Lewis Asset Management LLC Grows Stock Holdings in Crinetics Pharmaceuticals, Inc. $CRNX

Lewis Asset Management LLC lifted its stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 61.3% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 29,675 shares of the company’s stock after purchasing an additional 11,275 shares during the quarter. Lewis Asset Management LLC’s holdings in Crinetics Pharmaceuticals were worth $1,236,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CRNX. Hsbc Holdings PLC raised its stake in Crinetics Pharmaceuticals by 7.5% during the first quarter. Hsbc Holdings PLC now owns 13,489 shares of the company’s stock valued at $439,000 after buying an additional 937 shares during the last quarter. MetLife Investment Management LLC raised its position in shares of Crinetics Pharmaceuticals by 0.7% in the 1st quarter. MetLife Investment Management LLC now owns 53,414 shares of the company’s stock worth $1,792,000 after purchasing an additional 394 shares during the last quarter. Corebridge Financial Inc. boosted its stake in Crinetics Pharmaceuticals by 3.0% in the 1st quarter. Corebridge Financial Inc. now owns 44,896 shares of the company’s stock worth $1,506,000 after purchasing an additional 1,297 shares in the last quarter. MPM Bioimpact LLC grew its position in Crinetics Pharmaceuticals by 2.4% during the 1st quarter. MPM Bioimpact LLC now owns 631,964 shares of the company’s stock valued at $21,196,000 after purchasing an additional 14,929 shares during the last quarter. Finally, Vestal Point Capital LP purchased a new stake in Crinetics Pharmaceuticals during the 1st quarter valued at about $50,310,000. Institutional investors own 98.51% of the company’s stock.

Crinetics Pharmaceuticals Trading Down 0.3%

Shares of CRNX opened at $47.39 on Wednesday. The firm has a market cap of $4.50 billion, a PE ratio of -10.46 and a beta of 0.20. The firm has a fifty day simple moving average of $45.03 and a two-hundred day simple moving average of $37.58. Crinetics Pharmaceuticals, Inc. has a 1-year low of $24.10 and a 1-year high of $53.55.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings results on Thursday, November 6th. The company reported ($1.38) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.27) by ($0.11). The firm had revenue of $0.14 million during the quarter, compared to analysts’ expectations of $0.39 million. During the same quarter in the prior year, the business posted ($0.96) EPS. As a group, research analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have issued reports on CRNX shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a report on Wednesday, October 8th. JMP Securities upped their price objective on Crinetics Pharmaceuticals from $86.00 to $143.00 and gave the company a “market outperform” rating in a research report on Friday, September 26th. Leerink Partners increased their target price on Crinetics Pharmaceuticals from $80.00 to $88.00 and gave the company an “outperform” rating in a research note on Monday, September 29th. The Goldman Sachs Group boosted their price target on Crinetics Pharmaceuticals from $35.00 to $40.00 and gave the stock a “neutral” rating in a research note on Friday, September 26th. Finally, JPMorgan Chase & Co. lowered their price target on Crinetics Pharmaceuticals from $53.00 to $52.00 and set an “overweight” rating on the stock in a report on Wednesday, September 24th. Eleven investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $77.55.

Insider Transactions at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, insider Dana Pizzuti sold 5,000 shares of the business’s stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $42.66, for a total transaction of $213,300.00. Following the completion of the sale, the insider directly owned 66,270 shares in the company, valued at $2,827,078.20. The trade was a 7.02% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 6.00% 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.