Sector Gamma AS Buys Shares of 115,000 Crinetics Pharmaceuticals, Inc. $CRNX

Sector Gamma AS bought a new stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) during the fourth quarter, HoldingsChannel.com reports. The firm bought 115,000 shares of the company’s stock, valued at approximately $5,353,000. Crinetics Pharmaceuticals comprises about 1.2% of Sector Gamma AS’s investment portfolio, making the stock its 27th largest position.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of CRNX. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Crinetics Pharmaceuticals by 11.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 59,311 shares of the company’s stock valued at $1,995,000 after acquiring an additional 6,148 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Crinetics Pharmaceuticals by 6.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 347,581 shares of the company’s stock valued at $11,658,000 after acquiring an additional 22,305 shares during the last quarter. Strs Ohio bought a new position in Crinetics Pharmaceuticals in the first quarter valued at about $124,000. Invesco Ltd. grew its holdings in shares of Crinetics Pharmaceuticals by 11.7% during the second quarter. Invesco Ltd. now owns 78,140 shares of the company’s stock worth $2,247,000 after purchasing an additional 8,181 shares during the last quarter. Finally, Sei Investments Co. grew its holdings in shares of Crinetics Pharmaceuticals by 20.6% during the second quarter. Sei Investments Co. now owns 60,180 shares of the company’s stock worth $1,731,000 after purchasing an additional 10,269 shares during the last quarter. Institutional investors own 98.51% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. Oppenheimer reduced their price target on Crinetics Pharmaceuticals from $87.00 to $84.00 and set an “outperform” rating on the stock in a report on Monday, May 11th. Weiss Ratings restated a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a report on Monday, April 20th. Lifesci Capital upgraded Crinetics Pharmaceuticals to a “strong-buy” rating in a report on Friday, February 13th. Citizens Jmp restated a “market outperform” rating and set a $95.00 price target on shares of Crinetics Pharmaceuticals in a report on Thursday. Finally, Wall Street Zen raised Crinetics Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 17th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $76.13.

Crinetics Pharmaceuticals Price Performance

Crinetics Pharmaceuticals stock opened at $33.53 on Friday. The stock’s 50 day moving average is $37.38 and its 200 day moving average is $42.69. The firm has a market cap of $3.54 billion, a P/E ratio of -6.54 and a beta of 0.24. Crinetics Pharmaceuticals, Inc. has a one year low of $25.83 and a one year high of $57.99.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($1.23) earnings per share (EPS) 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 business had revenue of $10.73 million during the quarter, compared to analyst estimates of $8.51 million. During the same period last year, the firm posted ($1.04) earnings per share. Crinetics Pharmaceuticals’s quarterly revenue was up 2873.4% compared to the same quarter last year. Equities analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -4.85 earnings per share for the current fiscal year.

Insider Buying and Selling at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, CEO Richard Scott Struthers sold 21,981 shares of the business’s stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $37.37, for a total value of $821,429.97. Following the transaction, the chief executive officer directly owned 404,778 shares of the company’s stock, valued at approximately $15,126,553.86. The trade was a 5.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jeff E. Knight sold 85,163 shares of the business’s stock in a transaction that occurred on Wednesday, April 8th. The shares were sold at an average price of $40.10, for a total value of $3,415,036.30. Following the completion of the transaction, the insider directly owned 105,289 shares in the company, valued at approximately $4,222,088.90. This trade represents a 44.72% decrease in their ownership of the stock. 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. Over the last three months, insiders have sold 127,667 shares of company stock valued at $5,003,411. 3.80% of the stock is currently owned by company insiders.

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.