AlphaQuest LLC Has $613,000 Position in Crinetics Pharmaceuticals, Inc. $CRNX

AlphaQuest LLC cut its stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 47.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,708 shares of the company’s stock after selling 13,087 shares during the period. AlphaQuest LLC’s holdings in Crinetics Pharmaceuticals were worth $613,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. Bank of America Corp DE raised its position in shares of Crinetics Pharmaceuticals by 88.0% in the 2nd quarter. Bank of America Corp DE now owns 573,282 shares of the company’s stock worth $16,488,000 after acquiring an additional 268,356 shares in the last quarter. Candriam S.C.A. grew its stake in Crinetics Pharmaceuticals by 41.9% during the second quarter. Candriam S.C.A. now owns 693,869 shares of the company’s stock worth $19,957,000 after purchasing an additional 204,958 shares during the period. Rice Hall James & Associates LLC bought a new stake in Crinetics Pharmaceuticals in the third quarter worth approximately $7,250,000. Orbimed Advisors LLC lifted its stake in Crinetics Pharmaceuticals by 15.0% in the second quarter. Orbimed Advisors LLC now owns 1,149,000 shares of the company’s stock valued at $33,045,000 after buying an additional 150,000 shares during the period. Finally, American Century Companies Inc. boosted its holdings in shares of Crinetics Pharmaceuticals by 17.9% during the 2nd quarter. American Century Companies Inc. now owns 848,638 shares of the company’s stock worth $24,407,000 after buying an additional 129,060 shares in the last quarter. Institutional investors own 98.51% of the company’s stock.

Insider Buying and Selling at Crinetics Pharmaceuticals

In related news, insider Isabel Kalofonos sold 2,500 shares of the stock in a transaction dated Monday, January 5th. The shares were sold at an average price of $55.00, for a total transaction of $137,500.00. Following the completion of the transaction, the insider owned 834 shares in the company, valued at approximately $45,870. This represents a 74.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 4.60% of the company’s stock.

Crinetics Pharmaceuticals Stock Performance

NASDAQ:CRNX opened at $47.43 on Thursday. Crinetics Pharmaceuticals, Inc. has a 52 week low of $24.10 and a 52 week high of $57.99. The firm has a 50-day moving average price of $49.89 and a two-hundred day moving average price of $41.42. The firm has a market cap of $4.85 billion, a price-to-earnings ratio of -10.47 and a beta of 0.19.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its earnings results on Thursday, November 6th. The company reported ($1.38) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.27) by ($0.11). The firm had revenue of $0.14 million during the quarter, compared to the consensus estimate of $0.39 million. During the same period in the previous year, the company posted ($0.96) earnings per share. As a group, sell-side analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms have commented on CRNX. The Goldman Sachs Group upgraded shares of Crinetics Pharmaceuticals from a “neutral” rating to a “buy” rating and set a $67.00 price target for the company in a report on Monday, January 12th. Wall Street Zen upgraded Crinetics Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Saturday, January 3rd. Citizens Jmp dropped their price target on Crinetics Pharmaceuticals from $108.00 to $105.00 and set a “market outperform” rating on the stock in a research note on Thursday, January 8th. Morgan Stanley raised their price objective on Crinetics Pharmaceuticals from $77.00 to $80.00 and gave the company an “overweight” rating in a research note on Tuesday, January 6th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a report on Wednesday, January 21st. Eleven equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat, Crinetics Pharmaceuticals has an average rating of “Moderate Buy” and a consensus price target of $82.50.

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.