Crinetics Pharmaceuticals granted stock options to 16 new employees under its 2021 Inducement Plan, totaling 146,400 shares.
Quiver AI Summary
Crinetics Pharmaceuticals, Inc. announced the grant of non-qualified stock options to purchase 146,400 shares of its common stock to sixteen new non-executive employees as part of its 2021 Employment Inducement Incentive Award Plan. This grant serves as an inducement for the employees to join the company and complies with Nasdaq regulations. The options have an exercise price of $57.17 per share, reflecting the closing price on the grant date, and will vest over four years contingent upon continued employment. Crinetics, a clinical-stage pharmaceutical company, focuses on developing therapies for endocrine diseases and related tumors, including its lead candidate, paltusotine, which targets conditions like acromegaly and carcinoid syndrome.
Potential Positives
- Crinetics Pharmaceuticals granted stock options to 16 new non-executive employees, which may enhance talent acquisition and retention.
- The stock options are tied to the company's 2021 Employment Inducement Incentive Award Plan, indicating a strategic approach to incentivize new hires.
- The exercise price of the options is set at $57.17, aligning with the current market value of the company's stock, suggesting strong investor confidence.
- Crinetics continues to advance its pipeline with innovative therapeutics for significant endocrine diseases, highlighting growth potential in its clinical development programs.
Potential Negatives
- Granting a large number of stock options to new non-executive employees may raise concerns about potential dilution of existing shareholders' equity.
- The reliance on stock options as a significant part of employee compensation could indicate challenges in offering competitive salaries, potentially impacting employee satisfaction and retention.
- The announcement of stock options to attract new hires might suggest difficulty in recruiting talent without additional incentives, which could reflect negatively on the company's appeal as an employer in a competitive industry.
FAQ
What stock options were granted by Crinetics Pharmaceuticals?
Crinetics granted non-qualified stock option awards to purchase 146,400 shares to sixteen new non-executive employees.
What is the exercise price of the granted stock options?
The exercise price of the stock options is $57.17 per share, equal to the closing price on December 10, 2024.
How will the stock options vest?
The options will vest over four years, with 25% vesting on the one-year anniversary and the remainder in monthly installments.
What is the purpose of the 2021 Inducement Plan?
The 2021 Inducement Plan is designed to grant equity awards to new employees as inducements for their employment with Crinetics.
What therapeutic focus does Crinetics Pharmaceuticals have?
Crinetics focuses on developing novel therapeutics for endocrine diseases and endocrine-related tumors, including treatments for acromegaly and congenital adrenal hyperplasia.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$CRNX Congressional Stock Trading
Members of Congress have traded $CRNX stock 1 times in the past 6 months. Of those trades, 1 have been purchases and 0 have been sales.
Here's a breakdown of recent trading of $CRNX stock by members of Congress over the last 6 months:
- REPRESENTATIVE JOSH GOTTHEIMER purchased up to $15,000 on 09/25.
To track congressional stock trading, check out Quiver Quantitative's congressional trading dashboard.
$CRNX Insider Trading Activity
$CRNX insiders have traded $CRNX stock on the open market 17 times in the past 6 months. Of those trades, 0 have been purchases and 17 have been sales.
Here's a breakdown of recent trading of $CRNX stock by insiders over the last 6 months:
- RICHARD SCOTT STRUTHERS (President & CEO) sold 10,000 shares.
- JEFF E. KNIGHT (Chief Operating Officer) has traded it 3 times. They made 0 purchases and 3 sales, selling 28,457 shares.
- DANA PIZZUTI (Chief Med and Dev Officer) has traded it 3 times. They made 0 purchases and 3 sales, selling 38,250 shares.
- MARC WILSON (CFO) has traded it 3 times. They made 0 purchases and 3 sales, selling 69,056 shares.
- STEPHEN F. BETZ (Chief Scientific Officer) has traded it 5 times. They made 0 purchases and 5 sales, selling 13,035 shares.
- JAMES HASSARD (Chief Commercial Officer) has traded it 2 times. They made 0 purchases and 2 sales, selling 30,000 shares.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$CRNX Hedge Fund Activity
We have seen 121 institutional investors add shares of $CRNX stock to their portfolio, and 113 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- VANGUARD GROUP INC added 1,773,177 shares (+39.3%) to their portfolio in Q3 2024
- ARTAL GROUP S.A. removed 1,066,064 shares (-100.0%) from their portfolio in Q3 2024
- PERCEPTIVE ADVISORS LLC removed 751,505 shares (-50.9%) from their portfolio in Q3 2024
- FARALLON CAPITAL MANAGEMENT LLC added 665,000 shares (+133.8%) to their portfolio in Q3 2024
- PICTET ASSET MANAGEMENT HOLDING SA added 607,281 shares (+201.8%) to their portfolio in Q3 2024
- PRICE T ROWE ASSOCIATES INC /MD/ added 538,301 shares (+12.2%) to their portfolio in Q3 2024
- FRANKLIN RESOURCES INC added 528,688 shares (+61.4%) to their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
SAN DIEGO, Dec. 10, 2024 (GLOBE NEWSWIRE) --
Crinetics Pharmaceuticals, Inc.
(Nasdaq: CRNX) today announced that on December 10, 2024, the Compensation Committee of the Board of Directors granted non-qualified stock option awards to purchase an aggregate of 146,400 shares of its common stock to sixteen new non-executive employees under the Crinetics Pharmaceuticals, Inc. 2021 Employment Inducement Incentive Award Plan (the "2021 Inducement Plan"). The stock options were granted as inducements material to the employees entering into employment with Crinetics in accordance with Nasdaq Listing Rule 5635(c)(4).
The 2021 Inducement Plan is used exclusively for the grant of equity awards to individuals who were not previously employees of Crinetics, or following a bona fide period of non-employment, as an inducement material to such individuals' entering into employment with Crinetics, pursuant to Nasdaq Listing Rule 5635(c)(4). The options have an exercise price of $57.17 per share, which is equal to the closing price of Crinetics' common stock on The Nasdaq Global Select Market on December 10, 2024. The shares subject to the stock options will vest over four years, with 25% of the shares vesting on the one-year anniversary of the applicable vesting commencement date and the balance of the shares vesting in a series of 36 successive equal monthly installments thereafter, subject to each employee's continued employment with Crinetics on such vesting dates. The options are subject to the terms and conditions of the 2021 Inducement Plan and the terms and conditions of a stock option agreement covering the grant.
About Crinetics Pharmaceuticals
Crinetics Pharmaceuticals is a clinical stage pharmaceutical company focused on the discovery, development, and commercialization of novel therapeutics for endocrine diseases and endocrine-related tumors. Crinetics' lead development candidate,
paltusotine
, is the first investigational once-daily, oral, selective somatostatin receptor type 2 (SST2) nonpeptide agonist that is in clinical development for acromegaly and carcinoid syndrome associated with neuroendocrine tumors. Crinetics is also developing
atumelnant
, an investigational, first-in-class, oral ACTH antagonist, that is currently completing Phase 2 clinical studies for the treatment of congenital adrenal hyperplasia and Cushing's disease. All of the company's drug candidates are orally delivered, small molecule, new chemical entities resulting from in-house drug discovery efforts, including additional discovery programs addressing a variety of endocrine conditions such as hyperparathyroidism, polycystic kidney disease, Graves' disease (including thyroid eye disease), diabetes, obesity and GPCR-targeted oncology indications.
Investors:
Gayathri Diwakar
Head of Investor Relations
gdiwakar@crinetics.com
(858) 345-6340
Media:
Natalie Badillo
Head of Corporate Communications
nbadillo@crinetics.com
(858) 450-6464
