Maplelane Capital LLC Invests $7.17 Million in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Maplelane Capital LLC acquired a new stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 160,000 shares of the company’s stock, valued at approximately $7,166,000.

A number of other large investors also recently bought and sold shares of CRNX. Janus Henderson Group PLC boosted its position in shares of Crinetics Pharmaceuticals by 264.1% during the first quarter. Janus Henderson Group PLC now owns 1,978,172 shares of the company’s stock worth $92,526,000 after buying an additional 1,434,909 shares during the period. Artal Group S.A. acquired a new position in Crinetics Pharmaceuticals during the 1st quarter worth about $65,088,000. Price T Rowe Associates Inc. MD boosted its holdings in Crinetics Pharmaceuticals by 27.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,823,218 shares of the company’s stock valued at $178,966,000 after acquiring an additional 814,360 shares during the period. Farallon Capital Management LLC grew its position in Crinetics Pharmaceuticals by 9,840.0% in the 2nd quarter. Farallon Capital Management LLC now owns 497,000 shares of the company’s stock valued at $22,261,000 after acquiring an additional 492,000 shares in the last quarter. Finally, Vestal Point Capital LP purchased a new stake in Crinetics Pharmaceuticals during the fourth quarter worth about $16,011,000. Institutional investors and hedge funds own 98.51% of the company’s stock.

Crinetics Pharmaceuticals Price Performance

Crinetics Pharmaceuticals stock opened at $50.58 on Friday. The stock has a market cap of $4.05 billion, a PE ratio of -13.38 and a beta of 0.63. The stock’s fifty day moving average is $52.12 and its two-hundred day moving average is $48.19. Crinetics Pharmaceuticals, Inc. has a 1-year low of $25.35 and a 1-year high of $55.78.

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 the consensus estimate of ($0.86) by ($0.08). The company had revenue of $0.40 million during the quarter, compared to analysts’ expectations of $0.47 million. The firm’s revenue was down 59.6% compared to the same quarter last year. During the same period last year, the firm posted ($0.94) EPS. On average, research analysts expect that Crinetics Pharmaceuticals, Inc. will post -3.72 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have recently commented on the stock. Piper Sandler reissued an “overweight” rating and issued a $97.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Tuesday, July 2nd. HC Wainwright raised their price target on shares of Crinetics Pharmaceuticals from $60.00 to $69.00 and gave the company a “buy” rating in a research report on Friday, August 9th. JMP Securities reaffirmed a “market outperform” rating and set a $80.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Tuesday, June 4th. Oppenheimer reiterated 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. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $90.00 target price on shares of Crinetics Pharmaceuticals in a research note on Monday, September 16th. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, Crinetics Pharmaceuticals presently has a consensus rating of “Moderate Buy” and a consensus price target of $68.55.

Insider Transactions at Crinetics Pharmaceuticals

In related news, insider Stephen F. Betz sold 1,035 shares of the stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $51.50, for a total value of $53,302.50. Following the transaction, the insider now directly owns 68,576 shares of the company’s stock, valued at approximately $3,531,664. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, insider Stephen F. Betz sold 3,000 shares of the firm’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 transaction of $145,650.00. Following the transaction, the insider now owns 78,611 shares in the company, valued at approximately $3,816,564.05. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Stephen F. Betz sold 1,035 shares of the business’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $51.50, for a total value of $53,302.50. Following the completion of the sale, the insider now owns 68,576 shares of the company’s stock, valued at approximately $3,531,664. The disclosure for this sale can be found here. In the last quarter, insiders sold 110,466 shares of company stock worth $5,711,756. 6.00% of the stock is currently 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.