Point72 Asset Management L.P. Lowers Position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Point72 Asset Management L.P. cut its holdings in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNXFree Report) by 19.1% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 3,416,900 shares of the company’s stock after selling 808,400 shares during the period. Point72 Asset Management L.P. owned 0.05% of Crinetics Pharmaceuticals worth $121,573,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in CRNX. Fisher Asset Management LLC grew its stake in Crinetics Pharmaceuticals by 718.6% during the 4th quarter. Fisher Asset Management LLC now owns 440,893 shares of the company’s stock worth $15,687,000 after buying an additional 387,033 shares during the last quarter. TD Asset Management Inc increased its holdings in shares of Crinetics Pharmaceuticals by 26.5% during the fourth quarter. TD Asset Management Inc now owns 176,426 shares of the company’s stock valued at $6,277,000 after acquiring an additional 37,000 shares in the last quarter. Jennison Associates LLC increased its holdings in shares of Crinetics Pharmaceuticals by 77.7% during the fourth quarter. Jennison Associates LLC now owns 2,547,683 shares of the company’s stock valued at $90,647,000 after acquiring an additional 1,113,992 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Crinetics Pharmaceuticals by 31.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 461,303 shares of the company’s stock valued at $13,719,000 after purchasing an additional 110,565 shares during the last quarter. Finally, Swiss National Bank boosted its stake in Crinetics Pharmaceuticals by 41.6% in the 3rd quarter. Swiss National Bank now owns 116,400 shares of the company’s stock worth $3,462,000 after purchasing an additional 34,200 shares in the last quarter. 98.51% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, insider Stephen F. Betz sold 3,000 shares of the company’s stock in a transaction on Friday, May 10th. The shares were sold at an average price of $49.43, for a total transaction of $148,290.00. Following the completion of the transaction, the insider now directly owns 89,643 shares in the company, valued at $4,431,053.49. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Crinetics Pharmaceuticals news, insider Stephen F. Betz sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $49.43, for a total transaction of $148,290.00. Following the completion of the sale, the insider now directly owns 89,643 shares in the company, valued at approximately $4,431,053.49. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Marc Wilson sold 6,942 shares of the firm’s stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $42.91, for a total value of $297,881.22. Following the completion of the transaction, the chief financial officer now owns 110,630 shares in the company, valued at approximately $4,747,133.30. The disclosure for this sale can be found here. Over the last three months, insiders have sold 303,664 shares of company stock valued at $14,239,668. Company insiders own 6.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $60.00 price target on shares of Crinetics Pharmaceuticals in a report on Tuesday, June 4th. JMP Securities reaffirmed a “market outperform” rating and set a $80.00 price target on shares of Crinetics Pharmaceuticals in a research report on Tuesday, June 4th. Cantor Fitzgerald reissued an “overweight” rating and issued a $65.00 price objective on shares of Crinetics Pharmaceuticals in a report on Tuesday, May 14th. Oppenheimer lifted their target price on Crinetics Pharmaceuticals from $55.00 to $74.00 and gave the stock an “outperform” rating in a report on Tuesday, June 4th. Finally, Morgan Stanley increased their price target on shares of Crinetics Pharmaceuticals from $50.00 to $70.00 and gave the stock an “overweight” rating in a report on Thursday, May 23rd. One research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, Crinetics Pharmaceuticals has an average rating of “Moderate Buy” and an average target price of $62.50.

Read Our Latest Stock Analysis on Crinetics Pharmaceuticals

Crinetics Pharmaceuticals Stock Performance

NASDAQ CRNX traded down $0.19 during mid-day trading on Tuesday, reaching $44.82. 369,178 shares of the stock were exchanged, compared to its average volume of 806,127. The company has a market capitalization of $3.53 billion, a P/E ratio of -11.86 and a beta of 0.64. The business’s 50 day moving average is $46.51 and its 200-day moving average is $40.85. Crinetics Pharmaceuticals, Inc. has a 1 year low of $15.76 and a 1 year high of $53.70.

Crinetics Pharmaceuticals (NASDAQ:CRNXGet Free Report) last posted its earnings results on Thursday, May 9th. The company reported ($0.93) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.84) by ($0.09). Crinetics Pharmaceuticals had a negative return on equity of 42.50% and a negative net margin of 4,223.27%. The firm had revenue of $0.64 million for the quarter, compared to analysts’ expectations of $0.20 million. During the same period in the previous year, the company earned ($0.85) earnings per share. The company’s revenue was down 76.1% compared to the same quarter last year. Equities analysts predict that Crinetics Pharmaceuticals, Inc. will post -3.53 earnings per share for the current fiscal year.

Crinetics Pharmaceuticals Profile

(Free Report)

Crinetics Pharmaceuticals, Inc, a clinical-stage pharmaceutical company, focuses on the discovery, development, and commercialization of novel therapeutics for rare endocrine diseases and endocrine-related tumors. The company's lead product candidate is paltusotine, an oral selective nonpeptide somatostatin receptor type 2 agonist, which is in Phase 3 trial for the treatment of acromegaly; and Phase 2 trial for treating carcinoid syndrome associated with neuroendocrine tumors.

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Institutional Ownership by Quarter for Crinetics Pharmaceuticals (NASDAQ:CRNX)

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