Legal & General Group Plc Acquires New Shares in Crinetics Pharmaceuticals, Inc. $CRNX

Legal & General Group Plc bought a new stake in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 77,569 shares of the company’s stock, valued at approximately $2,903,000.

Several other institutional investors have also recently made changes to their positions in the stock. Smartleaf Asset Management LLC boosted its holdings in shares of Crinetics Pharmaceuticals by 107.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 639 shares of the company’s stock worth $30,000 after acquiring an additional 331 shares during the period. Headlands Technologies LLC bought a new stake in shares of Crinetics Pharmaceuticals during the 2nd quarter valued at $30,000. Raymond James Financial Inc. bought a new stake in shares of Crinetics Pharmaceuticals during the 2nd quarter valued at $45,000. Parallel Advisors LLC lifted its holdings in Crinetics Pharmaceuticals by 34.6% during the 4th quarter. Parallel Advisors LLC now owns 1,225 shares of the company’s stock worth $57,000 after purchasing an additional 315 shares in the last quarter. Finally, Arax Advisory Partners lifted its holdings in Crinetics Pharmaceuticals by 131.2% during the 4th quarter. Arax Advisory Partners now owns 1,498 shares of the company’s stock worth $70,000 after purchasing an additional 850 shares in the last quarter. Hedge funds and other institutional investors own 98.51% of the company’s stock.

Insider Activity at Crinetics Pharmaceuticals

In related news, Director Coelho Vivaldi sold 3,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $40.00, for a total value of $120,000.00. Following the sale, the director directly owned 19,225 shares of the company’s stock, valued at $769,000. This trade represents a 13.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephanie Okey sold 6,900 shares of the firm’s stock in a transaction that occurred on 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 sale, the director directly owned 6,400 shares in the company, valued at $228,288. This represents a 51.88% 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 currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Piper Sandler lowered Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 7th. HC Wainwright downgraded shares of Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating and increased their price target for the stock from $81.00 to $85.00 in a report on Tuesday, July 7th. JonesTrading lowered shares of Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating and set a $85.00 price objective for the company. in a research report on Tuesday, July 7th. UBS Group reaffirmed a “neutral” rating and set a $85.00 price objective (up from $55.00) on shares of Crinetics Pharmaceuticals in a research note on Tuesday, July 28th. Finally, Wall Street Zen raised shares of Crinetics Pharmaceuticals to a “hold” rating in a report on Saturday. Five research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $81.00.

Crinetics Pharmaceuticals Price Performance

Crinetics Pharmaceuticals stock opened at $84.95 on Friday. The stock has a market cap of $9.01 billion, a price-to-earnings ratio of -16.86 and a beta of 0.08. The business has a 50-day simple moving average of $78.89 and a 200 day simple moving average of $52.11. Crinetics Pharmaceuticals, Inc. has a 52 week low of $30.25 and a 52 week high of $85.01.

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