Man Group plc Acquires Shares of 61,043 Crinetics Pharmaceuticals, Inc. $CRNX

Man Group plc bought a new position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) in the 2nd quarter, HoldingsChannel.com reports. The firm bought 61,043 shares of the company’s stock, valued at approximately $2,284,000.

A number of other large investors also recently made changes to their positions in CRNX. Parkman Healthcare Partners LLC boosted its holdings in Crinetics Pharmaceuticals by 0.4% during the third quarter. Parkman Healthcare Partners LLC now owns 73,725 shares of the company’s stock worth $3,071,000 after purchasing an additional 313 shares during the last quarter. Parallel Advisors LLC grew its stake 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 grew 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 buying an additional 331 shares during the period. Brooklyn Investment Group lifted its holdings in Crinetics Pharmaceuticals by 6.3% during the fourth quarter. Brooklyn Investment Group now owns 5,890 shares of the company’s stock valued at $280,000 after purchasing an additional 348 shares during the last quarter. Finally, Commerce Bank grew its stake in Crinetics Pharmaceuticals by 5.9% in the 4th quarter. Commerce Bank now owns 8,019 shares of the company’s stock valued at $373,000 after buying an additional 444 shares in the last quarter. 98.51% of the stock is owned by institutional investors.

Insider Buying and Selling at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, Director Stephanie Okey sold 6,900 shares of Crinetics Pharmaceuticals stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $35.67, for a total value of $246,123.00. Following the completion of the transaction, the director directly owned 6,400 shares of the company’s stock, valued at $228,288. This trade represents a 51.88% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Coelho Rogerio Vivaldi sold 3,000 shares of the stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $40.00, for a total transaction of $120,000.00. Following the completion of the transaction, the director directly owned 19,225 shares of the company’s stock, valued at approximately $769,000. The trade was a 13.50% 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. 3.80% of the stock is owned by company insiders.

Analyst Ratings Changes

CRNX has been the subject of several recent research reports. Lifesci Capital cut Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 7th. Citizens Jmp downgraded shares of Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 7th. TD Cowen lowered Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Wednesday, July 8th. Wall Street Zen upgraded shares of Crinetics Pharmaceuticals from a “strong sell” rating to a “sell” rating in a report on Sunday, July 12th. 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 issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $81.00.

Crinetics Pharmaceuticals Price Performance

NASDAQ CRNX opened at $84.95 on Wednesday. The business has a 50-day moving average price of $75.95 and a 200-day moving average price of $51.29. The firm has a market cap of $9.01 billion, a price-to-earnings ratio of -16.86 and a beta of 0.08. Crinetics Pharmaceuticals, Inc. has a twelve month low of $30.25 and a twelve month high of $85.01.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings data on Monday, August 3rd. The company reported ($1.14) earnings per share 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 during the quarter, compared to analyst estimates of $14.84 million. During the same quarter last year, the business posted ($1.23) earnings per share. The business’s quarterly revenue was up 2336.9% compared to the same quarter last year. Research analysts expect that Crinetics Pharmaceuticals, Inc. will post -4.83 EPS for the current fiscal year.

About Crinetics Pharmaceuticals

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.