First Turn Management LLC Sells 15,926 Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

First Turn Management LLC lowered its position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 4.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 353,376 shares of the company’s stock after selling 15,926 shares during the quarter. Crinetics Pharmaceuticals makes up about 2.9% of First Turn Management LLC’s portfolio, making the stock its 11th biggest position. First Turn Management LLC’s holdings in Crinetics Pharmaceuticals were worth $18,058,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Comerica Bank purchased a new stake in shares of Crinetics Pharmaceuticals during the first quarter worth $33,000. Quest Partners LLC bought a new stake in shares of Crinetics Pharmaceuticals in the 2nd quarter worth about $42,000. Values First Advisors Inc. acquired a new position in Crinetics Pharmaceuticals during the 3rd quarter valued at about $84,000. Allspring Global Investments Holdings LLC acquired a new stake in Crinetics Pharmaceuticals during the third quarter valued at approximately $91,000. Finally, KBC Group NV increased its stake in Crinetics Pharmaceuticals by 22.8% in the 3rd quarter. KBC Group NV now owns 2,193 shares of the company’s stock valued at $112,000 after buying an additional 407 shares during the period. Hedge funds and other institutional investors own 98.51% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on CRNX. Citigroup boosted their price objective on shares of Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Oppenheimer reiterated an “outperform” rating and set a $73.00 target price (down from $74.00) on shares of Crinetics Pharmaceuticals in a research note on Friday, August 9th. HC Wainwright upped their target price on Crinetics Pharmaceuticals from $69.00 to $81.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Cantor Fitzgerald reissued an “overweight” rating and issued a $90.00 target price on shares of Crinetics Pharmaceuticals in a report on Monday, September 16th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $80.00 target price on shares of Crinetics Pharmaceuticals in a report on Friday, September 27th. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $70.18.

Insider Transactions at Crinetics Pharmaceuticals

In other news, CFO Marc Wilson sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, September 26th. The shares were sold at an average price of $51.11, for a total value of $1,277,750.00. Following the transaction, the chief financial officer now owns 111,092 shares in the company, valued at approximately $5,677,912.12. The trade was a 18.37 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Stephen F. Betz sold 1,035 shares of the company’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $51.50, for a total transaction of $53,302.50. Following the sale, the insider now directly owns 68,576 shares in the company, valued at approximately $3,531,664. This trade represents a 1.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 43,410 shares of company stock valued at $2,275,929. Corporate insiders own 6.00% of the company’s stock.

Crinetics Pharmaceuticals Price Performance

Shares of CRNX stock opened at $53.70 on Tuesday. Crinetics Pharmaceuticals, Inc. has a 1-year low of $29.23 and a 1-year high of $62.53. The company has a market cap of $4.98 billion, a P/E ratio of -14.40 and a beta of 0.62. The stock’s 50-day moving average is $55.00 and its 200 day moving average is $51.37.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.96) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.91) by ($0.05). During the same period in the previous year, the business earned ($1.01) earnings per share. On average, analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -3.75 EPS for the current year.

Crinetics Pharmaceuticals Profile

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.