Man Group plc Purchases New Shares in Crinetics Pharmaceuticals, Inc. $CRNX

Man Group plc acquired a new stake in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 61,043 shares of the company’s stock, valued at approximately $2,284,000. Man Group plc owned approximately 0.06% of Crinetics Pharmaceuticals as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Crinetics Pharmaceuticals by 11.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 59,311 shares of the company’s stock valued at $1,995,000 after purchasing an additional 6,148 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Crinetics Pharmaceuticals by 6.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 347,581 shares of the company’s stock valued at $11,658,000 after purchasing an additional 22,305 shares during the last quarter. Strs Ohio acquired a new position in Crinetics Pharmaceuticals in the first quarter valued at $124,000. Invesco Ltd. lifted its stake in shares of Crinetics Pharmaceuticals by 11.7% in the 2nd quarter. Invesco Ltd. now owns 78,140 shares of the company’s stock worth $2,247,000 after acquiring an additional 8,181 shares during the period. Finally, Sei Investments Co. increased its position in shares of Crinetics Pharmaceuticals by 20.6% in the second quarter. Sei Investments Co. now owns 60,180 shares of the company’s stock valued at $1,731,000 after buying an additional 10,269 shares in the last quarter. Hedge funds and other institutional investors own 98.51% of the company’s stock.

Crinetics Pharmaceuticals Price Performance

Crinetics Pharmaceuticals stock opened at $84.95 on Wednesday. The firm’s 50 day simple moving average is $75.95 and its 200-day simple moving average is $51.29. Crinetics Pharmaceuticals, Inc. has a fifty-two week low of $30.25 and a fifty-two week high of $85.01. The company has a market cap of $9.01 billion, a P/E ratio of -16.86 and a beta of 0.08.

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

Wall Street Analyst Weigh In

CRNX has been the subject of several recent research reports. Lifesci Capital downgraded Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 7th. Robert W. Baird lifted their price objective on shares of Crinetics Pharmaceuticals from $62.00 to $85.00 and gave the stock an “outperform” rating in a report on Tuesday, July 7th. Oppenheimer reiterated a “market perform” rating on shares of Crinetics Pharmaceuticals in a research note on Tuesday, July 7th. Weiss Ratings reissued a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a report on Friday, July 17th. Finally, HC Wainwright downgraded Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating and raised their price target for the stock from $81.00 to $85.00 in a report on Tuesday, July 7th. Five equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $81.00.

Insider Buying and Selling at Crinetics Pharmaceuticals

In other news, Director Coelho Rogerio Vivaldi sold 3,000 shares of the company’s stock in a transaction that occurred 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 transaction, the director directly owned 19,225 shares in the company, valued at approximately $769,000. This represents a 13.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, 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 business’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 transaction of $246,123.00. Following the transaction, the director owned 6,400 shares of the company’s stock, valued at approximately $228,288. This represents a 51.88% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 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.