Resolute Capital Asset Partners LLC Acquires 10,000 Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Resolute Capital Asset Partners LLC raised its holdings in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 50.0% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 30,000 shares of the company’s stock after purchasing an additional 10,000 shares during the period. Resolute Capital Asset Partners LLC’s holdings in Crinetics Pharmaceuticals were worth $1,344,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Hsbc Holdings PLC boosted its position in shares of Crinetics Pharmaceuticals by 59.2% during the second quarter. Hsbc Holdings PLC now owns 10,948 shares of the company’s stock valued at $478,000 after buying an additional 4,072 shares during the last quarter. Amalgamated Bank boosted its holdings in shares of Crinetics Pharmaceuticals by 20.8% during the 2nd quarter. Amalgamated Bank now owns 2,692 shares of the company’s stock valued at $121,000 after acquiring an additional 464 shares during the last quarter. Envestnet Asset Management Inc. boosted its holdings in shares of Crinetics Pharmaceuticals by 23.5% during the 2nd quarter. Envestnet Asset Management Inc. now owns 51,791 shares of the company’s stock valued at $2,320,000 after acquiring an additional 9,859 shares during the last quarter. Federated Hermes Inc. grew its stake in shares of Crinetics Pharmaceuticals by 353.5% in the second quarter. Federated Hermes Inc. now owns 15,768 shares of the company’s stock worth $706,000 after acquiring an additional 12,291 shares during the period. Finally, First Turn Management LLC purchased a new position in shares of Crinetics Pharmaceuticals during the second quarter valued at approximately $16,541,000. Institutional investors own 98.51% of the company’s stock.

Crinetics Pharmaceuticals Trading Down 0.4 %

Crinetics Pharmaceuticals stock opened at $52.77 on Thursday. 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 $4.16 billion, a price-to-earnings ratio of -13.96 and a beta of 0.63. The firm has a 50 day moving average of $52.39 and a 200 day moving average of $47.87.

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

Insider Activity

In other Crinetics Pharmaceuticals news, CFO Marc Wilson sold 32,129 shares of the firm’s stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $43.61, for a total transaction of $1,401,145.69. Following the completion of the transaction, the chief financial officer now 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 accessible through this link. 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 transaction of $1,401,145.69. Following 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 SEC, which is available through the SEC website. Also, COO Jeff E. Knight sold 27,000 shares of Crinetics Pharmaceuticals stock in a transaction on Monday, July 15th. The stock was sold at an average price of $55.00, for a total transaction of $1,485,000.00. Following the completion of the transaction, the chief operating officer now directly owns 51,653 shares of the company’s stock, valued at $2,840,915. The disclosure for this sale can be found here. Insiders sold a total of 168,051 shares of company stock worth $8,259,664 over the last 90 days. Corporate insiders own 6.00% of the company’s stock.

Wall Street Analyst Weigh In

CRNX has been the topic of several research reports. JPMorgan Chase & Co. raised their target price on shares of Crinetics Pharmaceuticals from $47.00 to $54.00 and gave the stock an “overweight” rating in a report on Tuesday, July 9th. Piper Sandler reaffirmed an “overweight” rating and issued a $97.00 price objective on shares of Crinetics Pharmaceuticals in a report on Tuesday, July 2nd. JMP Securities reissued a “market outperform” rating and issued a $80.00 target price on shares of Crinetics Pharmaceuticals in a report on Tuesday, June 4th. Oppenheimer restated 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. Finally, HC Wainwright upped 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. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target 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.