Rice Hall James & Associates LLC Purchases Shares of 196,318 Crinetics Pharmaceuticals, Inc. $CRNX

Rice Hall James & Associates LLC acquired a new stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) during the second quarter, Holdings Channel reports. The institutional investor acquired 196,318 shares of the company’s stock, valued at approximately $7,346,000.

Several other institutional investors have also recently modified their holdings of the company. Smartleaf Asset Management LLC lifted its holdings in shares of Crinetics Pharmaceuticals by 107.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 639 shares of the company’s stock worth $30,000 after purchasing an additional 331 shares during the period. Headlands Technologies LLC purchased a new stake in Crinetics Pharmaceuticals in the second quarter valued at approximately $30,000. Parallel Advisors LLC increased 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 worth $57,000 after buying an additional 315 shares during the period. Arax Advisory Partners increased 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 worth $70,000 after buying an additional 850 shares during the period. Finally, Raymond James Financial Inc. purchased a new position in Crinetics Pharmaceuticals during the 2nd quarter worth approximately $45,000. 98.51% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director Coelho Rogerio Vivaldi sold 3,000 shares of the stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $40.00, for a total transaction of $120,000.00. Following the sale, the director directly owned 19,225 shares of the company’s stock, valued at approximately $769,000. This represents a 13.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 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 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 sale, the director owned 6,400 shares in the company, valued at approximately $228,288. This represents a 51.88% decrease in their position. 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. Corporate insiders own 3.80% of the company’s stock.

Crinetics Pharmaceuticals Trading Up 0.1%

Shares of NASDAQ:CRNX opened at $84.75 on Tuesday. Crinetics Pharmaceuticals, Inc. has a 12-month low of $28.73 and a 12-month high of $84.76. The business has a 50 day moving average of $65.02 and a two-hundred day moving average of $48.46. The company has a market capitalization of $8.99 billion, a PE ratio of -16.82 and a beta of 0.12.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings data on Monday, August 3rd. The company reported ($1.14) EPS for the quarter, topping analysts’ consensus estimates of ($1.18) by $0.04. The business had revenue of $25.12 million for 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 was up 2336.9% on a year-over-year basis. During the same quarter last year, the company earned ($1.23) EPS. Equities research analysts predict that Crinetics Pharmaceuticals, Inc. will post -4.83 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts have commented on CRNX shares. Piper Sandler cut shares of Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 7th. Wall Street Zen upgraded shares of Crinetics Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research note on Sunday, July 12th. Robert W. Baird boosted their target price on shares of Crinetics Pharmaceuticals from $62.00 to $85.00 and gave the company an “outperform” rating in a research report on Tuesday, July 7th. Citizens Jmp lowered shares of Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 7th. Finally, Jefferies Financial Group downgraded Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating and increased their price target for the stock from $55.00 to $85.00 in a research report on Tuesday, July 7th. Five analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $81.00.

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.