NEOS Investment Management LLC Sells 35,801 Shares of Crinetics Pharmaceuticals, Inc. $CRNX

NEOS Investment Management LLC lowered its stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 61.6% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 22,300 shares of the company’s stock after selling 35,801 shares during the period. NEOS Investment Management LLC’s holdings in Crinetics Pharmaceuticals were worth $929,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of CRNX. PNC Financial Services Group Inc. grew its position in Crinetics Pharmaceuticals by 5.8% during the 3rd quarter. PNC Financial Services Group Inc. now owns 5,952 shares of the company’s stock worth $248,000 after acquiring an additional 327 shares during the last quarter. California State Teachers Retirement System lifted its position in Crinetics Pharmaceuticals by 0.6% in the second quarter. California State Teachers Retirement System now owns 75,484 shares of the company’s stock valued at $2,171,000 after purchasing an additional 487 shares during the last quarter. Arizona State Retirement System boosted its stake in shares of Crinetics Pharmaceuticals by 2.0% during the third quarter. Arizona State Retirement System now owns 26,300 shares of the company’s stock valued at $1,095,000 after purchasing an additional 504 shares during the period. E Fund Management Co. Ltd. grew its holdings in shares of Crinetics Pharmaceuticals by 6.1% in the second quarter. E Fund Management Co. Ltd. now owns 10,131 shares of the company’s stock worth $291,000 after purchasing an additional 586 shares during the last quarter. Finally, Assetmark Inc. increased its stake in shares of Crinetics Pharmaceuticals by 3.3% in the second quarter. Assetmark Inc. now owns 18,667 shares of the company’s stock worth $537,000 after buying an additional 603 shares during the period. Institutional investors own 98.51% of the company’s stock.

Crinetics Pharmaceuticals Price Performance

CRNX stock opened at $43.44 on Friday. Crinetics Pharmaceuticals, Inc. has a 1 year low of $24.10 and a 1 year high of $57.99. The firm has a 50-day moving average of $49.27 and a 200 day moving average of $42.67. The company has a market cap of $4.44 billion, a P/E ratio of -9.59 and a beta of 0.19.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on CRNX. Weiss Ratings reissued a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a research report on Wednesday, January 21st. Citizens Jmp dropped their target price on shares of Crinetics Pharmaceuticals from $108.00 to $105.00 and set a “market outperform” rating for the company in a report on Thursday, January 8th. The Goldman Sachs Group raised Crinetics Pharmaceuticals from a “neutral” rating to a “buy” rating and set a $67.00 target price on the stock in a research note on Monday, January 12th. Wall Street Zen downgraded Crinetics Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Saturday, February 14th. Finally, Morgan Stanley increased their price objective on Crinetics Pharmaceuticals from $77.00 to $80.00 and gave the stock an “overweight” rating in a report on Tuesday, January 6th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $75.78.

Insider Activity

In other news, insider Isabel Kalofonos sold 2,500 shares of the firm’s stock in a transaction that occurred on Monday, January 5th. The stock was sold at an average price of $55.00, for a total value of $137,500.00. Following the completion of the transaction, the insider owned 834 shares in the company, valued at $45,870. This trade represents a 74.99% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 4.60% of the company’s stock.

About Crinetics Pharmaceuticals

Crinetics Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of novel therapeutics for rare endocrine diseases. The company’s proprietary platform leverages insights into hormone receptor signaling to design small-molecule candidates that address conditions driven by dysregulated hormone activity. Crinetics’ research efforts center on targeting somatostatin, vasopressin and other GPCR-mediated pathways with orally bioavailable molecules intended to improve patient convenience and adherence.

The company’s lead product candidate, paltusotine (formerly CRN04777), is a selective, non-peptide somatostatin receptor type 2 agonist being evaluated for the treatment of acromegaly and carcinoid syndrome diarrhea.