First Light Asset Management LLC Increases Holdings in Crinetics Pharmaceuticals, Inc. $CRNX

First Light Asset Management LLC lifted its stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 24.9% in the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,360,866 shares of the company’s stock after purchasing an additional 271,196 shares during the quarter. Crinetics Pharmaceuticals comprises 3.1% of First Light Asset Management LLC’s portfolio, making the stock its 14th biggest holding. First Light Asset Management LLC owned about 1.28% of Crinetics Pharmaceuticals worth $50,924,000 as of its most recent filing with the SEC.

Several other hedge funds also recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of 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 buying an additional 6,148 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Crinetics Pharmaceuticals by 6.9% during 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 purchasing an additional 22,305 shares during the period. Strs Ohio purchased a new position in Crinetics Pharmaceuticals during the 1st quarter worth $124,000. Invesco Ltd. raised its holdings in shares of Crinetics Pharmaceuticals by 11.7% in the second quarter. Invesco Ltd. now owns 78,140 shares of the company’s stock valued at $2,247,000 after acquiring an additional 8,181 shares in the last quarter. Finally, Sei Investments Co. raised its holdings in shares of Crinetics Pharmaceuticals by 20.6% in the 2nd quarter. Sei Investments Co. now owns 60,180 shares of the company’s stock valued at $1,731,000 after purchasing an additional 10,269 shares in the last quarter. 98.51% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have commented on CRNX shares. Wall Street Zen upgraded shares of Crinetics Pharmaceuticals to a “hold” rating in a report on Saturday, September 5th. Robert W. Baird lifted their price target on Crinetics Pharmaceuticals from $62.00 to $85.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 7th. UBS Group reaffirmed a “neutral” rating and issued a $85.00 price objective (up from $55.00) on shares of Crinetics Pharmaceuticals in a report on Tuesday, July 28th. Jefferies Financial Group cut Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating and lifted their price target for the company from $55.00 to $85.00 in a research report on Tuesday, July 7th. Finally, Cantor Fitzgerald reissued a “neutral” rating on shares of Crinetics Pharmaceuticals in a research note on Wednesday, September 2nd. Five 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’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $81.00.

Crinetics Pharmaceuticals Stock Performance

CRNX opened at $84.95 on Thursday. The business’s 50 day moving average price is $81.73 and its 200 day moving average price is $53.04. The stock has a market capitalization of $9.01 billion, a PE ratio of -16.86 and a beta of 0.08. Crinetics Pharmaceuticals, Inc. has a one year low of $30.25 and a one year 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 (EPS) 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 analyst estimates 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 was up 2336.9% on a year-over-year basis. During the same period in the previous year, the firm earned ($1.23) EPS. As a group, equities research analysts forecast that Crinetics Pharmaceuticals, Inc. will post -4.83 earnings per share for the current fiscal year.

Insider Buying and Selling at Crinetics Pharmaceuticals

In related news, Director Stephanie Okey sold 6,900 shares of the 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. This represents a 51.88% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, 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 transaction of $120,000.00. Following the sale, the director directly owned 19,225 shares in the company, valued at $769,000. This represents a 13.50% decrease in their position. 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.

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.