Teacher Retirement System of Texas Sells 1,561 Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Teacher Retirement System of Texas lessened its stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 6.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 22,442 shares of the company’s stock after selling 1,561 shares during the period. Teacher Retirement System of Texas’ holdings in Crinetics Pharmaceuticals were worth $753,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. State of Wyoming acquired a new stake in shares of Crinetics Pharmaceuticals during the fourth quarter worth approximately $50,000. Headlands Technologies LLC acquired a new stake in shares of Crinetics Pharmaceuticals during the fourth quarter worth approximately $52,000. Harvest Fund Management Co. Ltd acquired a new stake in shares of Crinetics Pharmaceuticals during the fourth quarter worth approximately $66,000. GF Fund Management CO. LTD. acquired a new stake in shares of Crinetics Pharmaceuticals during the fourth quarter worth approximately $100,000. Finally, Amalgamated Bank increased its holdings in shares of Crinetics Pharmaceuticals by 17.3% during the first quarter. Amalgamated Bank now owns 3,159 shares of the company’s stock worth $106,000 after buying an additional 467 shares in the last quarter. Institutional investors own 98.51% of the company’s stock.

Insider Buying and Selling

In other news, insider Stephen F. Betz sold 97,483 shares of the firm’s stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $32.23, for a total transaction of $3,141,877.09. Following the completion of the sale, the insider directly owned 99,713 shares of the company’s stock, valued at $3,213,749.99. This trade represents a 49.43% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 6.00% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on CRNX shares. HC Wainwright reissued a “buy” rating and issued a $81.00 price target on shares of Crinetics Pharmaceuticals in a report on Friday, June 27th. Stifel Nicolaus started coverage on shares of Crinetics Pharmaceuticals in a report on Tuesday, March 25th. They issued a “buy” rating and a $60.00 price target for the company. Finally, The Goldman Sachs Group initiated coverage on shares of Crinetics Pharmaceuticals in a report on Thursday, July 10th. They issued a “neutral” rating and a $36.00 price target for the company. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, Crinetics Pharmaceuticals has an average rating of “Moderate Buy” and an average price target of $69.50.

Crinetics Pharmaceuticals Trading Up 3.4%

NASDAQ CRNX opened at $33.02 on Tuesday. The firm has a market capitalization of $3.09 billion, a P/E ratio of -8.64 and a beta of 0.25. The business has a fifty day simple moving average of $30.96 and a 200 day simple moving average of $34.25. Crinetics Pharmaceuticals, Inc. has a 12 month low of $24.10 and a 12 month high of $62.53.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings results on Thursday, May 8th. The company reported ($1.04) EPS for the quarter, missing analysts’ consensus estimates of ($0.99) by ($0.05). The company had revenue of $0.36 million during the quarter, compared to analyst estimates of $0.10 million. The company’s revenue was down 43.6% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.93) earnings per share. As a group, sell-side analysts predict that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS for the current fiscal year.

Crinetics Pharmaceuticals Company Profile

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.