Parkman Healthcare Partners LLC Reduces Position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Parkman Healthcare Partners LLC lowered its holdings in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 34.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 51,133 shares of the company’s stock after selling 26,490 shares during the period. Parkman Healthcare Partners LLC owned 0.06% of Crinetics Pharmaceuticals worth $2,614,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Venturi Wealth Management LLC acquired a new position in shares of Crinetics Pharmaceuticals during the fourth quarter worth $41,000. Headlands Technologies LLC purchased a new stake in Crinetics Pharmaceuticals during the fourth quarter valued at about $52,000. Harvest Fund Management Co. Ltd purchased a new stake in shares of Crinetics Pharmaceuticals in the fourth quarter worth approximately $66,000. KBC Group NV increased its holdings in Crinetics Pharmaceuticals by 69.3% in the fourth quarter. KBC Group NV now owns 3,712 shares of the company’s stock worth $190,000 after buying an additional 1,519 shares during the last quarter. Finally, Janney Montgomery Scott LLC grew its holdings in Crinetics Pharmaceuticals by 13.7% during the fourth quarter. Janney Montgomery Scott LLC now owns 4,975 shares of the company’s stock valued at $254,000 after purchasing an additional 600 shares during the last quarter. 98.51% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Crinetics Pharmaceuticals

In related news, insider Dana Pizzuti sold 2,515 shares of the company’s stock in a transaction on Wednesday, March 19th. The stock was sold at an average price of $34.20, for a total value of $86,013.00. Following the completion of the transaction, the insider now directly owns 72,233 shares in the company, valued at approximately $2,470,368.60. This represents a 3.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Jeff E. Knight sold 7,162 shares of the company’s stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $34.20, for a total value of $244,940.40. Following the sale, the chief operating officer now owns 87,491 shares of the company’s stock, valued at $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. In the last ninety days, insiders have sold 27,015 shares of company stock worth $923,913. 6.00% of the stock is currently owned by insiders.

Crinetics Pharmaceuticals Price Performance

Crinetics Pharmaceuticals stock opened at $30.95 on Wednesday. Crinetics Pharmaceuticals, Inc. has a 12 month low of $24.10 and a 12 month high of $62.53. The stock has a market capitalization of $2.90 billion, a PE ratio of -8.30 and a beta of 0.31. The business has a 50 day simple moving average of $31.88 and a 200-day simple moving average of $42.08.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its earnings results on Thursday, May 8th. The company reported ($1.04) earnings per share (EPS) for the quarter, missing the consensus estimate 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 quarter last year, the firm posted ($0.93) earnings per share. The company’s quarterly revenue was down 43.6% compared to the same quarter last year. On average, equities research analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on CRNX shares. Stifel Nicolaus assumed coverage on Crinetics Pharmaceuticals in a research note on Tuesday, March 25th. They issued a “buy” rating and a $60.00 target price for the company. TD Cowen started coverage on Crinetics Pharmaceuticals in a research report on Tuesday, February 11th. They set a “buy” rating for the company. Jefferies Financial Group raised shares of Crinetics Pharmaceuticals from a “hold” rating to a “buy” rating and set a $55.00 target price for the company in a research report on Wednesday, January 22nd. Finally, Wolfe Research assumed coverage on Crinetics Pharmaceuticals in a research report on Tuesday, February 4th. They set a “peer perform” rating for the company. 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, Crinetics Pharmaceuticals presently has a consensus rating of “Moderate Buy” and a consensus price target of $73.00.

About Crinetics Pharmaceuticals

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.