First Trust Advisors LP Raises Stake in Crinetics Pharmaceuticals, Inc. $CRNX

First Trust Advisors LP increased its stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 54.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 51,365 shares of the company’s stock after buying an additional 18,215 shares during the period. First Trust Advisors LP’s holdings in Crinetics Pharmaceuticals were worth $1,866,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the stock. Smartleaf Asset Management LLC boosted its position in Crinetics Pharmaceuticals by 107.5% in 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 bought a new position in Crinetics Pharmaceuticals in the 2nd quarter worth about $30,000. Parallel Advisors LLC increased its position 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 during the period. Arax Advisory Partners increased its position 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 during the period. Finally, Raymond James Financial Inc. bought a new stake in shares of Crinetics Pharmaceuticals during the second quarter valued at approximately $45,000. Hedge funds and other institutional investors own 98.51% of the company’s stock.

Insiders Place Their Bets

In other Crinetics Pharmaceuticals news, Director Stephanie Okey sold 6,900 shares of the stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $35.67, for a total transaction of $246,123.00. Following the sale, the director owned 6,400 shares of the company’s stock, valued at approximately $228,288. This trade represents a 51.88% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Coelho Rogerio Vivaldi sold 3,000 shares of Crinetics Pharmaceuticals stock in a transaction on Thursday, July 2nd. The shares were 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 in the company, valued at $769,000. This represents a 13.50% 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. 3.80% of the stock is owned by corporate insiders.

Crinetics Pharmaceuticals Stock Performance

Shares of CRNX opened at $84.08 on Friday. The company has a 50 day moving average price of $58.91 and a 200-day moving average price of $47.24. Crinetics Pharmaceuticals, Inc. has a fifty-two week low of $25.83 and a fifty-two week high of $84.30. The stock has a market capitalization of $8.92 billion, a PE ratio of -16.68 and a beta of 0.12.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings data on Monday, August 3rd. The company reported ($1.14) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.18) by $0.04. The firm had revenue of $25.12 million for the quarter, compared to the consensus estimate 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 company’s quarterly revenue was up 2336.9% on a year-over-year basis. During the same period last year, the firm earned ($1.23) earnings per share. Equities research analysts forecast that Crinetics Pharmaceuticals, Inc. will post -4.86 EPS for the current year.

Analyst Ratings Changes

Several brokerages recently issued reports on CRNX. Piper Sandler cut Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 7th. Weiss Ratings restated a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a report on Friday, July 17th. Evercore lowered Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 7th. Cantor Fitzgerald cut Crinetics Pharmaceuticals from an “overweight” rating to a “hold” rating in a report on Tuesday, July 7th. Finally, Citizens Jmp downgraded Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 7th. Five equities 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 an average price target of $81.00.

Crinetics Pharmaceuticals Company 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.