Farallon Capital Management LLC Raises Stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Farallon Capital Management LLC grew its holdings in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 9,840.0% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 497,000 shares of the company’s stock after acquiring an additional 492,000 shares during the quarter. Farallon Capital Management LLC owned 0.63% of Crinetics Pharmaceuticals worth $22,261,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the business. Xponance Inc. bought a new position in shares of Crinetics Pharmaceuticals during the second quarter valued at about $221,000. Integral Health Asset Management LLC boosted its holdings in Crinetics Pharmaceuticals by 23.1% during the 2nd quarter. Integral Health Asset Management LLC now owns 400,000 shares of the company’s stock valued at $17,916,000 after acquiring an additional 75,000 shares during the period. Hood River Capital Management LLC bought a new position in Crinetics Pharmaceuticals during the 2nd quarter worth approximately $18,379,000. HighVista Strategies LLC increased its stake in Crinetics Pharmaceuticals by 121.6% in the 2nd quarter. HighVista Strategies LLC now owns 35,237 shares of the company’s stock worth $1,578,000 after purchasing an additional 19,338 shares during the period. Finally, Sei Investments Co. lifted its position in Crinetics Pharmaceuticals by 24.6% in the second quarter. Sei Investments Co. now owns 36,973 shares of the company’s stock valued at $1,656,000 after purchasing an additional 7,304 shares during the last quarter. Hedge funds and other institutional investors own 98.51% of the company’s stock.

Crinetics Pharmaceuticals Price Performance

CRNX opened at $50.42 on Tuesday. The firm has a market cap of $3.98 billion, a PE ratio of -13.34 and a beta of 0.63. The stock has a 50-day moving average price of $52.33 and a 200-day moving average price of $48.11. Crinetics Pharmaceuticals, Inc. has a 1 year low of $25.35 and a 1 year high of $55.78.

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 firm had revenue of $0.40 million for the quarter, compared to analysts’ expectations of $0.47 million. During the same quarter last year, the firm posted ($0.94) EPS. The firm’s revenue was down 59.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -3.72 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. Piper Sandler reaffirmed an “overweight” rating and issued a $97.00 target price on shares of Crinetics Pharmaceuticals in a research note on Tuesday, July 2nd. JMP Securities restated a “market outperform” rating and issued a $80.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Tuesday, June 4th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $90.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Monday, September 16th. HC Wainwright upped their price target 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, Oppenheimer reiterated an “outperform” rating and issued a $73.00 price objective (down from $74.00) on shares of Crinetics Pharmaceuticals in a research report on Friday, August 9th. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $68.55.

Insider Transactions at Crinetics Pharmaceuticals

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