Point72 Asset Management L.P. Sells 2,168,630 Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Point72 Asset Management L.P. decreased its holdings in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 43.8% during the 2nd quarter, Holdings Channel reports. The firm owned 2,780,856 shares of the company’s stock after selling 2,168,630 shares during the quarter. Point72 Asset Management L.P.’s holdings in Crinetics Pharmaceuticals were worth $124,555,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in CRNX. Janus Henderson Group PLC boosted its holdings in Crinetics Pharmaceuticals by 264.1% in the first quarter. Janus Henderson Group PLC now owns 1,978,172 shares of the company’s stock worth $92,526,000 after acquiring an additional 1,434,909 shares in the last quarter. Artal Group S.A. purchased a new stake in shares of Crinetics Pharmaceuticals in the first quarter worth approximately $65,088,000. Price T Rowe Associates Inc. MD raised its stake 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 worth $178,966,000 after purchasing an additional 814,360 shares during the last quarter. Farallon Capital Management LLC raised its stake in shares of Crinetics Pharmaceuticals by 9,840.0% in the second quarter. Farallon Capital Management LLC now owns 497,000 shares of the company’s stock worth $22,261,000 after purchasing an additional 492,000 shares during the last quarter. Finally, Vestal Point Capital LP purchased a new stake in shares of Crinetics Pharmaceuticals in the fourth quarter worth approximately $16,011,000. Institutional investors own 98.51% of the company’s stock.

Insider Transactions at Crinetics Pharmaceuticals

In other news, CFO Marc Wilson sold 32,129 shares of the company’s stock in a transaction on Friday, June 28th. The stock was sold at an average price of $43.61, for a total value 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO Marc Wilson sold 32,129 shares of the company’s stock in a transaction 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 approximately $4,844,722.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Dana Pizzuti sold 14,375 shares of the firm’s stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $44.87, for a total value of $645,006.25. Following the transaction, the insider now owns 28,507 shares of the company’s stock, valued at approximately $1,279,109.09. The disclosure for this sale can be found here. Insiders sold 142,595 shares of company stock worth $7,112,902 in the last three months. Corporate insiders own 6.00% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently commented on the company. Cantor Fitzgerald reissued an “overweight” rating and issued a $90.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Monday, September 16th. JPMorgan Chase & Co. increased their price objective on Crinetics Pharmaceuticals from $47.00 to $54.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 9th. HC Wainwright increased their price objective on Crinetics Pharmaceuticals from $60.00 to $69.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. JMP Securities reissued a “market outperform” rating and issued a $80.00 price objective on shares of Crinetics Pharmaceuticals in a research note 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 research report on Tuesday, July 2nd. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $68.55.

Crinetics Pharmaceuticals Trading Down 1.2 %

CRNX stock opened at $49.82 on Wednesday. The stock has a market capitalization of $3.93 billion, a PE ratio of -13.18 and a beta of 0.63. Crinetics Pharmaceuticals, Inc. has a 12-month low of $25.35 and a 12-month high of $55.78. The stock’s 50 day simple moving average is $52.23 and its 200 day simple moving average is $48.16.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.94) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.86) by ($0.08). The company had revenue of $0.40 million during the quarter, compared to analyst estimates of $0.47 million. The company’s quarterly revenue was down 59.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.94) earnings per share. On average, research analysts predict that Crinetics Pharmaceuticals, Inc. will post -3.72 earnings per share for the current 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.