Seven Eight Capital LP Lowers Stock Position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Seven Eight Capital LP cut its position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 60.3% in the second quarter, HoldingsChannel.com reports. The firm owned 8,150 shares of the company’s stock after selling 12,360 shares during the quarter. Seven Eight Capital LP’s holdings in Crinetics Pharmaceuticals were worth $365,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of CRNX. Russell Investments Group Ltd. boosted its stake in shares of Crinetics Pharmaceuticals by 366,571.4% in the first quarter. Russell Investments Group Ltd. now owns 51,334 shares of the company’s stock worth $2,403,000 after acquiring an additional 51,320 shares during the period. Swiss National Bank grew its holdings in Crinetics Pharmaceuticals by 21.4% during the 1st quarter. Swiss National Bank now owns 126,500 shares of the company’s stock valued at $5,921,000 after buying an additional 22,300 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Crinetics Pharmaceuticals by 2.1% during the first quarter. Vanguard Group Inc. now owns 3,575,076 shares of the company’s stock valued at $167,349,000 after buying an additional 72,624 shares during the last quarter. First Light Asset Management LLC boosted its position in shares of Crinetics Pharmaceuticals by 25.5% during the fourth quarter. First Light Asset Management LLC now owns 1,987,772 shares of the company’s stock worth $70,725,000 after acquiring an additional 404,443 shares during the last quarter. Finally, SG Americas Securities LLC grew its stake in Crinetics Pharmaceuticals by 1,224.8% during the second quarter. SG Americas Securities LLC now owns 79,051 shares of the company’s stock valued at $3,541,000 after acquiring an additional 73,084 shares in the last quarter. 98.51% of the stock is currently owned by institutional investors.

Crinetics Pharmaceuticals Trading Down 1.4 %

Shares of CRNX opened at $53.15 on Monday. The company’s fifty day simple moving average is $52.40 and its 200-day simple moving average is $48.05. The company has a market cap of $4.19 billion, a P/E ratio of -14.06 and a beta of 0.63. Crinetics Pharmaceuticals, Inc. has a twelve month low of $25.35 and a twelve month high of $55.78.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.94) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.86) by ($0.08). The company had revenue of $0.40 million for the quarter, compared to the consensus estimate of $0.47 million. Crinetics Pharmaceuticals’s revenue for the quarter was down 59.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.94) earnings per share. Analysts predict that Crinetics Pharmaceuticals, Inc. will post -3.72 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on CRNX shares. HC Wainwright lifted their price target on shares of Crinetics Pharmaceuticals from $60.00 to $69.00 and gave the company a “buy” rating in a report on Friday, August 9th. JMP Securities reiterated a “market outperform” rating and issued a $80.00 target price on shares of Crinetics Pharmaceuticals in a research report on Tuesday, June 4th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $90.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Monday, September 16th. Piper Sandler reiterated an “overweight” rating and set a $97.00 target price on shares of Crinetics Pharmaceuticals in a research report on Tuesday, July 2nd. Finally, JPMorgan Chase & Co. boosted their price target on shares of Crinetics Pharmaceuticals from $47.00 to $54.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 9th. One analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, Crinetics Pharmaceuticals presently has an average rating of “Moderate Buy” and a consensus price target of $68.55.

Insider Transactions at Crinetics Pharmaceuticals

In related news, insider Dana Pizzuti sold 14,375 shares of the business’s stock in a transaction on Wednesday, July 3rd. The stock was sold at an average price of $44.87, for a total transaction of $645,006.25. Following the completion of the transaction, the insider now owns 28,507 shares in the company, valued at approximately $1,279,109.09. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, insider Dana Pizzuti sold 14,375 shares of the firm’s stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $44.87, for a total value of $645,006.25. Following the transaction, the insider now owns 28,507 shares of the company’s stock, valued at approximately $1,279,109.09. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, COO Jeff E. Knight sold 956 shares of the business’s stock in a transaction dated Wednesday, June 26th. The shares were sold at an average price of $44.38, for a total transaction of $42,427.28. Following the completion of the sale, the chief operating officer now directly owns 52,580 shares of the company’s stock, valued at $2,333,500.40. The disclosure for this sale can be found here. Over the last three months, insiders have sold 143,551 shares of company stock worth $7,155,329. 6.00% of the stock is currently owned by company insiders.

About Crinetics Pharmaceuticals

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.