Cormorant Asset Management LP trimmed its position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX – Free Report) by 25.0% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 300,000 shares of the company’s stock after selling 100,000 shares during the period. Crinetics Pharmaceuticals makes up about 0.6% of Cormorant Asset Management LP’s portfolio, making the stock its 25th largest holding. Cormorant Asset Management LP owned 0.29% of Crinetics Pharmaceuticals worth $13,965,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Wellington Management Group LLP lifted its stake in Crinetics Pharmaceuticals by 44.3% during the third quarter. Wellington Management Group LLP now owns 8,381,991 shares of the company’s stock valued at $349,110,000 after buying an additional 2,574,683 shares in the last quarter. Farallon Capital Management LLC raised its position in Crinetics Pharmaceuticals by 20.2% during the fourth quarter. Farallon Capital Management LLC now owns 6,933,098 shares of the company’s stock valued at $322,736,000 after acquiring an additional 1,163,000 shares in the last quarter. Paradigm Biocapital Advisors LP raised its holdings in Crinetics Pharmaceuticals by 8.8% during the third quarter. Paradigm Biocapital Advisors LP now owns 2,550,774 shares of the company’s stock valued at $106,240,000 after buying an additional 207,221 shares in the last quarter. Baker BROS. Advisors LP raised its position in shares of Crinetics Pharmaceuticals by 488.9% in the fourth quarter. Baker BROS. Advisors LP now owns 1,648,869 shares of the company’s stock valued at $76,755,000 after purchasing an additional 1,368,869 shares during the period. Finally, Pictet Asset Management Holding SA raised its position in shares of Crinetics Pharmaceuticals by 6.5% in the fourth quarter. Pictet Asset Management Holding SA now owns 1,560,300 shares of the company’s stock valued at $72,632,000 after purchasing an additional 95,038 shares during the period. 98.51% of the stock is owned by institutional investors and hedge funds.
Insider Activity at Crinetics Pharmaceuticals
In related news, insider Jeff E. Knight sold 85,163 shares of the firm’s stock in a transaction that occurred on Wednesday, April 8th. The shares were sold at an average price of $40.10, for a total value of $3,415,036.30. Following the completion of the transaction, the insider owned 105,289 shares in the company, valued at $4,222,088.90. This trade represents a 44.72% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 3.80% of the company’s stock.
Crinetics Pharmaceuticals Stock Performance
Crinetics Pharmaceuticals (NASDAQ:CRNX – Get Free Report) last announced its earnings results on Thursday, May 7th. The company reported ($1.23) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.22) by ($0.01). Crinetics Pharmaceuticals had a negative net margin of 2,747.18% and a negative return on equity of 43.96%. The business had revenue of $10.73 million during the quarter, compared to the consensus estimate of $8.51 million. During the same period in the previous year, the firm posted ($1.04) EPS. The company’s revenue was up 2873.4% compared to the same quarter last year. Research analysts forecast that Crinetics Pharmaceuticals, Inc. will post -4.85 earnings per share for the current year.
Wall Street Analysts Forecast Growth
CRNX has been the topic of several research reports. Wall Street Zen upgraded Crinetics Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 17th. Citizens Jmp restated a “market outperform” rating and set a $95.00 price target on shares of Crinetics Pharmaceuticals in a research report on Thursday, June 11th. Oppenheimer decreased their price objective on shares of Crinetics Pharmaceuticals from $87.00 to $84.00 and set an “outperform” rating on the stock in a report on Monday, May 11th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a research note on Monday, April 20th. Finally, HC Wainwright reissued a “buy” rating and issued a $81.00 target price on shares of Crinetics Pharmaceuticals in a research note on Monday. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Crinetics Pharmaceuticals currently has an average rating of “Moderate Buy” and an average price target of $76.13.
Check Out Our Latest Research Report on Crinetics Pharmaceuticals
Crinetics Pharmaceuticals Company 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.
Featured Articles
- Five stocks we like better than Crinetics Pharmaceuticals
- Cheap Thrills: Why These 3 Entertainment Stocks Are Soaring
- CoreWeave Insider Sales Look Big, But Should Investors Worry?
- Critical Metals: Sizing Up This Tiny Rare-Earth Stock Making Big Moves
- Meta and Cloud Computing: Real Potential, or a Shot in the Dark?
Receive News & Ratings for Crinetics Pharmaceuticals Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Crinetics Pharmaceuticals and related companies with MarketBeat.com's FREE daily email newsletter.
