8,002 Shares in Crinetics Pharmaceuticals, Inc. $CRNX Bought by Commerce Bank

Commerce Bank bought a new stake in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 8,002 shares of the company’s stock, valued at approximately $299,000.

Other hedge funds have also recently bought and sold shares of the company. GW&K Investment Management LLC grew its stake in shares of Crinetics Pharmaceuticals by 73.6% during 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 period. Glenmede Trust Co. NA lifted its stake in shares of Crinetics Pharmaceuticals by 72.6% in the 1st quarter. Glenmede Trust Co. NA now owns 29,245 shares of the company’s stock valued at $1,062,000 after purchasing an additional 12,301 shares during the period. UBS Group AG boosted its holdings in Crinetics Pharmaceuticals by 122.7% during the fourth quarter. UBS Group AG now owns 908,192 shares of the company’s stock worth $42,276,000 after buying an additional 500,470 shares in the last quarter. Sector Gamma AS purchased a new stake in Crinetics Pharmaceuticals during the fourth quarter worth $5,353,000. Finally, Rice Hall James & Associates LLC acquired a new stake in Crinetics Pharmaceuticals during the second quarter valued at $7,346,000. 98.51% of the stock is owned by institutional investors.

Crinetics Pharmaceuticals Stock Performance

Shares of NASDAQ CRNX opened at $84.84 on Friday. The firm has a market cap of $9.00 billion, a PE ratio of -16.83 and a beta of 0.12. The firm has a fifty day moving average of $73.98 and a 200 day moving average of $50.73. Crinetics Pharmaceuticals, Inc. has a one year low of $30.25 and a one year high of $84.89.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its quarterly earnings data on Monday, August 3rd. The company reported ($1.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.18) by $0.04. Crinetics Pharmaceuticals had a negative net margin of 1,189.88% and a negative return on equity of 44.22%. The business had revenue of $25.12 million for the quarter, compared to the consensus estimate of $14.84 million. During the same period last year, the firm posted ($1.23) earnings per share. The company’s revenue was up 2336.9% compared to the same quarter last year. On average, equities analysts predict that Crinetics Pharmaceuticals, Inc. will post -4.83 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Piper Sandler cut shares of Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 7th. Lifesci Capital lowered shares of Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 7th. HC Wainwright cut Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating and raised their target price for the company from $81.00 to $85.00 in a research report on Tuesday, July 7th. JonesTrading lowered Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating and set a $85.00 price target for the company. in a research note on Tuesday, July 7th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a report on Friday, July 17th. Five research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $81.00.

Insider Activity

In related news, Director Stephanie Okey sold 6,900 shares of the company’s stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $35.67, for a total transaction of $246,123.00. Following the completion of the transaction, the director owned 6,400 shares in the company, valued at $228,288. This represents a 51.88% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Coelho Rogerio Vivaldi sold 3,000 shares of the firm’s stock in a transaction dated 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 transaction, the director directly owned 19,225 shares in the company, valued at $769,000. This represents a 13.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.80% of the stock is owned by corporate insiders.

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.