Invesco Ltd. Sells 228,295 Shares of Crinetics Pharmaceuticals, Inc. $CRNX

Invesco Ltd. lessened its position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 76.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 69,959 shares of the company’s stock after selling 228,295 shares during the quarter. Invesco Ltd. owned 0.07% of Crinetics Pharmaceuticals worth $2,346,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in CRNX. Farallon Capital Management LLC increased its stake in Crinetics Pharmaceuticals by 250.7% in the fourth 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 last quarter. Point72 Asset Management L.P. increased its stake in Crinetics Pharmaceuticals by 21.2% in the fourth 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 last quarter. Janus Henderson Group PLC increased its stake in Crinetics Pharmaceuticals by 15.1% in the fourth 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 last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Crinetics Pharmaceuticals in the fourth quarter valued at $17,117,000. Finally, Driehaus Capital Management LLC boosted its position in Crinetics Pharmaceuticals by 4.3% during the fourth quarter. Driehaus Capital Management LLC now owns 6,141,014 shares of the company’s stock valued at $313,990,000 after buying an additional 255,766 shares during the period. Institutional investors own 98.51% of the company’s stock.

Crinetics Pharmaceuticals Trading Up 1.1%

Crinetics Pharmaceuticals stock opened at $30.99 on Friday. The firm has a 50-day moving average of $30.02 and a 200-day moving average of $31.42. The firm has a market cap of $2.92 billion, a P/E ratio of -7.54 and a beta of 0.33. Crinetics Pharmaceuticals, Inc. has a 1-year low of $24.10 and a 1-year high of $62.53.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its earnings results on Thursday, August 7th. The company reported ($1.23) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.13) by ($0.10). The firm had revenue of $1.03 million for the quarter, compared to the consensus estimate of $0.52 million. The company’s revenue for the quarter was up 158.4% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.94) EPS. Research analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current fiscal year.

Insider Activity

In other Crinetics Pharmaceuticals news, insider Dana Pizzuti sold 30,000 shares of the firm’s stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $30.43, for a total value of $912,900.00. Following the completion of the sale, the insider directly owned 66,270 shares in the company, valued at $2,016,596.10. This trade represents a 31.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Stephen F. Betz sold 97,483 shares of the firm’s stock in a transaction dated 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 owned 99,713 shares of the company’s stock, valued at $3,213,749.99. This trade represents a 49.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 133,975 shares of company stock valued at $4,244,214 over the last 90 days. 4.60% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. HC Wainwright restated a “buy” rating and set a $81.00 price target on shares of Crinetics Pharmaceuticals in a research report on Friday, June 27th. The Goldman Sachs Group assumed coverage on shares of Crinetics Pharmaceuticals in a research report on Thursday, July 10th. They set a “neutral” rating and a $36.00 price target for the company. Finally, JMP Securities cut their price target on shares of Crinetics Pharmaceuticals from $90.00 to $86.00 and set a “market outperform” rating for the company in a research report on Monday, August 11th. Seven analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $68.86.

Crinetics Pharmaceuticals 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.