Intech Investment Management LLC Increases Holdings in Crinetics Pharmaceuticals, Inc. $CRNX

Intech Investment Management LLC lifted its position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 32.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 56,950 shares of the company’s stock after purchasing an additional 13,845 shares during the quarter. Intech Investment Management LLC owned about 0.06% of Crinetics Pharmaceuticals worth $1,910,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of Crinetics Pharmaceuticals by 2.4% in the first quarter. Vanguard Group Inc. now owns 9,311,600 shares of the company’s stock worth $312,311,000 after purchasing an additional 222,209 shares during the last quarter. Driehaus Capital Management LLC raised its stake in shares of Crinetics Pharmaceuticals by 1.6% in the first quarter. Driehaus Capital Management LLC now owns 6,239,902 shares of the company’s stock worth $209,286,000 after purchasing an additional 98,888 shares during the last quarter. Paradigm Biocapital Advisors LP raised its stake in shares of Crinetics Pharmaceuticals by 1.9% in the first quarter. Paradigm Biocapital Advisors LP now owns 1,946,168 shares of the company’s stock worth $65,274,000 after purchasing an additional 35,407 shares during the last quarter. Siren L.L.C. raised its stake in shares of Crinetics Pharmaceuticals by 4.9% in the first quarter. Siren L.L.C. now owns 1,688,611 shares of the company’s stock worth $56,636,000 after purchasing an additional 78,959 shares during the last quarter. Finally, Vestal Point Capital LP purchased a new position in shares of Crinetics Pharmaceuticals in the first quarter worth about $50,310,000. 98.51% of the stock is currently owned by hedge funds and other institutional investors.

Crinetics Pharmaceuticals Trading Up 1.0%

Shares of CRNX opened at $34.10 on Wednesday. Crinetics Pharmaceuticals, Inc. has a 12 month low of $24.10 and a 12 month high of $62.53. The stock’s 50 day moving average is $31.12 and its two-hundred day moving average is $31.35. The firm has a market cap of $3.21 billion, a P/E ratio of -8.30 and a beta of 0.28.

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

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on CRNX. HC Wainwright reiterated a “buy” rating and set a $81.00 price target on shares of Crinetics Pharmaceuticals in a research report on Friday, June 27th. JMP Securities reduced their price target on 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. Finally, The Goldman Sachs Group began coverage on Crinetics Pharmaceuticals in a research report on Thursday, July 10th. They set a “neutral” rating and a $36.00 price target for the company. Six analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $65.33.

Insider Activity

In other news, insider Dana Pizzuti sold 30,000 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $30.43, for a total value of $912,900.00. Following the sale, the insider directly owned 66,270 shares of the company’s stock, valued at $2,016,596.10. The trade was a 31.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 6.00% of the stock is owned by corporate insiders.

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.