Gabelli Funds LLC Purchases Shares of 6,000 Crinetics Pharmaceuticals, Inc. $CRNX

Gabelli Funds LLC purchased a new stake in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) in the first quarter, according to its most recent 13F filing with the SEC. The fund purchased 6,000 shares of the company’s stock, valued at approximately $218,000.

Other institutional investors have also recently made changes to their positions in the company. Siren L.L.C. grew its holdings in shares of Crinetics Pharmaceuticals by 26.3% during the first quarter. Siren L.L.C. now owns 1,903,636 shares of the company’s stock worth $69,140,000 after purchasing an additional 396,000 shares in the last quarter. Sei Investments Co. raised its stake in Crinetics Pharmaceuticals by 2.7% in the first quarter. Sei Investments Co. now owns 73,961 shares of the company’s stock valued at $2,686,000 after purchasing an additional 1,916 shares in the last quarter. First Trust Advisors LP raised its stake in Crinetics Pharmaceuticals by 54.9% in the first quarter. First Trust Advisors LP now owns 51,365 shares of the company’s stock valued at $1,866,000 after purchasing an additional 18,215 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Crinetics Pharmaceuticals by 55.2% during the first quarter. Dimensional Fund Advisors LP now owns 852,258 shares of the company’s stock valued at $30,935,000 after purchasing an additional 303,281 shares during the last quarter. Finally, SEB Asset Management AB bought a new stake in Crinetics Pharmaceuticals during the first quarter valued at approximately $7,769,000. Institutional investors own 98.51% of the company’s stock.

Analyst Upgrades and Downgrades

CRNX has been the subject of a number of research reports. Wall Street Zen raised shares of Crinetics Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research note on Sunday, July 12th. Piper Sandler cut shares of Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 7th. TD Cowen downgraded shares of Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Wednesday, July 8th. UBS Group reiterated a “neutral” rating and issued a $85.00 target price (up from $55.00) on shares of Crinetics Pharmaceuticals in a research report on Tuesday. Finally, Robert W. Baird increased their target price on Crinetics Pharmaceuticals from $62.00 to $85.00 and gave the company an “outperform” rating in a research note on Tuesday, July 7th. Five analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $81.00.

Insiders Place Their Bets

In other Crinetics Pharmaceuticals news, Director Coelho Rogerio Vivaldi sold 3,000 shares of the stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $40.00, for a total transaction of $120,000.00. Following the completion of the sale, the director owned 19,225 shares of the company’s stock, valued at $769,000. This represents a 13.50% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephanie Okey sold 6,900 shares of the firm’s stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $35.67, for a total transaction of $246,123.00. Following the completion of the sale, the director directly owned 6,400 shares in the company, valued at approximately $228,288. This trade represents a 51.88% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 3.80% of the company’s stock.

Crinetics Pharmaceuticals Stock Performance

Shares of CRNX stock opened at $83.52 on Friday. Crinetics Pharmaceuticals, Inc. has a fifty-two week low of $25.83 and a fifty-two week high of $84.00. The stock has a 50 day moving average price of $54.15 and a two-hundred day moving average price of $46.24. The company has a market capitalization of $8.81 billion, a P/E ratio of -16.28 and a beta of 0.23.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings data on Thursday, May 7th. The company reported ($1.23) earnings per share for the quarter, missing analysts’ consensus estimates 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 company had revenue of $10.73 million for the quarter, compared to analysts’ expectations of $8.51 million. During the same period last year, the company posted ($1.04) EPS. The business’s revenue for the quarter was up 2873.4% compared to the same quarter last year. As a group, equities analysts predict that Crinetics Pharmaceuticals, Inc. will post -4.86 earnings per share for the current year.

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.