UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Has $7.57 Million Stock Position in Crinetics Pharmaceuticals, Inc. $CRNX

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lowered its stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 12.1% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 202,395 shares of the company’s stock after selling 27,733 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in Crinetics Pharmaceuticals were worth $7,574,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. BlackRock Inc. acquired a new stake in shares of Crinetics Pharmaceuticals during the 2nd quarter worth approximately $365,179,000. Wellington Management Group LLP increased its stake in shares of Crinetics Pharmaceuticals by 44.3% in the 3rd quarter. Wellington Management Group LLP now owns 8,381,991 shares of the company’s stock valued at $349,110,000 after purchasing an additional 2,574,683 shares during the last quarter. Farallon Capital Management LLC lifted its position in shares of Crinetics Pharmaceuticals by 20.2% during the 4th quarter. Farallon Capital Management LLC now owns 6,933,098 shares of the company’s stock worth $322,736,000 after buying an additional 1,163,000 shares during the last quarter. Jupiter Topco LLC acquired a new position in Crinetics Pharmaceuticals during the second quarter worth about $170,509,000. Finally, Janus Henderson Group PLC lifted its holdings in shares of Crinetics Pharmaceuticals by 1.8% in the first quarter. Janus Henderson Group PLC now owns 4,520,251 shares of the company’s stock worth $164,227,000 after acquiring an additional 79,560 shares during the last quarter. Institutional investors and hedge funds own 98.51% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Piper Sandler lowered shares of Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 7th. HC Wainwright downgraded Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating and raised their price objective for the company from $81.00 to $85.00 in a report on Tuesday, July 7th. Robert W. Baird boosted their price objective on Crinetics Pharmaceuticals from $62.00 to $85.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 7th. Lifesci Capital downgraded Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 7th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a research note on Friday, July 17th. Five research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $81.00.

Crinetics Pharmaceuticals Stock Performance

CRNX stock opened at $84.95 on Tuesday. The company has a market capitalization of $9.01 billion, a P/E ratio of -16.86 and a beta of 0.08. The company has a fifty day moving average price of $79.85 and a 200-day moving average price of $52.46. Crinetics Pharmaceuticals, Inc. has a 52-week low of $30.25 and a 52-week high of $85.01.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings data on Monday, August 3rd. The company reported ($1.14) earnings per share for the quarter, topping the consensus estimate of ($1.18) by $0.04. The company had revenue of $25.12 million for the quarter, compared to analysts’ expectations of $14.84 million. Crinetics Pharmaceuticals had a negative net margin of 1,189.88% and a negative return on equity of 44.22%. Crinetics Pharmaceuticals’s revenue for the quarter was up 2336.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($1.23) earnings per share. As a group, sell-side analysts forecast that Crinetics Pharmaceuticals, Inc. will post -4.83 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Coelho Vivaldi sold 3,000 shares of the stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $40.00, for a total value of $120,000.00. Following the completion of the sale, the director owned 19,225 shares of the company’s stock, valued at approximately $769,000. This represents a 13.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible 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 dated Wednesday, June 17th. The stock was sold at an average price of $35.67, for a total value of $246,123.00. Following the transaction, the director owned 6,400 shares of the company’s stock, valued at $228,288. This trade 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 insiders.

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.