Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Shares Acquired by Affinity Asset Advisors LLC

Affinity Asset Advisors LLC raised its holdings in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 9.6% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 515,000 shares of the company’s stock after buying an additional 45,000 shares during the quarter. Crinetics Pharmaceuticals accounts for 2.7% of Affinity Asset Advisors LLC’s investment portfolio, making the stock its 7th largest holding. Affinity Asset Advisors LLC’s holdings in Crinetics Pharmaceuticals were worth $23,067,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. Amalgamated Bank grew its holdings in Crinetics Pharmaceuticals by 20.8% in the second quarter. Amalgamated Bank now owns 2,692 shares of the company’s stock worth $121,000 after purchasing an additional 464 shares during the period. Comerica Bank bought a new position in Crinetics Pharmaceuticals in the first quarter worth approximately $33,000. Hennion & Walsh Asset Management Inc. increased its holdings in shares of Crinetics Pharmaceuticals by 2.5% during the first quarter. Hennion & Walsh Asset Management Inc. now owns 38,087 shares of the company’s stock valued at $1,783,000 after acquiring an additional 927 shares in the last quarter. Quest Partners LLC bought a new position in shares of Crinetics Pharmaceuticals in the 2nd quarter worth $42,000. Finally, Arizona State Retirement System increased its stake in Crinetics Pharmaceuticals by 5.4% during the 2nd 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. Institutional investors and hedge funds own 98.51% of the company’s stock.

Insiders Place Their Bets

In other news, insider Stephen F. Betz sold 1,035 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at approximately $3,531,664. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 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 value of $53,302.50. Following the transaction, 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 Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Marc Wilson sold 32,129 shares of the stock in a transaction on Friday, June 28th. The shares were sold at an average price of $43.61, for a total transaction of $1,401,145.69. Following the sale, the chief financial officer now directly owns 111,092 shares of the company’s stock, valued at approximately $4,844,722.12. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 142,595 shares of company stock valued at $7,112,902. 6.00% of the stock is currently owned by corporate insiders.

Crinetics Pharmaceuticals Price Performance

CRNX stock opened at $49.82 on Wednesday. The firm has a 50 day simple moving average of $52.23 and a two-hundred day simple moving average of $48.16. Crinetics Pharmaceuticals, Inc. has a one year low of $25.35 and a one year high of $55.78.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings results 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 business had revenue of $0.40 million during the quarter, compared to analyst estimates of $0.47 million. The firm’s quarterly revenue was down 59.6% on a year-over-year basis. During the same quarter last year, the firm earned ($0.94) EPS. As a group, sell-side analysts expect that Crinetics Pharmaceuticals, Inc. will post -3.72 EPS for the current fiscal year.

Analyst Ratings Changes

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

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.