Pier Capital LLC Has $3.12 Million Stake in Crinetics Pharmaceuticals, Inc. $CRNX

Pier Capital LLC trimmed its stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 47.4% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 75,000 shares of the company’s stock after selling 67,611 shares during the quarter. Pier Capital LLC owned 0.08% of Crinetics Pharmaceuticals worth $3,124,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Crinetics Pharmaceuticals by 11.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 59,311 shares of the company’s stock valued at $1,995,000 after purchasing an additional 6,148 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Crinetics Pharmaceuticals by 6.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 347,581 shares of the company’s stock worth $11,658,000 after buying an additional 22,305 shares in the last quarter. Strs Ohio acquired a new stake in shares of Crinetics Pharmaceuticals during the 1st quarter valued at $124,000. Bank of New York Mellon Corp boosted its stake in shares of Crinetics Pharmaceuticals by 0.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 345,928 shares of the company’s stock valued at $9,949,000 after buying an additional 1,349 shares during the period. Finally, Penserra Capital Management LLC purchased a new position in shares of Crinetics Pharmaceuticals during the 2nd quarter valued at $48,000. 98.51% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, insider Isabel Kalofonos sold 2,500 shares of the firm’s stock in a transaction that occurred on Monday, January 5th. The stock was sold at an average price of $55.00, for a total value of $137,500.00. Following the transaction, the insider directly owned 834 shares of the company’s stock, valued at approximately $45,870. This trade represents a 74.99% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Tobin Schilke sold 6,713 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the chief financial officer directly owned 78,121 shares in the company, valued at $3,099,060.07. The trade was a 7.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 12,213 shares of company stock valued at $522,815 over the last quarter. Insiders own 4.60% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on CRNX. Lifesci Capital raised shares of Crinetics Pharmaceuticals to a “strong-buy” rating in a research note on Friday, February 13th. The Goldman Sachs Group raised Crinetics Pharmaceuticals from a “neutral” rating to a “buy” rating and set a $67.00 price objective for the company in a research report on Monday, January 12th. Morgan Stanley boosted their target price on Crinetics Pharmaceuticals from $77.00 to $80.00 and gave the company an “overweight” rating in a research note on Tuesday, January 6th. Wall Street Zen raised Crinetics Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Saturday, February 28th. Finally, Citizens Jmp cut their price target on Crinetics Pharmaceuticals from $105.00 to $96.00 and set a “market outperform” rating for the company in a research note on Monday, March 2nd. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $74.78.

Crinetics Pharmaceuticals Trading Down 1.3%

Crinetics Pharmaceuticals stock opened at $36.51 on Friday. The company has a market capitalization of $3.82 billion, a P/E ratio of -7.39 and a beta of 0.23. The firm’s fifty day simple moving average is $47.14 and its 200-day simple moving average is $43.65. Crinetics Pharmaceuticals, Inc. has a 1-year low of $24.10 and a 1-year high of $57.99.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings data on Thursday, February 26th. The company reported ($1.29) earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm posted ($0.88) earnings per share. On average, equities research analysts predict that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current year.

Crinetics Pharmaceuticals Company 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.