Pharmaceuticals' profitability metrics raise eyebrows, with a negative Price/Earnings (P/E) ratio of -12.17 and an adjusted P/E ratio for the last twelve months as of Q1 2024 at -15.19. The company's gross profit margin stands at a staggering -653.44%, reinforcing the InvestingPro Tip that Crinetics suffers from weak gross profit margins. Despite these challenges, the company has seen a substantial return over the last year, with a price total return of 107.76%, and holds more cash than debt, providing some financial stability.
Investors considering Crinetics Pharmaceuticals should be aware that the company does not pay dividends, as per another InvestingPro Tip, which could influence investment strategies focused on income generation. For those seeking deeper insights and additional analysis, InvestingPro offers a comprehensive list of tips on their platform. For instance, there are 11 additional tips available for Crinetics Pharmaceuticals at InvestingPro, which can be accessed with an exclusive offer. Use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, enhancing your investment research with valuable expert perspectives.
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