HighVista Strategies LLC Buys 19,338 Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

HighVista Strategies LLC boosted its position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 121.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 35,237 shares of the company’s stock after acquiring an additional 19,338 shares during the quarter. HighVista Strategies LLC’s holdings in Crinetics Pharmaceuticals were worth $1,578,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. raised its position in Crinetics Pharmaceuticals by 2.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 470,373 shares of the company’s stock worth $16,736,000 after purchasing an additional 9,070 shares during the period. Trexquant Investment LP increased its holdings in shares of Crinetics Pharmaceuticals by 205.5% in the fourth quarter. Trexquant Investment LP now owns 22,644 shares of the company’s stock worth $806,000 after buying an additional 15,233 shares during the period. Franklin Resources Inc. lifted its stake in shares of Crinetics Pharmaceuticals by 197.6% in the 4th quarter. Franklin Resources Inc. now owns 413,209 shares of the company’s stock valued at $14,702,000 after acquiring an additional 274,384 shares during the last quarter. TD Asset Management Inc boosted its holdings in Crinetics Pharmaceuticals by 26.5% during the 4th quarter. TD Asset Management Inc now owns 176,426 shares of the company’s stock valued at $6,277,000 after acquiring an additional 37,000 shares during the period. Finally, NEOS Investment Management LLC bought a new position in Crinetics Pharmaceuticals during the 4th quarter worth approximately $480,000. Hedge funds and other institutional investors own 98.51% of the company’s stock.

Crinetics Pharmaceuticals Stock Performance

Shares of CRNX opened at $53.15 on Monday. Crinetics Pharmaceuticals, Inc. has a fifty-two week low of $25.35 and a fifty-two week high of $55.78. The firm’s 50-day simple moving average is $52.40 and its two-hundred day simple moving average is $48.05. The stock has a market cap of $4.19 billion, a PE ratio of -14.06 and a beta of 0.63.

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 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. The firm’s quarterly revenue was down 59.6% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.94) earnings per share. Equities research analysts predict that Crinetics Pharmaceuticals, Inc. will post -3.72 EPS for the current year.

Insider Activity

In related news, COO Jeff E. Knight sold 956 shares of the stock in a transaction dated Wednesday, June 26th. The shares were sold at an average price of $44.38, for a total transaction of $42,427.28. Following the sale, the chief operating officer now directly owns 52,580 shares of the company’s stock, valued at approximately $2,333,500.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Crinetics Pharmaceuticals news, insider Stephen F. Betz sold 1,035 shares of the business’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $51.50, for a total transaction of $53,302.50. Following the completion of the sale, the insider now directly owns 68,576 shares in the company, valued at approximately $3,531,664. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Jeff E. Knight sold 956 shares of the stock in a transaction that occurred on Wednesday, June 26th. The stock was sold at an average price of $44.38, for a total transaction of $42,427.28. Following the completion of the transaction, 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 sold 143,551 shares of company stock worth $7,155,329 over the last three months. 6.00% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. Piper Sandler reissued an “overweight” rating and set a $97.00 price target on shares of Crinetics Pharmaceuticals in a research report on Tuesday, July 2nd. HC Wainwright raised 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. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $90.00 price target on shares of Crinetics Pharmaceuticals in a research report on Monday, September 16th. Oppenheimer reiterated an “outperform” rating and issued a $73.00 price objective (down previously from $74.00) on shares of Crinetics Pharmaceuticals in a report on Friday, August 9th. Finally, JPMorgan Chase & Co. boosted their target price on Crinetics Pharmaceuticals from $47.00 to $54.00 and gave the company an “overweight” rating in a research note on Tuesday, July 9th. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $68.55.

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.