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

First Light Asset Management LLC lessened its holdings in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 8.8% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,089,670 shares of the company’s stock after selling 104,593 shares during the quarter. Crinetics Pharmaceuticals accounts for approximately 3.5% of First Light Asset Management LLC’s investment portfolio, making the stock its 9th biggest position. First Light Asset Management LLC owned about 1.03% of Crinetics Pharmaceuticals worth $39,577,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Smartleaf Asset Management LLC lifted its position in shares of Crinetics Pharmaceuticals by 107.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 639 shares of the company’s stock worth $30,000 after buying an additional 331 shares during the last quarter. Headlands Technologies LLC bought a new position in Crinetics Pharmaceuticals in the second quarter valued at about $30,000. Raymond James Financial Inc. bought a new position in Crinetics Pharmaceuticals in the second quarter valued at about $45,000. Parallel Advisors LLC raised its stake in Crinetics Pharmaceuticals by 34.6% during the fourth quarter. Parallel Advisors LLC now owns 1,225 shares of the company’s stock worth $57,000 after acquiring an additional 315 shares in the last quarter. Finally, Arax Advisory Partners raised its stake in 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 acquiring an additional 850 shares in the last quarter. Institutional investors own 98.51% of the company’s stock.

Analyst Upgrades and Downgrades

CRNX has been the topic of a number of research analyst reports. JonesTrading downgraded shares of Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating and set a $85.00 price target on the stock. in a research note on Tuesday, July 7th. Oppenheimer reissued a “market perform” rating on shares of Crinetics Pharmaceuticals in a research note on Tuesday, July 7th. Jefferies Financial Group lowered shares of Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating and raised their target price for the company from $55.00 to $85.00 in a research report on Tuesday, July 7th. Robert W. Baird boosted their target price on shares of Crinetics Pharmaceuticals from $62.00 to $85.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 7th. Finally, Evercore downgraded shares of Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 7th. Six analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Crinetics Pharmaceuticals presently has an average rating of “Hold” and a consensus target price of $78.27.

Insider Activity at Crinetics Pharmaceuticals

In other 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 transaction of $246,123.00. Following the transaction, the director owned 6,400 shares in the company, valued at approximately $228,288. The trade was a 51.88% decrease in their ownership of the stock. The sale was disclosed in a document filed 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 Coelho Rogerio Vivaldi sold 3,000 shares of the business’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 completion of the sale, the director directly owned 19,225 shares in the company, valued at approximately $769,000. This represents a 13.50% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 3.80% of the company’s stock.

Crinetics Pharmaceuticals Price Performance

Crinetics Pharmaceuticals stock opened at $83.73 on Monday. The business has a 50 day moving average of $49.37 and a 200-day moving average of $45.07. Crinetics Pharmaceuticals, Inc. has a 1 year low of $25.83 and a 1 year high of $84.00. The company has a market capitalization of $8.83 billion, a P/E ratio of -16.32 and a beta of 0.23.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings data on Thursday, May 7th. The company reported ($1.23) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 the consensus estimate of $8.51 million. During the same quarter last year, the business earned ($1.04) EPS. The firm’s quarterly revenue was up 2873.4% compared to the same quarter last year. Equities analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -4.86 EPS for the current 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.