The Manufacturers Life Insurance Company Makes New $4.71 Million Investment in Crinetics Pharmaceuticals, Inc. $CRNX

The Manufacturers Life Insurance Company bought a new position in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 125,948 shares of the company’s stock, valued at approximately $4,713,000. The Manufacturers Life Insurance Company owned approximately 0.12% of Crinetics Pharmaceuticals at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of CRNX. Commerce Bank purchased a new stake in shares of Crinetics Pharmaceuticals in the second quarter valued at approximately $299,000. BlackRock Inc. purchased a new position in Crinetics Pharmaceuticals in the second quarter worth $365,179,000. Deutsche Bank AG purchased a new position in Crinetics Pharmaceuticals in the second quarter worth $10,617,000. Rice Hall James & Associates LLC acquired a new stake in Crinetics Pharmaceuticals in the second quarter valued at $7,346,000. Finally, OneDigital Investment Advisors LLC acquired a new stake in Crinetics Pharmaceuticals in the second quarter valued at $253,000. 98.51% of the stock is owned by institutional investors and hedge funds.

Crinetics Pharmaceuticals Stock Performance

Crinetics Pharmaceuticals stock opened at $84.95 on Tuesday. The firm has a market capitalization of $9.01 billion, a price-to-earnings ratio of -16.86 and a beta of 0.12. Crinetics Pharmaceuticals, Inc. has a fifty-two week low of $30.25 and a fifty-two week high of $85.01. The stock’s fifty day moving average is $74.97 and its two-hundred day moving average is $51.03.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its quarterly earnings results on Monday, August 3rd. The company reported ($1.14) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.18) by $0.04. The business had revenue of $25.12 million during 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 business’s revenue for the quarter was up 2336.9% on a year-over-year basis. During the same quarter last year, the business posted ($1.23) earnings per share. As a group, sell-side analysts forecast that Crinetics Pharmaceuticals, Inc. will post -4.83 EPS for the current fiscal year.

Insider Transactions at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, 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 approximately $769,000. This trade represents a 13.50% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephanie Okey sold 6,900 shares of Crinetics Pharmaceuticals stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $35.67, for a total transaction of $246,123.00. Following the transaction, the director owned 6,400 shares of the company’s stock, valued at approximately $228,288. The trade was a 51.88% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.80% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

CRNX has been the topic of a number of recent analyst reports. Lifesci Capital cut shares of Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 7th. Evercore cut shares of Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 7th. Oppenheimer reissued a “market perform” rating on shares of Crinetics Pharmaceuticals in a report on Tuesday, July 7th. Piper Sandler lowered shares of Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 7th. Finally, Robert W. Baird increased their target price on shares of Crinetics Pharmaceuticals from $62.00 to $85.00 and gave the company an “outperform” rating in a report on Tuesday, July 7th. Five research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Crinetics Pharmaceuticals presently has an average rating of “Hold” and an average target price of $81.00.

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.