Hsbc Holdings PLC Has $478,000 Stock Holdings in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Hsbc Holdings PLC raised its stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 59.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 10,948 shares of the company’s stock after purchasing an additional 4,072 shares during the period. Hsbc Holdings PLC’s holdings in Crinetics Pharmaceuticals were worth $478,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in CRNX. Amalgamated Bank lifted its holdings in shares of Crinetics Pharmaceuticals by 20.8% in the second quarter. Amalgamated Bank now owns 2,692 shares of the company’s stock valued at $121,000 after purchasing an additional 464 shares in the last quarter. Comerica Bank purchased a new stake in Crinetics Pharmaceuticals in the 1st quarter valued at $33,000. Hennion & Walsh Asset Management Inc. raised its position in Crinetics Pharmaceuticals by 2.5% in the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 38,087 shares of the company’s stock valued at $1,783,000 after buying an additional 927 shares during the last quarter. Quest Partners LLC purchased a new position in Crinetics Pharmaceuticals during the 2nd quarter worth $42,000. Finally, Arizona State Retirement System grew its stake in shares of Crinetics Pharmaceuticals by 5.4% in the 2nd quarter. Arizona State Retirement System now owns 18,543 shares of the company’s stock worth $831,000 after acquiring an additional 958 shares in the last quarter. Institutional investors and hedge funds own 98.51% of the company’s stock.

Crinetics Pharmaceuticals Stock Performance

Shares of CRNX opened at $51.92 on Wednesday. The firm has a market cap of $4.09 billion, a P/E ratio of -13.74 and a beta of 0.63. Crinetics Pharmaceuticals, Inc. has a fifty-two week low of $25.35 and a fifty-two week high of $55.78. The business has a 50-day moving average of $52.03 and a 200 day moving average of $48.45.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its quarterly earnings results 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 firm had revenue of $0.40 million for the quarter, compared to the consensus estimate of $0.47 million. The firm’s revenue for the quarter was down 59.6% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.94) earnings per share. As a group, research analysts predict that Crinetics Pharmaceuticals, Inc. will post -3.72 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have commented on CRNX shares. Cantor Fitzgerald reiterated 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. upped their target price on Crinetics Pharmaceuticals from $47.00 to $54.00 and gave the company an “overweight” rating in a report on Tuesday, July 9th. Piper Sandler reissued an “overweight” rating and issued a $97.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Tuesday, July 2nd. Oppenheimer restated an “outperform” rating and issued a $73.00 price objective (down previously from $74.00) on shares of Crinetics Pharmaceuticals in a research note on Friday, August 9th. Finally, HC Wainwright lifted their target price on Crinetics Pharmaceuticals from $60.00 to $69.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $68.55.

Insider Buying and Selling at Crinetics Pharmaceuticals

In other news, insider James Hassard sold 15,000 shares of the firm’s stock in a transaction on Friday, July 5th. The stock was sold at an average price of $44.08, for a total value of $661,200.00. Following the completion of the transaction, the insider now directly owns 29,259 shares of the company’s stock, valued at $1,289,736.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CFO Marc Wilson sold 25,000 shares of the company’s stock in a transaction on Thursday, September 26th. The shares were sold at an average price of $51.11, for a total value of $1,277,750.00. Following the transaction, the chief financial officer now owns 111,092 shares of the company’s stock, valued at $5,677,912.12. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider James Hassard sold 15,000 shares of the stock in a transaction on Friday, July 5th. The stock was sold at an average price of $44.08, for a total value of $661,200.00. Following the completion of the sale, the insider now owns 29,259 shares in the company, valued at approximately $1,289,736.72. The disclosure for this sale can be found here. Insiders have sold 121,091 shares of company stock valued at $6,344,500 in the last 90 days. 6.00% of the stock is currently owned by company insiders.

Crinetics Pharmaceuticals 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.