Federated Hermes Inc. Increases Stock Holdings in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Federated Hermes Inc. boosted its holdings in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 353.5% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 15,768 shares of the company’s stock after acquiring an additional 12,291 shares during the quarter. Federated Hermes Inc.’s holdings in Crinetics Pharmaceuticals were worth $706,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. First Turn Management LLC purchased a new position in Crinetics Pharmaceuticals during the 2nd quarter valued at $16,541,000. Nicholas Investment Partners LP purchased a new position in Crinetics Pharmaceuticals during the 2nd quarter valued at $2,374,000. Quest Partners LLC purchased a new position in Crinetics Pharmaceuticals during the 2nd quarter valued at $42,000. Arizona State Retirement System raised its position in Crinetics Pharmaceuticals by 5.4% during the 2nd quarter. Arizona State Retirement System now owns 18,543 shares of the company’s stock valued at $831,000 after purchasing an additional 958 shares in the last quarter. Finally, Fiera Capital Corp raised its position in Crinetics Pharmaceuticals by 1.0% during the 2nd quarter. Fiera Capital Corp now owns 480,409 shares of the company’s stock valued at $21,518,000 after purchasing an additional 4,899 shares in the last quarter. Hedge funds and other institutional investors own 98.51% of the company’s stock.

Crinetics Pharmaceuticals Trading Down 1.4 %

CRNX opened at $53.15 on Monday. The firm has a market cap of $4.19 billion, a price-to-earnings ratio of -14.06 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 has a fifty day moving average price of $52.40 and a 200-day moving average price of $48.05.

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 company had revenue of $0.40 million during the quarter, compared to analysts’ expectations of $0.47 million. During the same quarter last year, the business posted ($0.94) EPS. Crinetics Pharmaceuticals’s revenue was down 59.6% compared to the same quarter last year. On average, equities research analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.72 EPS for the current year.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling

In related news, CFO Marc Wilson sold 32,129 shares of the business’s stock in a transaction 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 transaction, the chief financial officer now directly owns 111,092 shares in the company, valued at approximately $4,844,722.12. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, CFO Marc Wilson sold 32,129 shares of the business’s stock in a transaction 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 transaction, the chief financial officer now directly owns 111,092 shares in the company, valued at approximately $4,844,722.12. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, COO Jeff E. Knight sold 956 shares of the business’s stock in a transaction dated Wednesday, June 26th. The shares were sold at an average price of $44.38, for a total value of $42,427.28. Following the sale, the chief operating officer now owns 52,580 shares in the company, valued at approximately $2,333,500.40. The disclosure for this sale can be found here. Insiders have sold a total of 143,551 shares of company stock worth $7,155,329 in the last ninety days. 6.00% of the stock is owned by insiders.

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.