Bank of New York Mellon Corp Sells 46,291 Shares of Crinetics Pharmaceuticals, Inc. $CRNX

Bank of New York Mellon Corp reduced its stake in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 11.4% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 358,719 shares of the company’s stock after selling 46,291 shares during the period. Bank of New York Mellon Corp owned about 0.34% of Crinetics Pharmaceuticals worth $13,029,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Wellington Management Group LLP raised its position in Crinetics Pharmaceuticals by 44.3% in the third quarter. Wellington Management Group LLP now owns 8,381,991 shares of the company’s stock worth $349,110,000 after acquiring an additional 2,574,683 shares during the period. Farallon Capital Management LLC lifted its position in shares of Crinetics Pharmaceuticals by 20.2% during the fourth quarter. Farallon Capital Management LLC now owns 6,933,098 shares of the company’s stock worth $322,736,000 after acquiring an additional 1,163,000 shares in the last quarter. Janus Henderson Group PLC boosted its stake in Crinetics Pharmaceuticals by 15.1% in the 4th quarter. Janus Henderson Group PLC now owns 4,440,691 shares of the company’s stock worth $206,604,000 after purchasing an additional 581,900 shares during the period. Paradigm Biocapital Advisors LP boosted its position in shares of Crinetics Pharmaceuticals by 8.8% in the third quarter. Paradigm Biocapital Advisors LP now owns 2,550,774 shares of the company’s stock valued at $106,240,000 after acquiring an additional 207,221 shares during the period. Finally, Pictet Asset Management Holding SA boosted its holdings in Crinetics Pharmaceuticals by 20.8% in the 1st quarter. Pictet Asset Management Holding SA now owns 1,884,281 shares of the company’s stock valued at $68,204,000 after purchasing an additional 323,981 shares during the period. Hedge funds and other institutional investors own 98.51% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Evercore downgraded Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 7th. UBS Group restated a “neutral” rating and set a $85.00 price target (up from $55.00) on shares of Crinetics Pharmaceuticals in a research report on Tuesday. Jefferies Financial Group lowered Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating and boosted their target price for the company from $55.00 to $85.00 in a research note on Tuesday, July 7th. Weiss Ratings restated a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a report on Friday, July 17th. Finally, HC Wainwright lowered Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating and raised their price target for the stock from $81.00 to $85.00 in a research report on Tuesday, July 7th. Five investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $81.00.

Crinetics Pharmaceuticals Trading Down 0.1%

Shares of NASDAQ CRNX opened at $83.52 on Friday. The firm has a fifty day simple moving average of $54.15 and a two-hundred day simple moving average of $46.24. Crinetics Pharmaceuticals, Inc. has a 12 month low of $25.83 and a 12 month high of $84.00. The firm has a market capitalization of $8.81 billion, a PE ratio of -16.28 and a beta of 0.23.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its earnings results on Thursday, May 7th. The company reported ($1.23) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.22) by ($0.01). Crinetics Pharmaceuticals had a negative net margin of 2,747.18% and a negative return on equity of 43.96%. The company had revenue of $10.73 million for the quarter, compared to the consensus estimate of $8.51 million. During the same period in the previous year, the firm posted ($1.04) EPS. The company’s revenue for the quarter was up 2873.4% on a year-over-year basis. On average, sell-side analysts predict that Crinetics Pharmaceuticals, Inc. will post -4.86 earnings per share for the current year.

Insider Buying and Selling

In other Crinetics Pharmaceuticals news, Director Stephanie Okey sold 6,900 shares of the company’s stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $35.67, for a total transaction of $246,123.00. Following the transaction, the director owned 6,400 shares in the company, valued at approximately $228,288. This represents a 51.88% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Coelho Rogerio Vivaldi sold 3,000 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $40.00, for a total value of $120,000.00. Following the sale, the director owned 19,225 shares in the company, valued at $769,000. This represents a 13.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.80% of the stock is currently owned by corporate insiders.

Crinetics Pharmaceuticals Company Profile

Crinetics Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of novel therapeutics for rare endocrine diseases. The company’s proprietary platform leverages insights into hormone receptor signaling to design small-molecule candidates that address conditions driven by dysregulated hormone activity. Crinetics’ research efforts center on targeting somatostatin, vasopressin and other GPCR-mediated pathways with orally bioavailable molecules intended to improve patient convenience and adherence.

The company’s lead product candidate, paltusotine (formerly CRN04777), is a selective, non-peptide somatostatin receptor type 2 agonist being evaluated for the treatment of acromegaly and carcinoid syndrome diarrhea.