Brevan Howard Capital Management LP Makes New Investment in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Brevan Howard Capital Management LP acquired a new position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 9,777 shares of the company’s stock, valued at approximately $500,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CRNX. FMR LLC boosted its holdings in Crinetics Pharmaceuticals by 100.4% in the fourth quarter. FMR LLC now owns 8,928,086 shares of the company’s stock worth $456,493,000 after acquiring an additional 4,472,316 shares in the last quarter. Vanguard Group Inc. grew its position in Crinetics Pharmaceuticals by 44.6% during the 4th quarter. Vanguard Group Inc. now owns 9,089,391 shares of the company’s stock worth $464,741,000 after purchasing an additional 2,801,736 shares during the last quarter. Wellington Management Group LLP increased its stake in Crinetics Pharmaceuticals by 55.9% during the 4th quarter. Wellington Management Group LLP now owns 6,950,567 shares of the company’s stock valued at $355,382,000 after purchasing an additional 2,490,876 shares in the last quarter. SG Americas Securities LLC raised its holdings in shares of Crinetics Pharmaceuticals by 4,084.6% in the fourth quarter. SG Americas Securities LLC now owns 542,446 shares of the company’s stock worth $27,735,000 after buying an additional 529,483 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its stake in shares of Crinetics Pharmaceuticals by 9.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,414,505 shares of the company’s stock worth $276,844,000 after buying an additional 469,748 shares during the period. 98.51% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, insider Dana Pizzuti sold 2,515 shares of the business’s stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $34.20, for a total transaction of $86,013.00. Following the completion of the sale, the insider now directly owns 72,233 shares in the company, valued at approximately $2,470,368.60. The trade was a 3.36 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Jeff E. Knight sold 7,162 shares of the stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $34.20, for a total value of $244,940.40. Following the completion of the transaction, the chief operating officer now directly owns 87,491 shares of the company’s stock, valued at approximately $2,992,192.20. This represents a 7.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 27,015 shares of company stock worth $923,913 in the last 90 days. Insiders own 4.60% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently issued reports on CRNX. HC Wainwright reissued a “buy” rating and issued a $81.00 target price on shares of Crinetics Pharmaceuticals in a research report on Monday, January 13th. Jefferies Financial Group upgraded Crinetics Pharmaceuticals from a “hold” rating to a “buy” rating and set a $55.00 target price on the stock in a research report on Wednesday, January 22nd. TD Cowen initiated coverage on shares of Crinetics Pharmaceuticals in a research report on Tuesday, February 11th. They set a “buy” rating for the company. Stifel Nicolaus began coverage on shares of Crinetics Pharmaceuticals in a report on Tuesday, March 25th. They issued a “buy” rating and a $60.00 price objective on the stock. Finally, Wolfe Research assumed coverage on shares of Crinetics Pharmaceuticals in a research report on Tuesday, February 4th. They set a “peer perform” rating for the company. One analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Crinetics Pharmaceuticals currently has an average rating of “Moderate Buy” and an average target price of $73.00.

Crinetics Pharmaceuticals Trading Down 6.2 %

Shares of CRNX opened at $30.68 on Friday. The firm has a market cap of $2.87 billion, a P/E ratio of -8.23 and a beta of 0.31. Crinetics Pharmaceuticals, Inc. has a 12 month low of $24.10 and a 12 month high of $62.53. The stock’s 50 day moving average is $31.96 and its two-hundred day moving average is $42.56.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings results on Thursday, May 8th. The company reported ($1.04) EPS for the quarter, missing the consensus estimate of ($0.99) by ($0.05). The company had revenue of $0.36 million for the quarter, compared to the consensus estimate of $0.10 million. The business’s quarterly revenue was down 43.6% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.93) earnings per share. Equities research analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS for the current year.

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.