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

Point72 Asset Management L.P. lifted its position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 21.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,788,939 shares of the company’s stock after buying an additional 488,296 shares during the quarter. Point72 Asset Management L.P. owned approximately 3.01% of Crinetics Pharmaceuticals worth $142,598,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. Venturi Wealth Management LLC purchased a new stake in Crinetics Pharmaceuticals during the fourth quarter worth about $41,000. Headlands Technologies LLC purchased a new stake in Crinetics Pharmaceuticals during the 4th quarter worth approximately $52,000. Harvest Fund Management Co. Ltd acquired a new stake in Crinetics Pharmaceuticals during the 4th quarter worth approximately $66,000. KBC Group NV boosted its position in Crinetics Pharmaceuticals by 69.3% in the 4th quarter. KBC Group NV now owns 3,712 shares of the company’s stock valued at $190,000 after buying an additional 1,519 shares during the period. Finally, Janney Montgomery Scott LLC grew its stake in shares of Crinetics Pharmaceuticals by 13.7% in the fourth quarter. Janney Montgomery Scott LLC now owns 4,975 shares of the company’s stock worth $254,000 after acquiring an additional 600 shares in the last quarter. Institutional investors and hedge funds own 98.51% of the company’s stock.

Analyst Ratings Changes

CRNX has been the topic of several analyst reports. TD Cowen began coverage on Crinetics Pharmaceuticals in a research note on Tuesday, February 11th. They issued a “buy” rating on the stock. Wolfe Research began coverage on Crinetics Pharmaceuticals in a research report on Tuesday, February 4th. They issued a “peer perform” rating on the stock. Stifel Nicolaus assumed coverage on Crinetics Pharmaceuticals in a research report on Tuesday, March 25th. They set a “buy” rating and a $60.00 price objective for the company. Finally, Jefferies Financial Group upgraded shares of Crinetics Pharmaceuticals from a “hold” rating to a “buy” rating and set a $55.00 target price on the stock in a research note on Wednesday, January 22nd. One investment analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $73.00.

Crinetics Pharmaceuticals Stock Performance

CRNX opened at $31.29 on Thursday. Crinetics Pharmaceuticals, Inc. has a one year low of $24.10 and a one year high of $62.53. The company has a market cap of $2.93 billion, a P/E ratio of -8.39 and a beta of 0.31. The business’s 50-day simple moving average is $31.84 and its 200-day simple moving average is $42.01.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($1.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.99) by ($0.05). The company had revenue of $0.36 million during the quarter, compared to analysts’ expectations of $0.10 million. During the same period last year, the business earned ($0.93) earnings per share. The firm’s quarterly revenue was down 43.6% compared to the same quarter last year. As a group, analysts predict that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current fiscal year.

Insider Activity

In related news, COO Jeff E. Knight sold 7,162 shares of Crinetics Pharmaceuticals stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $34.20, for a total transaction of $244,940.40. Following the sale, the chief operating officer now directly owns 87,491 shares in the company, valued at $2,992,192.20. This trade represents a 7.57% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Dana Pizzuti sold 2,515 shares of the company’s stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $34.20, for a total transaction of $86,013.00. Following the completion of the transaction, the insider now owns 72,233 shares of the company’s stock, valued at $2,470,368.60. This represents a 3.36% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 27,015 shares of company stock worth $923,913. Corporate insiders own 6.00% of the company’s stock.

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.