Brevan Howard Capital Management LP Makes New $500,000 Investment in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Brevan Howard Capital Management LP purchased a new stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 9,777 shares of the company's stock, valued at approximately $500,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CRNX. Venturi Wealth Management LLC acquired a new position in Crinetics Pharmaceuticals in the 4th quarter worth about $41,000. Headlands Technologies LLC purchased a new stake in shares of Crinetics Pharmaceuticals in the fourth quarter valued at about $52,000. Harvest Fund Management Co. Ltd bought a new position in shares of Crinetics Pharmaceuticals during the 4th quarter worth approximately $66,000. KBC Group NV increased its holdings in Crinetics Pharmaceuticals by 69.3% during the fourth quarter. KBC Group NV now owns 3,712 shares of the company's stock worth $190,000 after buying an additional 1,519 shares during the last quarter. Finally, Janney Montgomery Scott LLC increased its holdings in Crinetics Pharmaceuticals by 13.7% during the fourth quarter. Janney Montgomery Scott LLC now owns 4,975 shares of the company's stock worth $254,000 after buying an additional 600 shares during the last quarter. 98.51% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, COO Jeff E. Knight sold 7,162 shares of the firm's stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $34.20, for a total transaction of $244,940.40. Following the transaction, the chief operating officer now owns 87,491 shares of the company's stock, valued at approximately $2,992,192.20. This trade represents a 7.57% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Richard Scott Struthers sold 17,338 shares of the firm's stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $34.20, for a total transaction of $592,959.60. Following the completion of the transaction, the chief executive officer now owns 329,147 shares of the company's stock, valued at approximately $11,256,827.40. The trade was a 5.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 27,015 shares of company stock valued at $923,913 in the last three months. Corporate insiders own 4.60% of the company's stock.

Crinetics Pharmaceuticals Price Performance

Shares of CRNX stock traded down $2.37 during midday trading on Tuesday, hitting $30.95. The company had a trading volume of 1,519,626 shares, compared to its average volume of 861,652. Crinetics Pharmaceuticals, Inc. has a 52-week low of $24.10 and a 52-week high of $62.53. The stock has a market cap of $2.90 billion, a price-to-earnings ratio of -8.30 and a beta of 0.31. The company's 50 day simple moving average is $31.94 and its 200 day simple moving average is $42.16.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported ($1.04) earnings per share for the quarter, missing the consensus estimate of ($0.99) by ($0.05). The company had revenue of $0.36 million for the quarter, compared to analysts' expectations of $0.10 million. The company's revenue was down 43.6% compared to the same quarter last year. During the same period last year, the firm earned ($0.93) earnings per share. Analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS for the current year.

Analysts Set New Price Targets

Several brokerages recently commented on CRNX. Stifel Nicolaus assumed coverage on shares of Crinetics Pharmaceuticals in a research note on Tuesday, March 25th. They set a "buy" rating and a $60.00 price objective for the company. HC Wainwright reiterated a "buy" rating and set a $81.00 price target on shares of Crinetics Pharmaceuticals in a report on Monday, January 13th. Wolfe Research initiated coverage on shares of Crinetics Pharmaceuticals in a research report on Tuesday, February 4th. They issued a "peer perform" rating on the stock. Jefferies Financial Group raised shares of Crinetics Pharmaceuticals from a "hold" rating to a "buy" rating and set a $55.00 price target for the company in a research report on Wednesday, January 22nd. Finally, TD Cowen started coverage on shares of Crinetics Pharmaceuticals in a research note on Tuesday, February 11th. They set a "buy" rating on the stock. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company's stock. According to MarketBeat, Crinetics Pharmaceuticals currently has an average rating of "Moderate Buy" and a consensus price target of $73.00.

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.