HighVista Strategies LLC Raises Stock Holdings in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

HighVista Strategies LLC lifted its stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 121.6% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 35,237 shares of the company’s stock after buying an additional 19,338 shares during the quarter. HighVista Strategies LLC’s holdings in Crinetics Pharmaceuticals were worth $1,578,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. increased its holdings in Crinetics Pharmaceuticals by 2.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 470,373 shares of the company’s stock worth $16,736,000 after acquiring an additional 9,070 shares in the last quarter. Trexquant Investment LP increased its stake in shares of Crinetics Pharmaceuticals by 205.5% in the fourth quarter. Trexquant Investment LP now owns 22,644 shares of the company’s stock worth $806,000 after purchasing an additional 15,233 shares in the last quarter. Franklin Resources Inc. raised its position in shares of Crinetics Pharmaceuticals by 197.6% during the 4th quarter. Franklin Resources Inc. now owns 413,209 shares of the company’s stock valued at $14,702,000 after purchasing an additional 274,384 shares during the period. TD Asset Management Inc lifted its stake in shares of Crinetics Pharmaceuticals by 26.5% during the 4th quarter. TD Asset Management Inc now owns 176,426 shares of the company’s stock valued at $6,277,000 after buying an additional 37,000 shares in the last quarter. Finally, NEOS Investment Management LLC bought a new position in Crinetics Pharmaceuticals in the 4th quarter worth $480,000. 98.51% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, COO Jeff E. Knight sold 956 shares of the company’s stock in a transaction that occurred on Wednesday, June 26th. The stock was sold at an average price of $44.38, for a total transaction of $42,427.28. Following the transaction, the chief operating officer now owns 52,580 shares of the company’s stock, valued at $2,333,500.40. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, CFO Marc Wilson sold 32,129 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on 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 completion of the sale, 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 legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Jeff E. Knight sold 956 shares of the stock in a transaction that occurred on 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 transaction, the chief operating officer now directly owns 52,580 shares in the company, valued at approximately $2,333,500.40. The disclosure for this sale can be found here. Insiders sold a total of 143,551 shares of company stock valued at $7,155,329 over the last 90 days. Insiders own 6.00% of the company’s stock.

Crinetics Pharmaceuticals Stock Performance

NASDAQ:CRNX opened at $53.15 on Monday. The firm has a market capitalization of $4.19 billion, a PE ratio of -14.06 and a beta of 0.63. The stock’s fifty day moving average is $52.40 and its 200 day moving average is $48.05. Crinetics Pharmaceuticals, Inc. has a fifty-two week low of $25.35 and a fifty-two week high of $55.78.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its 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 firm had revenue of $0.40 million for the quarter, compared to analyst estimates of $0.47 million. The company’s revenue for the quarter was down 59.6% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.94) earnings per share. Equities analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.72 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. JMP Securities reissued a “market outperform” rating and set a $80.00 price target on shares of Crinetics Pharmaceuticals in a report on Tuesday, June 4th. Oppenheimer reaffirmed an “outperform” rating and issued a $73.00 target price (down from $74.00) on shares of Crinetics Pharmaceuticals in a report on Friday, August 9th. Piper Sandler reaffirmed an “overweight” rating and set a $97.00 price objective on shares of Crinetics Pharmaceuticals in a report on Tuesday, July 2nd. JPMorgan Chase & Co. raised their target price on shares of Crinetics Pharmaceuticals from $47.00 to $54.00 and gave the company an “overweight” rating in a report on Tuesday, July 9th. Finally, HC Wainwright boosted their price target 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. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $68.55.

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.