Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Position Lessened by Parkman Healthcare Partners LLC

Parkman Healthcare Partners LLC cut its position in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 34.1% during the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 51,133 shares of the company’s stock after selling 26,490 shares during the quarter. Parkman Healthcare Partners LLC’s holdings in Crinetics Pharmaceuticals were worth $2,614,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. Venturi Wealth Management LLC acquired a new stake in Crinetics Pharmaceuticals during the fourth quarter valued at $41,000. Headlands Technologies LLC acquired a new position in shares of Crinetics Pharmaceuticals in the 4th quarter worth approximately $52,000. Harvest Fund Management Co. Ltd acquired a new position in shares of Crinetics Pharmaceuticals in the 4th quarter worth approximately $66,000. KBC Group NV lifted its holdings in Crinetics Pharmaceuticals by 69.3% during the 4th quarter. KBC Group NV now owns 3,712 shares of the company’s stock worth $190,000 after buying an additional 1,519 shares in the last quarter. Finally, Janney Montgomery Scott LLC lifted its stake in shares of Crinetics Pharmaceuticals by 13.7% in the 4th quarter. Janney Montgomery Scott LLC now owns 4,975 shares of the company’s stock valued at $254,000 after purchasing an additional 600 shares during the period. 98.51% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Crinetics Pharmaceuticals

In other news, COO Jeff E. Knight sold 7,162 shares of the firm’s stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $34.20, for a total value of $244,940.40. Following the transaction, the chief operating officer now directly owns 87,491 shares in the company, valued at $2,992,192.20. This trade represents a 7.57% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Richard Scott Struthers sold 17,338 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $34.20, for a total value of $592,959.60. Following the sale, the chief executive officer now owns 329,147 shares in the company, valued at $11,256,827.40. This represents a 5.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 27,015 shares of company stock valued at $923,913. 6.00% of the stock is currently owned by corporate insiders.

Crinetics Pharmaceuticals Stock Down 7.1%

Shares of Crinetics Pharmaceuticals stock opened at $30.95 on Wednesday. Crinetics Pharmaceuticals, Inc. has a 52 week low of $24.10 and a 52 week high of $62.53. The company has a 50 day moving average price of $31.88 and a 200 day moving average price of $42.08. The firm has a market capitalization of $2.90 billion, a P/E ratio of -8.30 and a beta of 0.31.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($1.04) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.99) by ($0.05). The business had revenue of $0.36 million during the quarter, compared to the consensus estimate of $0.10 million. During the same quarter in the prior year, the firm earned ($0.93) EPS. The business’s quarterly revenue was down 43.6% compared to the same quarter last year. As a group, research analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Jefferies Financial Group upgraded Crinetics Pharmaceuticals from a “hold” rating to a “buy” rating and set a $55.00 target price for the company in a report on Wednesday, January 22nd. Stifel Nicolaus began coverage on shares of Crinetics Pharmaceuticals in a report on Tuesday, March 25th. They set a “buy” rating and a $60.00 target price on the stock. TD Cowen assumed coverage on shares of Crinetics Pharmaceuticals in a research note on Tuesday, February 11th. They set a “buy” rating on the stock. Finally, Wolfe Research initiated coverage on shares of Crinetics Pharmaceuticals in a report on Tuesday, February 4th. They set a “peer perform” rating on the stock. One investment analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $73.00.

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.