US Bancorp DE Decreases Stock Holdings in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

US Bancorp DE decreased its holdings in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 25.0% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 4,733 shares of the company’s stock after selling 1,579 shares during the quarter. US Bancorp DE’s holdings in Crinetics Pharmaceuticals were worth $159,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Driehaus Capital Management LLC increased its position in shares of Crinetics Pharmaceuticals by 4.3% during the 4th quarter. Driehaus Capital Management LLC now owns 6,141,014 shares of the company’s stock valued at $313,990,000 after purchasing an additional 255,766 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Crinetics Pharmaceuticals by 9.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 5,414,505 shares of the company’s stock valued at $276,844,000 after acquiring an additional 469,748 shares during the period. Farallon Capital Management LLC grew its stake in shares of Crinetics Pharmaceuticals by 250.7% during the 4th quarter. Farallon Capital Management LLC now owns 4,075,098 shares of the company’s stock valued at $208,360,000 after acquiring an additional 2,913,098 shares during the period. Janus Henderson Group PLC grew its stake in shares of Crinetics Pharmaceuticals by 15.1% during the 4th quarter. Janus Henderson Group PLC now owns 2,795,441 shares of the company’s stock valued at $142,902,000 after acquiring an additional 365,991 shares during the period. Finally, Point72 Asset Management L.P. grew its stake in shares of Crinetics Pharmaceuticals by 21.2% during the 4th quarter. Point72 Asset Management L.P. now owns 2,788,939 shares of the company’s stock valued at $142,598,000 after acquiring an additional 488,296 shares during the period. Hedge funds and other institutional investors own 98.51% of the company’s stock.

Crinetics Pharmaceuticals Stock Performance

NASDAQ CRNX opened at $30.72 on Friday. The stock has a 50 day moving average price of $30.28 and a 200-day moving average price of $31.97. Crinetics Pharmaceuticals, Inc. has a one year low of $24.10 and a one year high of $62.53. The company has a market capitalization of $2.89 billion, a P/E ratio of -7.47 and a beta of 0.33.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings results on Thursday, August 7th. The company reported ($1.23) earnings per share for the quarter, missing the consensus estimate of ($1.13) by ($0.10). The company had revenue of $1.03 million during the quarter, compared to the consensus estimate of $0.52 million. During the same quarter in the previous year, the firm earned ($0.94) EPS. The business’s revenue for the quarter was up 158.4% compared to the same quarter last year. As a group, equities analysts predict that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS for the current fiscal year.

Insiders Place Their Bets

In other Crinetics Pharmaceuticals news, insider Stephen F. Betz sold 97,483 shares of the stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $32.23, for a total value of $3,141,877.09. Following the sale, the insider owned 99,713 shares in the company, valued at $3,213,749.99. This trade represents a 49.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 4.60% of the company’s stock.

Analysts Set New Price Targets

CRNX has been the subject of a number of recent research reports. The Goldman Sachs Group initiated coverage on Crinetics Pharmaceuticals in a research note on Thursday, July 10th. They set a “neutral” rating and a $36.00 price objective for the company. HC Wainwright restated a “buy” rating and issued a $81.00 price target on shares of Crinetics Pharmaceuticals in a research note on Friday, June 27th. Finally, JMP Securities dropped their price target on Crinetics Pharmaceuticals from $90.00 to $86.00 and set a “market outperform” rating for the company in a research note on Monday, August 11th. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $68.86.

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.