Entropy Technologies LP Reduces Position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Entropy Technologies LP cut its stake in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 71.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,878 shares of the company’s stock after selling 27,506 shares during the quarter. Entropy Technologies LP’s holdings in Crinetics Pharmaceuticals were worth $509,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the stock. First Light Asset Management LLC lifted 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 valued at $70,725,000 after purchasing an additional 404,443 shares during the period. Fisher Asset Management LLC lifted its position in Crinetics Pharmaceuticals by 718.6% during the fourth quarter. Fisher Asset Management LLC now owns 440,893 shares of the company’s stock valued at $15,687,000 after purchasing an additional 387,033 shares during the period. TD Asset Management Inc lifted its position in Crinetics Pharmaceuticals by 26.5% during the fourth quarter. TD Asset Management Inc now owns 176,426 shares of the company’s stock valued at $6,277,000 after purchasing an additional 37,000 shares during the period. Jennison Associates LLC lifted its position in Crinetics Pharmaceuticals by 77.7% during the fourth quarter. Jennison Associates LLC now owns 2,547,683 shares of the company’s stock valued at $90,647,000 after purchasing an additional 1,113,992 shares during the period. Finally, Vanguard Group Inc. lifted its position in Crinetics Pharmaceuticals by 24.7% during the third quarter. Vanguard Group Inc. now owns 3,407,035 shares of the company’s stock valued at $101,325,000 after purchasing an additional 674,301 shares during the period. 98.51% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Crinetics Pharmaceuticals

In other news, insider Dana Pizzuti sold 9,500 shares of the firm’s stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $45.73, for a total transaction of $434,435.00. Following the completion of the sale, the insider now owns 27,786 shares in the company, valued at approximately $1,270,653.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Stephen F. Betz sold 3,000 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $49.43, for a total value of $148,290.00. Following the completion of the sale, the insider now owns 89,643 shares in the company, valued at approximately $4,431,053.49. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Dana Pizzuti sold 9,500 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $45.73, for a total transaction of $434,435.00. Following the completion of the sale, the insider now owns 27,786 shares of the company’s stock, valued at approximately $1,270,653.78. The disclosure for this sale can be found here. Insiders sold 258,408 shares of company stock worth $12,590,035 in the last 90 days. Insiders own 6.00% of the company’s stock.

Crinetics Pharmaceuticals Trading Down 2.7 %

CRNX stock opened at $52.41 on Friday. The company has a market cap of $4.13 billion, a price-to-earnings ratio of -13.87 and a beta of 0.68. Crinetics Pharmaceuticals, Inc. has a 12 month low of $15.76 and a 12 month high of $55.77. The firm has a 50-day moving average of $47.42 and a two-hundred day moving average of $43.30.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings data on Thursday, May 9th. The company reported ($0.93) EPS for the quarter, missing analysts’ consensus estimates of ($0.84) by ($0.09). The business had revenue of $0.64 million for the quarter, compared to the consensus estimate of $0.20 million. The company’s revenue was down 76.1% compared to the same quarter last year. During the same period last year, the firm posted ($0.85) EPS. As a group, equities analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.54 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on CRNX shares. Piper Sandler reiterated an “overweight” rating and issued a $97.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Tuesday, July 2nd. HC Wainwright reiterated a “buy” rating and issued a $60.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Friday, June 28th. Morgan Stanley upped their price objective on shares of Crinetics Pharmaceuticals from $50.00 to $70.00 and gave the stock an “overweight” rating in a research report on Thursday, May 23rd. Cantor Fitzgerald reiterated an “overweight” rating and issued a $65.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Tuesday, May 14th. Finally, Oppenheimer upped their price objective on shares of Crinetics Pharmaceuticals from $55.00 to $74.00 and gave the stock an “outperform” rating in a research report on Tuesday, June 4th. One research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $64.08.

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.