First Light Asset Management LLC Has $39.58 Million Holdings in Crinetics Pharmaceuticals, Inc. $CRNX

First Light Asset Management LLC reduced its stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 8.8% during the first quarter, Holdings Channel.com reports. The fund owned 1,089,670 shares of the company’s stock after selling 104,593 shares during the period. Crinetics Pharmaceuticals makes up about 3.5% of First Light Asset Management LLC’s portfolio, making the stock its 9th biggest position. First Light Asset Management LLC’s holdings in Crinetics Pharmaceuticals were worth $39,577,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Smartleaf Asset Management LLC increased its position in Crinetics Pharmaceuticals by 107.5% during 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. Headlands Technologies LLC bought a new position in Crinetics Pharmaceuticals during the 2nd quarter worth approximately $30,000. Raymond James Financial Inc. acquired a new position in shares of Crinetics Pharmaceuticals in the 2nd quarter worth approximately $45,000. Parallel Advisors LLC boosted its stake in shares of 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 last quarter. Finally, 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 buying an additional 850 shares during the period. 98.51% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on CRNX. TD Cowen downgraded shares of Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Wednesday, July 8th. Lifesci Capital cut shares of Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 7th. Jefferies Financial Group downgraded Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating and increased their price target for the stock from $55.00 to $85.00 in a report on Tuesday, July 7th. Evercore lowered Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 7th. Finally, Oppenheimer reissued a “market perform” rating on shares of Crinetics Pharmaceuticals in a research note on Tuesday, July 7th. Six equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $78.27.

Insiders Place Their Bets

In other Crinetics Pharmaceuticals news, Director Coelho Rogerio Vivaldi sold 3,000 shares of the firm’s stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $40.00, for a total transaction of $120,000.00. Following the transaction, the director directly owned 19,225 shares in the company, valued at approximately $769,000. This trade represents a 13.50% decrease in their position. The sale 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 Stephanie Okey sold 6,900 shares of the business’s stock in a transaction dated 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 trade represents a 51.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.80% of the stock is currently owned by company insiders.

Crinetics Pharmaceuticals Price Performance

Shares of NASDAQ CRNX opened at $83.73 on Monday. The firm has a market cap of $8.83 billion, a PE ratio of -16.32 and a beta of 0.23. The company’s fifty day simple moving average is $49.37 and its 200 day simple moving average is $45.07. Crinetics Pharmaceuticals, Inc. has a 12-month low of $25.83 and a 12-month high of $84.00.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($1.23) earnings per share for the quarter, missing the consensus estimate 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 during the quarter, compared to the consensus estimate of $8.51 million. During the same period last year, the firm posted ($1.04) earnings per share. The company’s revenue for the quarter was up 2873.4% on a year-over-year basis. On average, equities analysts predict that Crinetics Pharmaceuticals, Inc. will post -4.86 earnings per share for the current year.

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.