State of New Jersey Common Pension Fund D Cuts Stock Position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

State of New Jersey Common Pension Fund D cut its holdings in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 43.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 40,599 shares of the company’s stock after selling 31,501 shares during the period. State of New Jersey Common Pension Fund D owned about 0.05% of Crinetics Pharmaceuticals worth $1,818,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Russell Investments Group Ltd. increased its stake in Crinetics Pharmaceuticals by 366,571.4% during the first quarter. Russell Investments Group Ltd. now owns 51,334 shares of the company’s stock worth $2,403,000 after purchasing an additional 51,320 shares during the period. Swiss National Bank increased its stake in shares of Crinetics Pharmaceuticals by 21.4% during the first quarter. Swiss National Bank now owns 126,500 shares of the company’s stock worth $5,921,000 after buying an additional 22,300 shares during the period. Vanguard Group Inc. increased its stake in shares of Crinetics Pharmaceuticals by 2.1% during the first quarter. Vanguard Group Inc. now owns 3,575,076 shares of the company’s stock worth $167,349,000 after buying an additional 72,624 shares during the period. First Light Asset Management LLC increased its stake in shares of Crinetics Pharmaceuticals by 25.5% during the fourth quarter. First Light Asset Management LLC now owns 1,987,772 shares of the company’s stock worth $70,725,000 after buying an additional 404,443 shares during the period. Finally, SG Americas Securities LLC increased its stake in shares of Crinetics Pharmaceuticals by 1,224.8% during the second quarter. SG Americas Securities LLC now owns 79,051 shares of the company’s stock worth $3,541,000 after buying an additional 73,084 shares during the period. 98.51% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Cantor Fitzgerald restated an “overweight” rating and set a $90.00 target price on shares of Crinetics Pharmaceuticals in a research note on Monday, September 16th. JPMorgan Chase & Co. upped their target price on shares of Crinetics Pharmaceuticals from $47.00 to $54.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 9th. Oppenheimer reiterated an “outperform” rating and issued a $73.00 price target (down from $74.00) on shares of Crinetics Pharmaceuticals in a research note on Friday, August 9th. Piper Sandler reiterated an “overweight” rating and issued a $97.00 price target on shares of Crinetics Pharmaceuticals in a research note on Tuesday, July 2nd. Finally, HC Wainwright increased their price target on shares of Crinetics Pharmaceuticals from $60.00 to $69.00 and gave the company a “buy” rating in a research note 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 stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $68.55.

Crinetics Pharmaceuticals Trading Down 5.1 %

CRNX stock opened at $50.42 on Tuesday. The company has a market capitalization of $3.98 billion, a P/E ratio of -13.34 and a beta of 0.63. Crinetics Pharmaceuticals, Inc. has a twelve month low of $25.35 and a twelve month high of $55.78. The business has a 50 day simple moving average of $52.33 and a 200-day simple moving average of $48.11.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its quarterly earnings data 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 firm had revenue of $0.40 million during the quarter, compared to analyst estimates of $0.47 million. The company’s revenue for the quarter was down 59.6% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.94) earnings per share. Research analysts predict that Crinetics Pharmaceuticals, Inc. will post -3.72 EPS for the current fiscal year.

Insider Activity

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