Crinetics Pharmaceuticals, Inc. $CRNX Stock Position Lifted by Braun Stacey Associates Inc.

Braun Stacey Associates Inc. raised its stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 7.2% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 348,143 shares of the company’s stock after purchasing an additional 23,335 shares during the quarter. Braun Stacey Associates Inc.’s holdings in Crinetics Pharmaceuticals were worth $13,028,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CRNX. Smartleaf Asset Management LLC boosted its stake 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 valued at $30,000 after buying an additional 331 shares during the period. Headlands Technologies LLC acquired a new position in shares of Crinetics Pharmaceuticals in the second quarter worth $30,000. Raymond James Financial Inc. acquired a new position in shares of Crinetics Pharmaceuticals in the second quarter worth $45,000. Parallel Advisors LLC raised its holdings in shares of 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 holdings 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 acquiring an additional 850 shares in the last quarter. Hedge funds and other institutional investors own 98.51% of the company’s stock.

Crinetics Pharmaceuticals Trading Down 0.0%

Shares of NASDAQ:CRNX opened at $84.84 on Friday. The stock has a market capitalization of $9.00 billion, a PE ratio of -16.83 and a beta of 0.12. Crinetics Pharmaceuticals, Inc. has a 1 year low of $30.25 and a 1 year high of $84.89. The firm has a fifty day moving average price of $73.98 and a 200 day moving average price of $50.73.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its 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. Crinetics Pharmaceuticals had a negative return on equity of 44.22% and a negative net margin of 1,189.88%.The company had revenue of $25.12 million for the quarter, compared to analyst estimates of $14.84 million. During the same period last year, the company earned ($1.23) earnings per share. The business’s revenue was up 2336.9% compared to the same quarter last year. On average, sell-side analysts forecast that Crinetics Pharmaceuticals, Inc. will post -4.83 earnings per share for the current fiscal year.

Insider Transactions at Crinetics Pharmaceuticals

In other news, Director Coelho Rogerio Vivaldi sold 3,000 shares of the stock in a transaction dated 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 owned 19,225 shares of the company’s stock, valued at approximately $769,000. This represents a 13.50% decrease in their position. The sale 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 Stephanie Okey sold 6,900 shares of the firm’s stock in a transaction that occurred 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 in the company, valued at $228,288. The trade was a 51.88% 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.

Wall Street Analyst Weigh In

A number of brokerages have commented on CRNX. HC Wainwright downgraded Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating and boosted their target price for the company from $81.00 to $85.00 in a research note on Tuesday, July 7th. Citizens Jmp downgraded Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 7th. Piper Sandler lowered Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 7th. TD Cowen cut Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Wednesday, July 8th. Finally, Wall Street Zen upgraded Crinetics Pharmaceuticals from a “strong sell” rating to a “sell” rating in a report on Sunday, July 12th. Five research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Crinetics Pharmaceuticals has a consensus rating of “Hold” and a consensus price target of $81.00.

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.