Crinetics Pharmaceuticals, Inc. $CRNX Shares Sold by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. lessened its position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 4.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 54,258 shares of the company’s stock after selling 2,433 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.06% of Crinetics Pharmaceuticals worth $1,560,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently bought and sold shares of CRNX. State of New Jersey Common Pension Fund D increased its stake in Crinetics Pharmaceuticals by 11.9% during the second quarter. State of New Jersey Common Pension Fund D now owns 62,552 shares of the company’s stock worth $1,799,000 after purchasing an additional 6,674 shares during the period. AlphaQuest LLC acquired a new position in shares of Crinetics Pharmaceuticals in the second quarter valued at approximately $799,000. TD Asset Management Inc increased its stake in Crinetics Pharmaceuticals by 15.9% during the 2nd quarter. TD Asset Management Inc now owns 202,482 shares of the company’s stock worth $5,823,000 after buying an additional 27,788 shares during the period. Aberdeen Group plc lifted its holdings in Crinetics Pharmaceuticals by 34.7% during the 2nd quarter. Aberdeen Group plc now owns 280,347 shares of the company’s stock worth $8,063,000 after buying an additional 72,288 shares in the last quarter. Finally, KLP Kapitalforvaltning AS lifted its holdings in Crinetics Pharmaceuticals by 17.5% during the 2nd quarter. KLP Kapitalforvaltning AS now owns 18,800 shares of the company’s stock worth $541,000 after buying an additional 2,800 shares in the last quarter. 98.51% of the stock is currently owned by hedge funds and other institutional investors.

Crinetics Pharmaceuticals Price Performance

Shares of NASDAQ CRNX opened at $42.90 on Thursday. The business has a 50-day moving average of $40.91 and a two-hundred day moving average of $34.39. The company has a market capitalization of $4.07 billion, a price-to-earnings ratio of -9.47 and a beta of 0.25. Crinetics Pharmaceuticals, Inc. has a 1 year low of $24.10 and a 1 year high of $60.34.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its earnings results on Thursday, November 6th. The company reported ($1.38) earnings per share for the quarter, missing the consensus estimate of ($1.27) by ($0.11). The company had revenue of $0.14 million during the quarter, compared to analysts’ expectations of $0.39 million. During the same period last year, the firm posted ($0.96) EPS. As a group, equities research analysts expect that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current year.

Insider Transactions at Crinetics Pharmaceuticals

In related news, insider Dana Pizzuti sold 5,000 shares of Crinetics Pharmaceuticals stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $42.66, for a total transaction of $213,300.00. Following the sale, the insider directly owned 66,270 shares in the company, valued at $2,827,078.20. This trade represents a 7.02% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Matthew K. Fust sold 16,000 shares of the company’s stock in a transaction on Friday, September 26th. The shares were sold at an average price of $44.75, for a total transaction of $716,000.00. Following the completion of the transaction, the director owned 22,836 shares of the company’s stock, valued at $1,021,911. This represents a 41.20% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 60,000 shares of company stock worth $2,231,250. 4.60% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts have commented on CRNX shares. JPMorgan Chase & Co. dropped their price target on shares of Crinetics Pharmaceuticals from $53.00 to $52.00 and set an “overweight” rating for the company in a research note on Wednesday, September 24th. JMP Securities boosted their target price on Crinetics Pharmaceuticals from $86.00 to $143.00 and gave the stock a “market outperform” rating in a research note on Friday, September 26th. The Goldman Sachs Group increased their price target on Crinetics Pharmaceuticals from $35.00 to $40.00 and gave the company a “neutral” rating in a research report on Friday, September 26th. Oppenheimer lifted their price objective on Crinetics Pharmaceuticals from $73.00 to $87.00 and gave the company an “outperform” rating in a research note on Tuesday, September 30th. Finally, Leerink Partners upped their target price on shares of Crinetics Pharmaceuticals from $80.00 to $88.00 and gave the stock an “outperform” rating in a research note on Monday, September 29th. Eleven equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $77.55.

About Crinetics Pharmaceuticals

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.