Quest Partners LLC Invests $42,000 in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Quest Partners LLC acquired a new stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 934 shares of the company’s stock, valued at approximately $42,000.

Other hedge funds have also recently bought and sold shares of the company. Comerica Bank acquired a new position in Crinetics Pharmaceuticals in the 1st quarter valued at about $33,000. Hennion & Walsh Asset Management Inc. boosted its stake in shares of Crinetics Pharmaceuticals by 2.5% in the first quarter. Hennion & Walsh Asset Management Inc. now owns 38,087 shares of the company’s stock valued at $1,783,000 after purchasing an additional 927 shares during the period. Arizona State Retirement System grew its holdings in shares of Crinetics Pharmaceuticals by 5.4% in the second quarter. Arizona State Retirement System now owns 18,543 shares of the company’s stock valued at $831,000 after purchasing an additional 958 shares in the last quarter. Quarry LP purchased a new stake in Crinetics Pharmaceuticals during the 4th quarter worth approximately $36,000. Finally, ProShare Advisors LLC lifted its holdings in Crinetics Pharmaceuticals by 11.0% during the 1st quarter. ProShare Advisors LLC now owns 16,731 shares of the company’s stock worth $783,000 after buying an additional 1,655 shares in the last quarter. Institutional investors and hedge funds own 98.51% of the company’s stock.

Insider Buying and Selling

In other Crinetics Pharmaceuticals news, insider Stephen F. Betz sold 1,035 shares of the business’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $51.50, for a total value of $53,302.50. Following the completion of the sale, the insider now owns 68,576 shares in the company, valued at $3,531,664. The sale was disclosed in a document filed with the SEC, which is available through this link. In other news, insider Stephen F. Betz sold 1,035 shares of the firm’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $51.50, for a total transaction of $53,302.50. Following the transaction, the insider now directly owns 68,576 shares in the company, valued at $3,531,664. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Stephen F. Betz sold 3,000 shares of the company’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $53.19, for a total transaction of $159,570.00. Following the completion of the sale, the insider now owns 69,611 shares of the company’s stock, valued at approximately $3,702,609.09. The disclosure for this sale can be found here. Insiders have sold 168,051 shares of company stock worth $8,259,664 in the last quarter. 6.00% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts have commented on CRNX shares. Oppenheimer restated an “outperform” rating and issued a $73.00 price target (down previously from $74.00) on shares of Crinetics Pharmaceuticals in a research note on Friday, August 9th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $90.00 price target on shares of Crinetics Pharmaceuticals in a research report on Monday. JMP Securities reissued a “market outperform” rating and set a $80.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Tuesday, June 4th. HC Wainwright upped their target price on shares of Crinetics Pharmaceuticals from $60.00 to $69.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Crinetics Pharmaceuticals from $47.00 to $54.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 9th. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, Crinetics Pharmaceuticals currently has an average rating of “Moderate Buy” and an average target price of $68.55.

Crinetics Pharmaceuticals Price Performance

NASDAQ CRNX opened at $52.77 on Thursday. The firm’s fifty day moving average price is $52.35 and its 200 day moving average price is $47.84. Crinetics Pharmaceuticals, Inc. has a 12 month low of $25.35 and a 12 month high of $55.78. The company has a market capitalization of $4.16 billion, a price-to-earnings ratio of -13.96 and a beta of 0.63.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.94) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.86) by ($0.08). The business had revenue of $0.40 million during the quarter, compared to the consensus estimate of $0.47 million. During the same quarter last year, the firm posted ($0.94) earnings per share. The business’s revenue was down 59.6% on a year-over-year basis. As a group, sell-side analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.72 earnings per share for the current year.

Crinetics Pharmaceuticals Company Profile

Crinetics Pharmaceuticals, Inc, a clinical-stage pharmaceutical company, focuses on the discovery, development, and commercialization of novel therapeutics for rare endocrine diseases and endocrine-related tumors. The company's lead product candidate is paltusotine, an oral selective nonpeptide somatostatin receptor type 2 agonist, which is in Phase 3 trial for the treatment of acromegaly; and Phase 2 trial for treating carcinoid syndrome associated with neuroendocrine tumors.