Jupiter Topco LLC Buys Shares of 4,557,689 Crinetics Pharmaceuticals, Inc. $CRNX

Jupiter Topco LLC purchased a new stake in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 4,557,689 shares of the company’s stock, valued at approximately $170,509,000. Jupiter Topco LLC owned 4.30% of Crinetics Pharmaceuticals as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of CRNX. Parkman Healthcare Partners LLC increased its holdings in Crinetics Pharmaceuticals by 0.4% during the 3rd quarter. Parkman Healthcare Partners LLC now owns 73,725 shares of the company’s stock worth $3,071,000 after acquiring an additional 313 shares during the period. Parallel Advisors LLC boosted its holdings in Crinetics Pharmaceuticals by 34.6% in the 4th quarter. Parallel Advisors LLC now owns 1,225 shares of the company’s stock valued at $57,000 after purchasing an additional 315 shares during the period. Smartleaf Asset Management LLC boosted its holdings in Crinetics Pharmaceuticals by 107.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 639 shares of the company’s stock valued at $30,000 after purchasing an additional 331 shares during the period. Brooklyn Investment Group grew its position in shares of Crinetics Pharmaceuticals by 6.3% during the 4th quarter. Brooklyn Investment Group now owns 5,890 shares of the company’s stock valued at $280,000 after purchasing an additional 348 shares in the last quarter. Finally, Commerce Bank grew its position in shares of Crinetics Pharmaceuticals by 5.9% during the 4th quarter. Commerce Bank now owns 8,019 shares of the company’s stock valued at $373,000 after purchasing an additional 444 shares in the last quarter. 98.51% of the stock is owned by hedge funds and other institutional investors.

Crinetics Pharmaceuticals Price Performance

CRNX opened at $84.84 on Thursday. The firm has a market cap of $9.00 billion, a PE ratio of -16.83 and a beta of 0.12. The stock has a 50-day moving average price of $72.02 and a 200-day moving average price of $50.21. Crinetics Pharmaceuticals, Inc. has a 1 year low of $30.24 and a 1 year high of $84.88.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its quarterly earnings results on Monday, August 3rd. The company reported ($1.14) EPS for the quarter, topping analysts’ consensus estimates of ($1.18) by $0.04. The firm had revenue of $25.12 million during the quarter, compared to analyst estimates of $14.84 million. Crinetics Pharmaceuticals had a negative net margin of 1,189.88% and a negative return on equity of 44.22%. The business’s revenue for the quarter was up 2336.9% on a year-over-year basis. During the same period in the previous year, the business posted ($1.23) earnings per share. As a group, sell-side analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -4.83 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages recently issued reports on CRNX. JonesTrading downgraded Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating and set a $85.00 price objective on the stock. in a research report on Tuesday, July 7th. UBS Group restated a “neutral” rating and set a $85.00 target price (up from $55.00) on shares of Crinetics Pharmaceuticals in a research report on Tuesday, July 28th. HC Wainwright lowered Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating and upped their target price for the stock from $81.00 to $85.00 in a research note on Tuesday, July 7th. Robert W. Baird raised their price target on Crinetics Pharmaceuticals from $62.00 to $85.00 and gave the company an “outperform” rating in a research report on Tuesday, July 7th. Finally, Piper Sandler cut shares of Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 7th. Five research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $81.00.

Insider Transactions at Crinetics Pharmaceuticals

In other news, Director Coelho Rogerio Vivaldi sold 3,000 shares of the 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 transaction, the director owned 19,225 shares in the company, valued at $769,000. This represents a 13.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 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 completion of the transaction, the director directly owned 6,400 shares in the company, valued at approximately $228,288. The trade was a 51.88% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 3.80% of the company’s stock.

Crinetics Pharmaceuticals 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.