Bank of New York Mellon Corp raised its position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX – Free Report) by 20.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 422,789 shares of the company’s stock after acquiring an additional 71,030 shares during the quarter. Bank of New York Mellon Corp owned 0.78% of Crinetics Pharmaceuticals worth $6,790,000 at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of CRNX. Atom Investors LP boosted its stake in shares of Crinetics Pharmaceuticals by 66.5% in the fourth quarter. Atom Investors LP now owns 81,466 shares of the company’s stock valued at $1,491,000 after purchasing an additional 32,541 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Crinetics Pharmaceuticals by 7.8% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 25,269 shares of the company’s stock valued at $462,000 after acquiring an additional 1,833 shares in the last quarter. Bourgeon Capital Management LLC increased its position in shares of Crinetics Pharmaceuticals by 56.6% during the first quarter. Bourgeon Capital Management LLC now owns 4,150 shares of the company’s stock worth $67,000 after acquiring an additional 1,500 shares during the last quarter. Braidwell LP purchased a new position in Crinetics Pharmaceuticals in the fourth quarter valued at about $63,495,000. Finally, Opaleye Management Inc. grew its stake in Crinetics Pharmaceuticals by 9.0% during the 4th quarter. Opaleye Management Inc. now owns 732,000 shares of the company’s stock valued at $13,396,000 after purchasing an additional 60,700 shares in the last quarter. Institutional investors and hedge funds own 98.51% of the company’s stock.
Insiders Place Their Bets
In other news, Director Coelho Rogerio Vivaldi purchased 5,000 shares of Crinetics Pharmaceuticals stock in a transaction dated Thursday, June 8th. The stock was bought at an average price of $22.06 per share, with a total value of $110,300.00. Following the completion of the acquisition, the director now owns 5,000 shares in the company, valued at approximately $110,300. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CEO Richard Scott Struthers sold 50,000 shares of the firm’s stock in a transaction that occurred on Friday, June 16th. The stock was sold at an average price of $20.81, for a total value of $1,040,500.00. Following the sale, the chief executive officer now directly owns 680,805 shares in the company, valued at approximately $14,167,552.05. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Coelho Rogerio Vivaldi bought 5,000 shares of the business’s stock in a transaction on Thursday, June 8th. The shares were acquired at an average cost of $22.06 per share, for a total transaction of $110,300.00. Following the purchase, the director now directly owns 5,000 shares in the company, valued at $110,300. The disclosure for this purchase can be found here. Insiders have sold 119,463 shares of company stock valued at $2,437,201 over the last three months. Company insiders own 7.00% of the company’s stock.
Crinetics Pharmaceuticals Stock Up 0.7 %
Crinetics Pharmaceuticals (NASDAQ:CRNX – Get Free Report) last posted its earnings results on Tuesday, August 8th. The company reported ($0.94) EPS for the quarter, missing the consensus estimate of ($0.85) by ($0.09). The company had revenue of $0.99 million for the quarter, compared to the consensus estimate of $5.00 million. Crinetics Pharmaceuticals had a negative net margin of 3,804.10% and a negative return on equity of 61.19%. As a group, research analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.68 EPS for the current fiscal year.
Wall Street Analyst Weigh In
A number of equities analysts have issued reports on the company. Oppenheimer assumed coverage on Crinetics Pharmaceuticals in a research report on Wednesday, August 30th. They issued an “outperform” rating and a $40.00 target price on the stock. HC Wainwright reduced their price objective on shares of Crinetics Pharmaceuticals from $35.00 to $33.00 and set a “buy” rating on the stock in a research note on Wednesday, August 9th. JMP Securities dropped their target price on shares of Crinetics Pharmaceuticals from $43.00 to $42.00 and set a “market outperform” rating for the company in a research report on Wednesday, August 9th. Robert W. Baird reduced their price target on shares of Crinetics Pharmaceuticals from $48.00 to $43.00 in a research report on Wednesday, August 9th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $45.00 price objective on shares of Crinetics Pharmaceuticals in a report on Tuesday, August 22nd. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $43.17.
Crinetics Pharmaceuticals Profile
Crinetics Pharmaceuticals, Inc, a clinical stage pharmaceutical company, focuses on the discovery, development, and commercialization of therapeutics for endocrine diseases and endocrine-related tumors. The company's lead product candidate is Paltusotine, an oral selective nonpeptide somatostatin receptor type 2 agonist that has completed phase III clinical trial for the treatment of acromegaly, as well as completed phase II clinical trial to treat carcinoid syndrome and nonfunctional neuroendocrine tumors (NETs).
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