Point72 Asset Management L.P. Has $142.60 Million Stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Point72 Asset Management L.P. raised its stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 21.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,788,939 shares of the company's stock after purchasing an additional 488,296 shares during the period. Point72 Asset Management L.P. owned approximately 3.01% of Crinetics Pharmaceuticals worth $142,598,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in CRNX. Vanguard Group Inc. grew its position in Crinetics Pharmaceuticals by 44.6% during the fourth quarter. Vanguard Group Inc. now owns 9,089,391 shares of the company's stock worth $464,741,000 after buying an additional 2,801,736 shares in the last quarter. FMR LLC grew its holdings in shares of Crinetics Pharmaceuticals by 100.4% during the 4th quarter. FMR LLC now owns 8,928,086 shares of the company's stock worth $456,493,000 after purchasing an additional 4,472,316 shares in the last quarter. Wellington Management Group LLP increased its position in shares of Crinetics Pharmaceuticals by 55.9% during the fourth quarter. Wellington Management Group LLP now owns 6,950,567 shares of the company's stock valued at $355,382,000 after purchasing an additional 2,490,876 shares during the period. Driehaus Capital Management LLC lifted its position in Crinetics Pharmaceuticals by 4.3% in the fourth quarter. Driehaus Capital Management LLC now owns 6,141,014 shares of the company's stock worth $313,990,000 after purchasing an additional 255,766 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its stake in Crinetics Pharmaceuticals by 9.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,414,505 shares of the company's stock worth $276,844,000 after buying an additional 469,748 shares in the last quarter. Institutional investors own 98.51% of the company's stock.

Insider Activity

In other Crinetics Pharmaceuticals news, COO Jeff E. Knight sold 7,162 shares of Crinetics Pharmaceuticals stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $34.20, for a total transaction of $244,940.40. Following the completion of the sale, the chief operating officer now owns 87,491 shares of the company's stock, valued at approximately $2,992,192.20. The trade was a 7.57% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Dana Pizzuti sold 2,515 shares of the stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $34.20, for a total value of $86,013.00. Following the completion of the transaction, the insider now directly owns 72,233 shares in the company, valued at $2,470,368.60. The trade was a 3.36% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 27,015 shares of company stock valued at $923,913 over the last 90 days. 4.60% of the stock is owned by company insiders.

Crinetics Pharmaceuticals Stock Performance

Shares of NASDAQ CRNX traded up $0.19 during trading on Tuesday, reaching $31.14. The company had a trading volume of 417,306 shares, compared to its average volume of 1,013,798. Crinetics Pharmaceuticals, Inc. has a 52 week low of $24.10 and a 52 week high of $62.53. The business's 50 day moving average price is $31.64 and its 200-day moving average price is $41.28. The stock has a market cap of $2.92 billion, a PE ratio of -8.35 and a beta of 0.31.

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

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on CRNX. Stifel Nicolaus assumed coverage on shares of Crinetics Pharmaceuticals in a report on Tuesday, March 25th. They set a "buy" rating and a $60.00 price objective for the company. TD Cowen began coverage on Crinetics Pharmaceuticals in a report on Tuesday, February 11th. They set a "buy" rating on the stock. Wolfe Research assumed coverage on Crinetics Pharmaceuticals in a report on Tuesday, February 4th. They issued a "peer perform" rating for the company. Finally, Jefferies Financial Group upgraded Crinetics Pharmaceuticals from a "hold" rating to a "buy" rating and set a $55.00 target price for the company in a research report on Wednesday, January 22nd. One research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $73.00.

About Crinetics Pharmaceuticals

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.