Victory Capital Management Inc. Lowers Stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Victory Capital Management Inc. decreased its holdings in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 11.8% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 226,687 shares of the company’s stock after selling 30,458 shares during the quarter. Victory Capital Management Inc.’s holdings in Crinetics Pharmaceuticals were worth $10,153,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Comerica Bank purchased a new position in shares of Crinetics Pharmaceuticals in the 1st quarter valued at approximately $33,000. Quarry LP acquired a new position in Crinetics Pharmaceuticals in the 4th quarter valued at $36,000. Oppenheimer Asset Management Inc. purchased a new position in Crinetics Pharmaceuticals during the 1st quarter worth $200,000. Oppenheimer & Co. Inc. acquired a new stake in shares of Crinetics Pharmaceuticals in the 1st quarter worth $219,000. Finally, SG Americas Securities LLC purchased a new stake in shares of Crinetics Pharmaceuticals in the first quarter valued at about $279,000. Hedge funds and other institutional investors own 98.51% of the company’s stock.

Crinetics Pharmaceuticals Price Performance

CRNX stock opened at $53.80 on Friday. Crinetics Pharmaceuticals, Inc. has a 12 month low of $25.35 and a 12 month high of $55.78. The firm has a market capitalization of $4.31 billion, a PE ratio of -14.23 and a beta of 0.63. The company’s 50 day simple moving average is $52.09 and its 200-day simple moving average is $47.67.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. JPMorgan Chase & Co. raised their price objective on shares of Crinetics Pharmaceuticals from $47.00 to $54.00 and gave the company an “overweight” rating in a research report on Tuesday, July 9th. Piper Sandler reiterated an “overweight” rating and issued a $97.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Tuesday, July 2nd. Oppenheimer reaffirmed an “outperform” rating and set a $73.00 price target (down from $74.00) on shares of Crinetics Pharmaceuticals in a research note on Friday, August 9th. Morgan Stanley raised their price objective on shares of Crinetics Pharmaceuticals from $50.00 to $70.00 and gave the company an “overweight” rating in a research note on Thursday, May 23rd. Finally, Robert W. Baird upped their target price on shares of Crinetics Pharmaceuticals from $52.00 to $62.00 and gave the stock an “outperform” rating in a research report on Thursday, May 23rd. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Crinetics Pharmaceuticals currently has a consensus rating of “Moderate Buy” and a consensus target price of $66.27.

Insider Activity at Crinetics Pharmaceuticals

In other news, CFO Marc Wilson sold 32,129 shares of the business’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $43.61, for a total value of $1,401,145.69. Following the completion of the transaction, the chief financial officer now owns 111,092 shares of the company’s stock, valued at $4,844,722.12. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other Crinetics Pharmaceuticals news, COO Jeff E. Knight sold 956 shares of Crinetics Pharmaceuticals stock in a transaction dated Wednesday, June 26th. The stock was sold at an average price of $44.38, for a total value of $42,427.28. Following the completion of the sale, the chief operating officer now owns 52,580 shares in the company, valued at approximately $2,333,500.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Marc Wilson sold 32,129 shares of the company’s stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $43.61, for a total transaction of $1,401,145.69. Following the transaction, the chief financial officer now directly owns 111,092 shares of the company’s stock, valued at approximately $4,844,722.12. The disclosure for this sale can be found here. In the last quarter, insiders sold 168,051 shares of company stock valued at $8,259,664. 6.00% of the stock is owned by insiders.

Crinetics Pharmaceuticals Company 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.