Rafferty Asset Management LLC Has $8.69 Million Stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Rafferty Asset Management LLC lifted its position in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNXFree Report) by 23.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 244,289 shares of the company’s stock after buying an additional 46,548 shares during the period. Rafferty Asset Management LLC owned about 0.37% of Crinetics Pharmaceuticals worth $8,692,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of CRNX. AJOVista LLC bought a new position in shares of Crinetics Pharmaceuticals in the fourth quarter valued at $58,000. HighMark Wealth Management LLC bought a new position in shares of Crinetics Pharmaceuticals in the 4th quarter valued at about $151,000. Amalgamated Bank increased its stake in shares of Crinetics Pharmaceuticals by 10.4% during the 3rd quarter. Amalgamated Bank now owns 6,298 shares of the company’s stock worth $187,000 after purchasing an additional 592 shares during the last quarter. RWA Wealth Partners LLC bought a new stake in shares of Crinetics Pharmaceuticals in the 4th quarter valued at about $203,000. Finally, Kestra Advisory Services LLC bought a new stake in shares of Crinetics Pharmaceuticals in the 3rd quarter valued at about $221,000. 98.51% of the stock is currently owned by institutional investors.

Crinetics Pharmaceuticals Stock Performance

Shares of CRNX stock opened at $47.23 on Thursday. The company has a market cap of $3.72 billion, a P/E ratio of -12.49 and a beta of 0.64. Crinetics Pharmaceuticals, Inc. has a fifty-two week low of $15.76 and a fifty-two week high of $53.70. The stock has a 50 day simple moving average of $46.61 and a two-hundred day simple moving average of $40.47.

Crinetics Pharmaceuticals (NASDAQ:CRNXGet Free Report) last released its quarterly earnings data on Thursday, May 9th. The company reported ($0.93) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.84) by ($0.09). Crinetics Pharmaceuticals had a negative return on equity of 42.50% and a negative net margin of 4,223.27%. The company had revenue of $0.64 million for the quarter, compared to the consensus estimate of $0.20 million. During the same period last year, the company earned ($0.85) EPS. Crinetics Pharmaceuticals’s revenue for the quarter was down 76.1% compared to the same quarter last year. On average, research analysts predict that Crinetics Pharmaceuticals, Inc. will post -3.53 earnings per share for the current year.

Insider Activity

In other Crinetics Pharmaceuticals news, insider Stephen F. Betz sold 3,000 shares of the company’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $49.43, for a total value of $148,290.00. Following the completion of the sale, the insider now directly owns 89,643 shares of the company’s stock, valued at approximately $4,431,053.49. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Richard Scott Struthers sold 107,448 shares of the firm’s stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $49.40, for a total transaction of $5,307,931.20. Following the completion of the sale, the chief executive officer now owns 257,485 shares in the company, valued at $12,719,759. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Stephen F. Betz sold 3,000 shares of Crinetics Pharmaceuticals stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $49.43, for a total transaction of $148,290.00. Following the completion of the sale, the insider now directly owns 89,643 shares in the company, valued at approximately $4,431,053.49. The disclosure for this sale can be found here. Insiders have sold 300,664 shares of company stock worth $14,108,088 over the last 90 days. 6.00% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. HC Wainwright reaffirmed a “buy” rating and set a $60.00 price target on shares of Crinetics Pharmaceuticals in a report on Tuesday. Piper Sandler lifted their target price on shares of Crinetics Pharmaceuticals from $56.00 to $97.00 and gave the stock an “overweight” rating in a report on Tuesday, May 7th. Robert W. Baird increased their price target on shares of Crinetics Pharmaceuticals from $52.00 to $62.00 and gave the company an “outperform” rating in a report on Thursday, May 23rd. Citigroup initiated coverage on Crinetics Pharmaceuticals in a report on Wednesday, March 6th. They set a “buy” rating and a $68.00 price objective for the company. Finally, Jonestrading increased their target price on Crinetics Pharmaceuticals from $52.00 to $56.00 and gave the stock a “buy” rating in a research note on Wednesday, March 20th. One equities research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $62.50.

View Our Latest Stock Analysis on Crinetics Pharmaceuticals

Crinetics Pharmaceuticals Company Profile

(Free Report)

Crinetics Pharmaceuticals, Inc, a clinical-stage pharmaceutical company, focuses on the discovery, development, and commercialization of novel therapeutics for rare endocrine diseases and endocrine-related tumors. The company's lead product candidate is paltusotine, an oral selective nonpeptide somatostatin receptor type 2 agonist, which is in Phase 3 trial for the treatment of acromegaly; and Phase 2 trial for treating carcinoid syndrome associated with neuroendocrine tumors.

Further Reading

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Institutional Ownership by Quarter for Crinetics Pharmaceuticals (NASDAQ:CRNX)

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