Paradigm Biocapital Advisors LP Sells 605,925 Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Paradigm Biocapital Advisors LP lowered its position in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 24.1% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,910,761 shares of the company’s stock after selling 605,925 shares during the period. Crinetics Pharmaceuticals makes up about 3.4% of Paradigm Biocapital Advisors LP’s investment portfolio, making the stock its 10th largest position. Paradigm Biocapital Advisors LP’s holdings in Crinetics Pharmaceuticals were worth $97,697,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the company. Nicholas Investment Partners LP increased its stake in Crinetics Pharmaceuticals by 35.6% during the 4th quarter. Nicholas Investment Partners LP now owns 127,283 shares of the company’s stock worth $6,508,000 after buying an additional 33,423 shares during the period. Nuveen Asset Management LLC boosted its stake in shares of Crinetics Pharmaceuticals by 2.6% during the 4th quarter. Nuveen Asset Management LLC now owns 527,792 shares of the company’s stock valued at $26,986,000 after buying an additional 13,598 shares during the last quarter. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Crinetics Pharmaceuticals by 12.1% during the fourth quarter. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 27,687 shares of the company’s stock worth $1,416,000 after buying an additional 2,994 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Crinetics Pharmaceuticals by 14.5% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 53,163 shares of the company’s stock worth $2,717,000 after buying an additional 6,719 shares during the last quarter. Finally, Janus Henderson Group PLC raised its holdings in Crinetics Pharmaceuticals by 15.1% in the fourth quarter. Janus Henderson Group PLC now owns 2,795,441 shares of the company’s stock valued at $142,902,000 after acquiring an additional 365,991 shares in the last quarter. 98.51% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Crinetics Pharmaceuticals

In related news, insider Dana Pizzuti sold 2,515 shares of the stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $34.20, for a total value of $86,013.00. Following the completion of the transaction, the insider now directly owns 72,233 shares of the company’s stock, valued at $2,470,368.60. This represents a 3.36% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Jeff E. Knight sold 7,162 shares of the firm’s stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $34.20, for a total value of $244,940.40. Following the completion of the sale, the chief operating officer now owns 87,491 shares in the company, valued at approximately $2,992,192.20. This represents a 7.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 27,015 shares of company stock worth $923,913. 6.00% of the stock is owned by company insiders.

Crinetics Pharmaceuticals Stock Performance

CRNX stock opened at $30.95 on Wednesday. The stock’s fifty day moving average is $31.88 and its two-hundred day moving average is $42.08. The stock has a market capitalization of $2.90 billion, a price-to-earnings ratio of -8.30 and a beta of 0.31. Crinetics Pharmaceuticals, Inc. has a 1 year low of $24.10 and a 1 year high of $62.53.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings data on Thursday, May 8th. The company reported ($1.04) earnings per share for the quarter, missing the consensus estimate of ($0.99) by ($0.05). The company had revenue of $0.36 million for the quarter, compared to analysts’ expectations of $0.10 million. The firm’s revenue was down 43.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.93) EPS. As a group, analysts predict that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts have issued reports on CRNX shares. Stifel Nicolaus started coverage on Crinetics Pharmaceuticals in a research note on Tuesday, March 25th. They set a “buy” rating and a $60.00 price objective on the stock. TD Cowen initiated coverage on Crinetics Pharmaceuticals in a research report on Tuesday, February 11th. They set a “buy” rating on the stock. Jefferies Financial Group raised shares of Crinetics Pharmaceuticals from a “hold” rating to a “buy” rating and set a $55.00 price objective for the company in a report on Wednesday, January 22nd. Finally, Wolfe Research began coverage on shares of Crinetics Pharmaceuticals in a research note on Tuesday, February 4th. They set a “peer perform” rating for the company. One analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $73.00.

Crinetics Pharmaceuticals Company Profile

Crinetics Pharmaceuticals, Inc, a clinical-stage pharmaceutical company, focuses on the discovery, development, and commercialization of novel therapeutics for rare endocrine diseases and endocrine-related tumors. The company's lead product candidate is paltusotine, an oral selective nonpeptide somatostatin receptor type 2 agonist, which is in Phase 3 trial for the treatment of acromegaly; and Phase 2 trial for treating carcinoid syndrome associated with neuroendocrine tumors.