Sector Gamma AS Makes New $5.35 Million Investment in Crinetics Pharmaceuticals, Inc. $CRNX

Sector Gamma AS acquired a new position in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 115,000 shares of the company’s stock, valued at approximately $5,353,000. Crinetics Pharmaceuticals makes up 1.2% of Sector Gamma AS’s portfolio, making the stock its 27th largest holding. Sector Gamma AS owned about 0.11% of Crinetics Pharmaceuticals at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of CRNX. Wellington Management Group LLP lifted its position in shares of Crinetics Pharmaceuticals by 44.3% in the 3rd quarter. Wellington Management Group LLP now owns 8,381,991 shares of the company’s stock worth $349,110,000 after buying an additional 2,574,683 shares during the last quarter. Farallon Capital Management LLC increased its stake in Crinetics Pharmaceuticals by 24.2% during the 3rd quarter. Farallon Capital Management LLC now owns 5,770,098 shares of the company’s stock valued at $240,325,000 after buying an additional 1,124,000 shares during the period. JPMorgan Chase & Co. increased its stake in Crinetics Pharmaceuticals by 279.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,258,722 shares of the company’s stock valued at $52,426,000 after buying an additional 926,765 shares during the period. GW&K Investment Management LLC grew its stake in shares of Crinetics Pharmaceuticals by 73.6% in the 4th quarter. GW&K Investment Management LLC now owns 1,476,325 shares of the company’s stock worth $68,723,000 after purchasing an additional 625,779 shares during the last quarter. Finally, UBS Group AG increased its position in shares of Crinetics Pharmaceuticals by 122.7% in the fourth quarter. UBS Group AG now owns 908,192 shares of the company’s stock worth $42,276,000 after acquiring an additional 500,470 shares in the last quarter. 98.51% of the stock is currently owned by institutional investors.

Crinetics Pharmaceuticals Trading Down 2.3%

NASDAQ:CRNX opened at $33.53 on Friday. Crinetics Pharmaceuticals, Inc. has a 1-year low of $25.83 and a 1-year high of $57.99. The firm has a fifty day simple moving average of $37.38 and a 200 day simple moving average of $42.69. The stock has a market capitalization of $3.54 billion, a PE ratio of -6.54 and a beta of 0.24.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($1.23) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.22) by ($0.01). Crinetics Pharmaceuticals had a negative net margin of 2,747.18% and a negative return on equity of 43.96%. The business had revenue of $10.73 million for the quarter, compared to analyst estimates of $8.51 million. During the same period in the prior year, the business earned ($1.04) EPS. The company’s revenue for the quarter was up 2873.4% compared to the same quarter last year. On average, equities analysts predict that Crinetics Pharmaceuticals, Inc. will post -4.85 earnings per share for the current fiscal year.

Insider Transactions at Crinetics Pharmaceuticals

In other news, CEO Richard Scott Struthers sold 21,981 shares of Crinetics Pharmaceuticals stock in a transaction on Monday, March 16th. The stock was sold at an average price of $37.37, for a total transaction of $821,429.97. Following the completion of the sale, the chief executive officer owned 404,778 shares of the company’s stock, valued at approximately $15,126,553.86. This trade represents a 5.15% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jeff E. Knight sold 85,163 shares of Crinetics Pharmaceuticals stock in a transaction on Wednesday, April 8th. The stock was sold at an average price of $40.10, for a total value of $3,415,036.30. Following the sale, the insider directly owned 105,289 shares of the company’s stock, valued at $4,222,088.90. This represents a 44.72% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 127,667 shares of company stock valued at $5,003,411. 3.80% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Lifesci Capital upgraded shares of Crinetics Pharmaceuticals to a “strong-buy” rating in a research report on Friday, February 13th. Wall Street Zen upgraded shares of Crinetics Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research report on Sunday, May 17th. Citizens Jmp reiterated a “market outperform” rating and issued a $95.00 price target on shares of Crinetics Pharmaceuticals in a research report on Thursday. Oppenheimer cut their price target on shares of Crinetics Pharmaceuticals from $87.00 to $84.00 and set an “outperform” rating on the stock in a research report on Monday, May 11th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a research report on Monday, April 20th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $76.13.

Crinetics Pharmaceuticals Company Profile

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.