Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Shares Sold by TD Asset Management Inc

TD Asset Management Inc lowered its holdings in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 12.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 204,998 shares of the company’s stock after selling 30,200 shares during the period. TD Asset Management Inc’s holdings in Crinetics Pharmaceuticals were worth $9,182,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Comerica Bank purchased a new position in shares of Crinetics Pharmaceuticals during the first quarter valued at approximately $33,000. Quarry LP purchased a new position in shares of Crinetics Pharmaceuticals during the fourth quarter valued at approximately $36,000. Oppenheimer Asset Management Inc. acquired a new position in Crinetics Pharmaceuticals during the first quarter worth approximately $200,000. Oppenheimer & Co. Inc. acquired a new position in Crinetics Pharmaceuticals during the first quarter worth approximately $219,000. Finally, SG Americas Securities LLC acquired a new position in Crinetics Pharmaceuticals during the first quarter worth approximately $279,000. Hedge funds and other institutional investors own 98.51% of the company’s stock.

Analyst Ratings Changes

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

Crinetics Pharmaceuticals Price Performance

NASDAQ CRNX opened at $50.40 on Wednesday. Crinetics Pharmaceuticals, Inc. has a 12 month low of $24.75 and a 12 month high of $55.78. The company has a market capitalization of $4.03 billion, a price-to-earnings ratio of -13.33 and a beta of 0.63. The company’s fifty day moving average price is $51.62 and its two-hundred day moving average price is $47.46.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.94) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.86) by ($0.08). The firm had revenue of $0.40 million for the quarter, compared to the consensus estimate of $0.47 million. During the same quarter in the prior year, the firm posted ($0.94) EPS. The business’s revenue was down 59.6% on a year-over-year basis. As a group, analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -3.72 EPS for the current year.

Insider Transactions at Crinetics Pharmaceuticals

In other news, insider Stephen F. Betz sold 3,000 shares of the firm’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $53.19, for a total value of $159,570.00. Following the transaction, the insider now directly owns 69,611 shares in the company, valued at approximately $3,702,609.09. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, insider Stephen F. Betz sold 3,000 shares of the stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $53.19, for a total value of $159,570.00. Following the sale, the insider now owns 69,611 shares of the company’s stock, valued at approximately $3,702,609.09. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Marc Wilson sold 32,129 shares of the stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $43.61, for a total transaction of $1,401,145.69. Following the completion of the sale, the chief financial officer now directly owns 111,092 shares in the company, valued at approximately $4,844,722.12. The disclosure for this sale can be found here. In the last three months, insiders have sold 167,016 shares of company stock worth $8,206,362. 6.00% of the stock is currently owned by insiders.

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.