JPMorgan Chase & Co. Grows Position in Crinetics Pharmaceuticals, Inc. $CRNX

JPMorgan Chase & Co. lifted its position in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 279.2% during the 3rd quarter, HoldingsChannel reports. The firm owned 1,258,722 shares of the company’s stock after acquiring an additional 926,765 shares during the period. JPMorgan Chase & Co.’s holdings in Crinetics Pharmaceuticals were worth $52,426,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Wellington Management Group LLP raised its holdings in Crinetics Pharmaceuticals by 44.3% in the third quarter. Wellington Management Group LLP now owns 8,381,991 shares of the company’s stock worth $349,110,000 after purchasing an additional 2,574,683 shares in the last quarter. Farallon Capital Management LLC boosted its holdings in shares of 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 in the last quarter. Paradigm Biocapital Advisors LP grew its position in shares of Crinetics Pharmaceuticals by 8.8% in the 3rd quarter. Paradigm Biocapital Advisors LP now owns 2,550,774 shares of the company’s stock worth $106,240,000 after buying an additional 207,221 shares during the period. Geode Capital Management LLC grew its position in shares of Crinetics Pharmaceuticals by 1.0% in the 2nd quarter. Geode Capital Management LLC now owns 2,213,325 shares of the company’s stock worth $63,662,000 after buying an additional 22,393 shares during the period. Finally, Orbimed Advisors LLC increased its stake in shares of Crinetics Pharmaceuticals by 15.0% in the 2nd quarter. Orbimed Advisors LLC now owns 1,149,000 shares of the company’s stock worth $33,045,000 after acquiring an additional 150,000 shares in the last quarter. 98.51% of the stock is owned by hedge funds and other institutional investors.

Crinetics Pharmaceuticals Stock Down 0.7%

NASDAQ:CRNX opened at $35.57 on Friday. The stock has a market cap of $3.72 billion, a price-to-earnings ratio of -7.20 and a beta of 0.23. The company’s 50 day moving average price is $45.53 and its 200-day moving average price is $43.91. Crinetics Pharmaceuticals, Inc. has a 52 week low of $24.10 and a 52 week high of $57.99.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its quarterly earnings data on Thursday, February 26th. The company reported ($1.29) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.37) by $0.08. Crinetics Pharmaceuticals had a negative net margin of 6,046.22% and a negative return on equity of 41.46%. The business’s revenue for the quarter was up NaN% compared to the same quarter last year. During the same period last year, the company posted ($0.88) earnings per share. As a group, sell-side analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current year.

Analyst Upgrades and Downgrades

CRNX has been the subject of a number of recent research reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a research report on Wednesday, January 21st. The Goldman Sachs Group raised shares of Crinetics Pharmaceuticals from a “neutral” rating to a “buy” rating and set a $67.00 target price for the company in a research note on Monday, January 12th. Morgan Stanley lifted their target price on shares of Crinetics Pharmaceuticals from $77.00 to $80.00 and gave the company an “overweight” rating in a report on Tuesday, January 6th. Lifesci Capital raised Crinetics Pharmaceuticals to a “strong-buy” rating in a research report on Friday, February 13th. Finally, Citizens Jmp cut their price target on Crinetics Pharmaceuticals from $105.00 to $96.00 and set a “market outperform” rating on the stock in a research note on Monday, March 2nd. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Crinetics Pharmaceuticals has a consensus rating of “Moderate Buy” and an average price target of $74.78.

Insider Transactions at Crinetics Pharmaceuticals

In other news, CEO Richard Scott Struthers sold 21,981 shares of the business’s stock in a transaction on Monday, March 16th. The stock was sold at an average price of $37.37, for a total value of $821,429.97. Following the completion of the transaction, the chief executive officer owned 404,778 shares in the company, valued at $15,126,553.86. The trade was a 5.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Tobin Schilke sold 6,713 shares of the company’s stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $39.67, for a total value of $266,304.71. Following the transaction, the chief financial officer directly owned 78,121 shares in the company, valued at approximately $3,099,060.07. The trade was a 7.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 59,717 shares of company stock valued at $2,291,939. Insiders own 4.60% of the company’s stock.

Crinetics Pharmaceuticals 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.