First Light Asset Management LLC Lowers Stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

First Light Asset Management LLC cut its position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 29.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,200,508 shares of the company’s stock after selling 489,669 shares during the quarter. Crinetics Pharmaceuticals comprises about 4.7% of First Light Asset Management LLC’s holdings, making the stock its 3rd largest position. First Light Asset Management LLC owned about 1.52% of Crinetics Pharmaceuticals worth $53,771,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Comerica Bank bought a new stake in Crinetics Pharmaceuticals during the 1st quarter valued at $33,000. Quarry LP bought a new stake in shares of Crinetics Pharmaceuticals during the 4th quarter valued at $36,000. Quest Partners LLC purchased a new stake in Crinetics Pharmaceuticals during the 2nd quarter worth about $42,000. Amalgamated Bank lifted its holdings in Crinetics Pharmaceuticals by 20.8% during the 2nd quarter. Amalgamated Bank now owns 2,692 shares of the company’s stock worth $121,000 after purchasing an additional 464 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. bought a new position in Crinetics Pharmaceuticals in the 1st quarter worth about $200,000. Institutional investors own 98.51% of the company’s stock.

Insiders Place Their Bets

In other news, 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 sale, the chief operating officer now owns 52,580 shares of the company’s stock, valued at $2,333,500.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, COO Jeff E. Knight sold 956 shares of Crinetics Pharmaceuticals stock in a transaction on Wednesday, June 26th. The shares were 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 SEC, which can be accessed through this link. Also, COO Jeff E. Knight sold 27,000 shares of the stock in a transaction on Monday, July 15th. The shares were sold at an average price of $55.00, for a total transaction of $1,485,000.00. Following the sale, the chief operating officer now directly owns 51,653 shares of the company’s stock, valued at approximately $2,840,915. The disclosure for this sale can be found here. Insiders have sold 143,551 shares of company stock valued at $7,155,329 in the last ninety days. Company insiders own 6.00% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on CRNX shares. Piper Sandler restated an “overweight” rating and issued a $97.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Tuesday, July 2nd. JMP Securities reiterated a “market outperform” rating and issued a $80.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Tuesday, June 4th. Oppenheimer restated 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 issued a $90.00 price target on shares of Crinetics Pharmaceuticals in a report on Monday, September 16th. Finally, HC Wainwright boosted their price objective on Crinetics Pharmaceuticals from $60.00 to $69.00 and gave the stock a “buy” rating in a report 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 company. According to MarketBeat.com, Crinetics Pharmaceuticals has an average rating of “Moderate Buy” and a consensus target price of $68.55.

Crinetics Pharmaceuticals Stock Performance

Shares of Crinetics Pharmaceuticals stock opened at $50.42 on Tuesday. Crinetics Pharmaceuticals, Inc. has a 52-week low of $25.35 and a 52-week high of $55.78. The company has a fifty day moving average of $52.33 and a 200-day moving average of $48.11. The stock has a market capitalization of $3.98 billion, a price-to-earnings ratio of -13.34 and a beta of 0.63.

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 business had revenue of $0.40 million for the quarter, compared to analyst estimates of $0.47 million. The firm’s revenue for the quarter was down 59.6% on a year-over-year basis. During the same period last year, the firm posted ($0.94) EPS. On average, equities research analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.72 earnings per share for the current fiscal year.

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.