Calamos Advisors LLC Grows Position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Calamos Advisors LLC boosted its stake in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 46.0% during the 2nd quarter, Holdings Channel.com reports. The firm owned 42,336 shares of the company’s stock after buying an additional 13,336 shares during the quarter. Calamos Advisors LLC’s holdings in Crinetics Pharmaceuticals were worth $1,896,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Janus Henderson Group PLC lifted its position in shares of Crinetics Pharmaceuticals by 264.1% in the first quarter. Janus Henderson Group PLC now owns 1,978,172 shares of the company’s stock valued at $92,526,000 after acquiring an additional 1,434,909 shares in the last quarter. Artal Group S.A. purchased a new position in shares of Crinetics Pharmaceuticals in the first quarter valued at about $65,088,000. Price T Rowe Associates Inc. MD lifted its position in shares of Crinetics Pharmaceuticals by 27.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,823,218 shares of the company’s stock valued at $178,966,000 after acquiring an additional 814,360 shares in the last quarter. Vestal Point Capital LP purchased a new position in shares of Crinetics Pharmaceuticals in the fourth quarter valued at about $16,011,000. Finally, First Light Asset Management LLC lifted its position in shares of Crinetics Pharmaceuticals by 25.5% in the fourth quarter. First Light Asset Management LLC now owns 1,987,772 shares of the company’s stock valued at $70,725,000 after acquiring an additional 404,443 shares in the last quarter. 98.51% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, COO Jeff E. Knight sold 27,000 shares of the stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $55.00, for a total value of $1,485,000.00. Following the transaction, the chief operating officer now owns 51,653 shares of the company’s stock, valued at $2,840,915. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, COO Jeff E. Knight sold 27,000 shares of the stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $55.00, for a total value of $1,485,000.00. Following the transaction, the chief operating officer now owns 51,653 shares of the company’s stock, valued at $2,840,915. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Marc Wilson sold 19,056 shares of the stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $53.88, for a total value of $1,026,737.28. Following the completion of the transaction, the chief financial officer now directly owns 111,092 shares in the company, valued at approximately $5,985,636.96. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 170,016 shares of company stock valued at $8,320,842. 6.00% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several brokerages have recently commented on CRNX. Piper Sandler restated an “overweight” rating and issued a $97.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Tuesday, July 2nd. Cantor Fitzgerald reiterated an “overweight” rating and issued a $65.00 target price on shares of Crinetics Pharmaceuticals in a research report on Tuesday, May 14th. JMP Securities reiterated a “market outperform” rating and issued a $80.00 target price on shares of Crinetics Pharmaceuticals in a research report on Tuesday, June 4th. HC Wainwright boosted their target price on Crinetics Pharmaceuticals from $60.00 to $69.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. Finally, Morgan Stanley boosted their target price on Crinetics Pharmaceuticals from $50.00 to $70.00 and gave the stock an “overweight” rating in a research report on Thursday, May 23rd. One investment analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $64.75.

Crinetics Pharmaceuticals Stock Performance

CRNX opened at $53.15 on Monday. The stock has a market cap of $4.19 billion, a price-to-earnings ratio of -14.06 and a beta of 0.68. The stock’s 50 day moving average price is $49.74 and its 200-day moving average price is $46.19. Crinetics Pharmaceuticals, Inc. has a one year low of $15.76 and a one year high of $55.78.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its earnings results on Thursday, August 8th. The company reported ($0.94) EPS for the quarter, missing analysts’ consensus estimates of ($0.86) by ($0.08). The firm had revenue of $0.40 million during the quarter, compared to analysts’ expectations of $0.47 million. The business’s revenue was down 59.6% on a year-over-year basis. During the same quarter last year, the company posted ($0.94) earnings per share. As a group, analysts predict that Crinetics Pharmaceuticals, Inc. will post -3.54 earnings per share for the current fiscal 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.