Commerce Bank Acquires Shares of 8,002 Crinetics Pharmaceuticals, Inc. $CRNX

Commerce Bank bought a new position in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor bought 8,002 shares of the company’s stock, valued at approximately $299,000.

A number of other large investors have also modified their holdings of CRNX. Smartleaf Asset Management LLC lifted its stake in shares of Crinetics Pharmaceuticals by 107.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 639 shares of the company’s stock worth $30,000 after buying an additional 331 shares in the last quarter. Headlands Technologies LLC purchased a new stake in Crinetics Pharmaceuticals during the 2nd quarter valued at about $30,000. Raymond James Financial Inc. purchased a new stake in Crinetics Pharmaceuticals during the 2nd quarter valued at about $45,000. Parallel Advisors LLC raised its holdings 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 acquiring an additional 315 shares during the last quarter. Finally, Arax Advisory Partners raised its holdings in Crinetics Pharmaceuticals by 131.2% in the 4th quarter. Arax Advisory Partners now owns 1,498 shares of the company’s stock valued at $70,000 after acquiring an additional 850 shares during the last quarter. Hedge funds and other institutional investors own 98.51% of the company’s stock.

Crinetics Pharmaceuticals Price Performance

Shares of CRNX stock opened at $84.84 on Friday. The firm’s 50-day moving average is $73.98 and its two-hundred day moving average is $50.73. Crinetics Pharmaceuticals, Inc. has a 12 month low of $30.25 and a 12 month high of $84.89. The company has a market capitalization of $9.00 billion, a PE ratio of -16.83 and a beta of 0.12.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its quarterly earnings results on Monday, August 3rd. The company reported ($1.14) earnings per share for the quarter, beating the consensus estimate of ($1.18) by $0.04. The business had revenue of $25.12 million during the quarter, compared to analysts’ expectations of $14.84 million. Crinetics Pharmaceuticals had a negative net margin of 1,189.88% and a negative return on equity of 44.22%. The business’s revenue for the quarter was up 2336.9% on a year-over-year basis. During the same quarter in the prior year, the company posted ($1.23) EPS. Sell-side analysts forecast that Crinetics Pharmaceuticals, Inc. will post -4.83 EPS for the current year.

Wall Street Analyst Weigh In

CRNX has been the topic of several recent research reports. Oppenheimer restated a “market perform” rating on shares of Crinetics Pharmaceuticals in a report on Tuesday, July 7th. Robert W. Baird increased their price target on Crinetics Pharmaceuticals from $62.00 to $85.00 and gave the company an “outperform” rating in a report on Tuesday, July 7th. Evercore downgraded Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 7th. UBS Group reissued a “neutral” rating and set a $85.00 price objective (up from $55.00) on shares of Crinetics Pharmaceuticals in a research note on Tuesday, July 28th. Finally, Citizens Jmp cut Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 7th. Five investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $81.00.

Insider Buying and Selling

In related news, Director Stephanie Okey sold 6,900 shares of the company’s stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $35.67, for a total value of $246,123.00. Following the transaction, the director directly owned 6,400 shares in the company, valued at approximately $228,288. This represents a 51.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through 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 that occurred on Thursday, July 2nd. The stock was sold at an average price of $40.00, for a total value of $120,000.00. Following the completion of the transaction, the director owned 19,225 shares of the company’s stock, valued at $769,000. The trade was a 13.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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 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.