First Trust Advisors LP Purchases 18,215 Shares of Crinetics Pharmaceuticals, Inc. $CRNX

First Trust Advisors LP lifted its position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 54.9% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 51,365 shares of the company’s stock after buying an additional 18,215 shares during the period. First Trust Advisors LP’s holdings in Crinetics Pharmaceuticals were worth $1,866,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of CRNX. Smartleaf Asset Management LLC lifted its position in Crinetics Pharmaceuticals by 107.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 639 shares of the company’s stock valued at $30,000 after acquiring an additional 331 shares during the last quarter. Headlands Technologies LLC purchased a new position in Crinetics Pharmaceuticals in the second quarter worth $30,000. Parallel Advisors LLC grew its holdings in Crinetics Pharmaceuticals by 34.6% in the fourth quarter. Parallel Advisors LLC now owns 1,225 shares of the company’s stock worth $57,000 after purchasing an additional 315 shares during the last quarter. Arax Advisory Partners increased its position in shares of Crinetics Pharmaceuticals by 131.2% during the fourth quarter. Arax Advisory Partners now owns 1,498 shares of the company’s stock worth $70,000 after purchasing an additional 850 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new position in shares of Crinetics Pharmaceuticals during the second quarter worth $45,000. Institutional investors own 98.51% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on CRNX shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a report on Friday, July 17th. HC Wainwright downgraded Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating and boosted their target price for the stock from $81.00 to $85.00 in a research note on Tuesday, July 7th. Piper Sandler lowered Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 7th. Oppenheimer reiterated a “market perform” rating on shares of Crinetics Pharmaceuticals in a research note on Tuesday, July 7th. Finally, Cantor Fitzgerald downgraded Crinetics Pharmaceuticals from an “overweight” rating to a “hold” rating in a report on Tuesday, July 7th. Five equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Crinetics Pharmaceuticals has a consensus rating of “Hold” and a consensus price target of $81.00.

Crinetics Pharmaceuticals Stock Up 0.2%

Shares of NASDAQ:CRNX opened at $84.08 on Friday. Crinetics Pharmaceuticals, Inc. has a 52-week low of $25.83 and a 52-week high of $84.30. The stock has a market cap of $8.92 billion, a price-to-earnings ratio of -16.68 and a beta of 0.12. The business has a 50-day moving average price of $58.91 and a 200-day moving average price of $47.24.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its earnings results on Monday, August 3rd. The company reported ($1.14) EPS for the quarter, beating analysts’ consensus estimates of ($1.18) by $0.04. Crinetics Pharmaceuticals had a negative return on equity of 44.22% and a negative net margin of 1,189.88%.The firm had revenue of $25.12 million for the quarter, compared to analyst estimates of $14.84 million. During the same quarter in the prior year, the firm earned ($1.23) earnings per share. Crinetics Pharmaceuticals’s revenue for the quarter was up 2336.9% on a year-over-year basis. As a group, equities analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -4.86 EPS for the current fiscal year.

Insider Activity at Crinetics Pharmaceuticals

In other news, Director Coelho Rogerio Vivaldi sold 3,000 shares of the stock in a transaction 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. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephanie Okey sold 6,900 shares of the firm’s stock in a transaction 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 directly owned 6,400 shares of the company’s stock, valued at approximately $228,288. This trade represents a 51.88% decrease in their position. 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. Insiders own 3.80% of the company’s stock.

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.