First Light Asset Management LLC Has $53.77 Million Holdings in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

First Light Asset Management LLC cut its position in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 29.0% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,200,508 shares of the company’s stock after selling 489,669 shares during the quarter. Crinetics Pharmaceuticals comprises 4.7% of First Light Asset Management LLC’s investment portfolio, making the stock its 3rd biggest holding. First Light Asset Management LLC’s holdings in Crinetics Pharmaceuticals were worth $53,771,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CRNX. Comerica Bank purchased a new position in Crinetics Pharmaceuticals during the first quarter valued at $33,000. Quarry LP bought a new position in shares of Crinetics Pharmaceuticals in the 4th quarter worth about $36,000. Quest Partners LLC purchased a new position in Crinetics Pharmaceuticals during the 2nd quarter valued at about $42,000. Amalgamated Bank boosted its stake in Crinetics Pharmaceuticals by 20.8% during the second quarter. Amalgamated Bank now owns 2,692 shares of the company’s stock worth $121,000 after acquiring an additional 464 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. purchased a new stake in Crinetics Pharmaceuticals in the first quarter worth about $200,000. 98.51% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have recently issued reports on CRNX. Cantor Fitzgerald reiterated an “overweight” rating and set a $90.00 target price on shares of Crinetics Pharmaceuticals in a report on Monday, September 16th. HC Wainwright boosted their target price on Crinetics Pharmaceuticals from $60.00 to $69.00 and gave the stock a “buy” rating in a report on Friday, August 9th. JMP Securities restated a “market outperform” rating and set a $80.00 price target on shares of Crinetics Pharmaceuticals in a report on Tuesday, June 4th. Piper Sandler reiterated an “overweight” rating and issued a $97.00 target price on shares of Crinetics Pharmaceuticals in a research note on Tuesday, July 2nd. Finally, Oppenheimer restated an “outperform” rating and issued a $73.00 price objective (down from $74.00) on shares of Crinetics Pharmaceuticals in a report on Friday, August 9th. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, Crinetics Pharmaceuticals currently has a consensus rating of “Moderate Buy” and an average price target of $68.55.

Insider Buying and Selling

In related news, insider Dana Pizzuti sold 14,375 shares of the firm’s stock in a transaction on Wednesday, July 3rd. The stock was sold at an average price of $44.87, for a total value of $645,006.25. Following the transaction, the insider now directly owns 28,507 shares of the company’s stock, valued at approximately $1,279,109.09. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, insider Dana Pizzuti sold 14,375 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Wednesday, July 3rd. The stock was sold at an average price of $44.87, for a total transaction of $645,006.25. Following the sale, the insider now owns 28,507 shares of the company’s stock, valued at approximately $1,279,109.09. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Stephen F. Betz sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 10th. The stock was sold at an average price of $48.55, for a total value of $145,650.00. Following the completion of the transaction, the insider now directly owns 78,611 shares in the company, valued at $3,816,564.05. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 143,551 shares of company stock valued at $7,155,329. 6.00% of the stock is owned by insiders.

Crinetics Pharmaceuticals Trading Down 5.1 %

Shares of CRNX opened at $50.42 on Tuesday. The firm has a market cap of $3.98 billion, a PE ratio of -13.34 and a beta of 0.63. Crinetics Pharmaceuticals, Inc. has a 1-year low of $25.35 and a 1-year high of $55.78. The firm has a fifty day simple moving average of $52.33 and a two-hundred day simple moving average of $48.11.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its earnings results on Thursday, August 8th. The company reported ($0.94) earnings per share for the quarter, missing analysts’ consensus estimates 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. The business’s revenue for the quarter was down 59.6% compared to the same quarter last year. During the same quarter last year, the company posted ($0.94) earnings per share. As a group, research analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.72 EPS for the current fiscal year.

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.