In a recent transaction on March 22, Jeff E. Knight, Chief Operating Officer of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX), sold a significant number of shares in the company. The executive disposed of 30,000 shares at an average price of $44.22, and an additional 2,359 shares at $45.39 each, accumulating over $1.4 million from the sales.
The sale took place in the open market, with the range of sales prices for that day varying from $44.00 to $44.52 per share. This information, including detailed data on the exact number of shares sold at each price point, is available upon request from the issuer.
On the same day, Knight also acquired 30,000 shares of Crinetics Pharmaceuticals common stock at a price of $23.98 per share, totaling approximately $719,400. This transaction was related to the exercise of stock options under the company's incentive plan, as outlined in the footnotes of the filing.
Following these transactions, Knight's direct ownership in the company has adjusted to 52,580 shares of common stock. It is important to note that the options exercised by Knight are part of an employee incentive plan and are vested over a period, contingent on his continued employment with Crinetics Pharmaceuticals.
Investors often monitor insider transactions as they can provide insights into how the company's top executives view the stock's value and future prospects. The recent sale by Crinetics Pharmaceuticals' COO represents a significant change in his stake in the company, which could be of interest to current and potential shareholders.
InvestingPro Insights
In the wake of the insider transactions by Jeff E. Knight, COO of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX), it's pertinent to look at the company's financial health and market performance for a broader understanding. Here are some key InvestingPro Data metrics:
- The company holds a Market Cap of approximately $3.38 billion.
- With a negative Price-to-Earnings (P/E) ratio of -11.79, the company is not currently profitable.
- CRNX has experienced a substantial 1 Year Price Total Return of 178.37%, reflecting significant investor optimism.
InvestingPro Tips suggest that while Crinetics Pharmaceuticals holds more cash than debt on its balance sheet and has liquid assets that exceed short-term obligations, analysts do not expect the company to be profitable this year. These insights may influence how investors perceive the COO's recent stock transactions. Furthermore, with 5 analysts having revised their earnings upwards for the upcoming period, there is a sentiment of potential growth despite the current lack of profitability.
For those looking to delve deeper into the financial nuances of Crinetics Pharmaceuticals, there are an additional 10 InvestingPro Tips available at https://www.investing.com/pro/CRNX. These tips could provide valuable context to the insider trading activity and the company's future prospects.
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