Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Shares Sold by Point72 Asset Management L.P.

Point72 Asset Management L.P. reduced its position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 43.8% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 2,780,856 shares of the company’s stock after selling 2,168,630 shares during the period. Point72 Asset Management L.P.’s holdings in Crinetics Pharmaceuticals were worth $124,555,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in CRNX. Driehaus Capital Management LLC lifted its stake in Crinetics Pharmaceuticals by 17.0% in the second quarter. Driehaus Capital Management LLC now owns 6,112,173 shares of the company’s stock valued at $273,764,000 after buying an additional 885,876 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Crinetics Pharmaceuticals by 27.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,823,218 shares of the company’s stock valued at $178,966,000 after acquiring an additional 814,360 shares during the period. Vanguard Group Inc. raised its position in Crinetics Pharmaceuticals by 2.1% in the 1st quarter. Vanguard Group Inc. now owns 3,575,076 shares of the company’s stock valued at $167,349,000 after purchasing an additional 72,624 shares during the last quarter. Jennison Associates LLC boosted its stake in Crinetics Pharmaceuticals by 10.6% during the 1st quarter. Jennison Associates LLC now owns 2,817,854 shares of the company’s stock worth $131,904,000 after purchasing an additional 270,171 shares during the period. Finally, First Light Asset Management LLC grew its position in Crinetics Pharmaceuticals by 25.5% during the 4th quarter. First Light Asset Management LLC now owns 1,987,772 shares of the company’s stock worth $70,725,000 after purchasing an additional 404,443 shares during the last quarter. 98.51% of the stock is owned by institutional investors and hedge funds.

Crinetics Pharmaceuticals Price Performance

Shares of NASDAQ:CRNX opened at $49.82 on Wednesday. The business’s 50 day simple moving average is $52.23 and its 200-day simple moving average is $48.16. Crinetics Pharmaceuticals, Inc. has a 12 month low of $25.35 and a 12 month high of $55.78.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its earnings results on Thursday, August 8th. The company reported ($0.94) earnings per share 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. The business’s revenue was down 59.6% compared to the same quarter last year. During the same quarter last year, the business earned ($0.94) earnings per share. Equities research analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -3.72 EPS for the current fiscal year.

Wall Street Analyst Weigh In

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

Insider Buying and Selling at Crinetics Pharmaceuticals

In other news, COO Jeff E. Knight sold 27,000 shares of the stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $55.00, for a total value of $1,485,000.00. Following the sale, the chief operating officer now directly owns 51,653 shares in the company, valued at $2,840,915. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Marc Wilson sold 32,129 shares of the stock in a transaction on Friday, June 28th. The stock was 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 owns 111,092 shares of the company’s stock, valued at $4,844,722.12. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, COO Jeff E. Knight sold 27,000 shares of the business’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $55.00, for a total transaction of $1,485,000.00. Following the completion of the transaction, the chief operating officer now directly owns 51,653 shares of the company’s stock, valued at approximately $2,840,915. The disclosure for this sale can be found here. In the last three months, insiders sold 142,595 shares of company stock worth $7,112,902. 6.00% of the stock is owned by corporate insiders.

Crinetics Pharmaceuticals 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.