Point72 Asset Management L.P. Cuts Holdings in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Point72 Asset Management L.P. lowered its position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 43.8% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,780,856 shares of the company’s stock after selling 2,168,630 shares during the period. Point72 Asset Management L.P. owned about 3.47% of Crinetics Pharmaceuticals worth $124,555,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Driehaus Capital Management LLC increased its position in shares of Crinetics Pharmaceuticals by 17.0% in the second quarter. Driehaus Capital Management LLC now owns 6,112,173 shares of the company’s stock valued at $273,764,000 after buying an additional 885,876 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in Crinetics Pharmaceuticals by 27.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,823,218 shares of the company’s stock valued at $178,966,000 after buying an additional 814,360 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Crinetics Pharmaceuticals by 2.1% in the 1st quarter. Vanguard Group Inc. now owns 3,575,076 shares of the company’s stock worth $167,349,000 after acquiring an additional 72,624 shares during the last quarter. Jennison Associates LLC boosted its position in shares of Crinetics Pharmaceuticals by 10.6% during the 1st quarter. Jennison Associates LLC now owns 2,817,854 shares of the company’s stock valued at $131,904,000 after acquiring an additional 270,171 shares during the last quarter. Finally, First Light Asset Management LLC increased its position in 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 purchasing an additional 404,443 shares during the last quarter. 98.51% of the stock is currently owned by institutional investors and hedge funds.

Crinetics Pharmaceuticals Trading Down 1.2 %

Crinetics Pharmaceuticals stock opened at $49.82 on Wednesday. Crinetics Pharmaceuticals, Inc. has a 52-week low of $25.35 and a 52-week high of $55.78. The company’s 50 day moving average is $52.23 and its two-hundred day moving average is $48.16.

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

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. JMP Securities restated a “market outperform” rating and set a $80.00 price target on shares of Crinetics Pharmaceuticals in a report on Tuesday, June 4th. Piper Sandler reiterated an “overweight” rating and set a $97.00 price target on shares of Crinetics Pharmaceuticals in a report on Tuesday, July 2nd. Oppenheimer restated an “outperform” rating and issued a $73.00 price objective (down from $74.00) on shares of Crinetics Pharmaceuticals in a report on Friday, August 9th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $90.00 target price on shares of Crinetics Pharmaceuticals in a research note on Monday, September 16th. Finally, JPMorgan Chase & Co. boosted their price target on shares of 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 company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $68.55.

Insider Activity

In related news, CFO Marc Wilson sold 32,129 shares of the company’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $43.61, for a total transaction of $1,401,145.69. Following the sale, the chief financial officer now directly owns 111,092 shares in the company, valued at $4,844,722.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Marc Wilson sold 32,129 shares of the business’s stock in a transaction on Friday, June 28th. The shares were sold at an average price of $43.61, for a total transaction of $1,401,145.69. Following the completion of the transaction, the chief financial officer now owns 111,092 shares in the company, valued at $4,844,722.12. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Dana Pizzuti sold 14,375 shares of the firm’s stock in a transaction on Wednesday, July 3rd. The shares were sold at an average price of $44.87, for a total value of $645,006.25. Following the completion of the sale, the insider now owns 28,507 shares in the company, valued at $1,279,109.09. The disclosure for this sale can be found here. In the last quarter, insiders sold 142,595 shares of company stock worth $7,112,902. 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.