Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Stake Boosted by Farallon Capital Management LLC

Farallon Capital Management LLC boosted its holdings in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 250.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,075,098 shares of the company's stock after purchasing an additional 2,913,098 shares during the quarter. Farallon Capital Management LLC owned about 4.39% of Crinetics Pharmaceuticals worth $208,360,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Barclays PLC increased its stake in Crinetics Pharmaceuticals by 75.5% in the 3rd quarter. Barclays PLC now owns 207,712 shares of the company's stock valued at $10,614,000 after buying an additional 89,358 shares during the period. JPMorgan Chase & Co. grew its stake in shares of Crinetics Pharmaceuticals by 0.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 285,956 shares of the company's stock worth $14,612,000 after purchasing an additional 894 shares during the period. Sanders Morris Harris LLC grew its stake in shares of Crinetics Pharmaceuticals by 13.4% during the 4th quarter. Sanders Morris Harris LLC now owns 21,100 shares of the company's stock worth $1,079,000 after purchasing an additional 2,500 shares during the period. SG Americas Securities LLC grew its stake in shares of Crinetics Pharmaceuticals by 4,084.6% during the 4th quarter. SG Americas Securities LLC now owns 542,446 shares of the company's stock worth $27,735,000 after purchasing an additional 529,483 shares during the period. Finally, Janney Montgomery Scott LLC grew its stake in shares of Crinetics Pharmaceuticals by 13.7% during the 4th quarter. Janney Montgomery Scott LLC now owns 4,975 shares of the company's stock worth $254,000 after purchasing an additional 600 shares during the period. Hedge funds and other institutional investors own 98.51% of the company's stock.

Insider Buying and Selling

In other news, COO Jeff E. Knight sold 7,162 shares of the firm's stock in a transaction that occurred 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. This trade represents a 7.57% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Richard Scott Struthers sold 17,338 shares of the firm's stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $34.20, for a total transaction of $592,959.60. Following the sale, the chief executive officer now directly owns 329,147 shares of the company's stock, valued at $11,256,827.40. The trade was a 5.00% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 27,015 shares of company stock valued at $923,913. 4.60% of the stock is currently owned by corporate insiders.

Crinetics Pharmaceuticals Stock Down 7.1%

Shares of CRNX stock traded down $2.37 during trading hours on Tuesday, hitting $30.95. 1,519,626 shares of the company were exchanged, compared to its average volume of 864,751. The firm has a market cap of $2.90 billion, a PE ratio of -8.30 and a beta of 0.31. Crinetics Pharmaceuticals, Inc. has a 1 year low of $24.10 and a 1 year high of $62.53. The firm has a fifty day moving average of $31.94 and a 200 day moving average of $42.16.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported ($1.04) earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 business's quarterly revenue was down 43.6% on a year-over-year basis. During the same period in the previous year, the business posted ($0.93) earnings per share. Analysts expect that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on CRNX shares. Stifel Nicolaus started coverage on shares of Crinetics Pharmaceuticals in a research note on Tuesday, March 25th. They set a "buy" rating and a $60.00 price target on the stock. HC Wainwright reaffirmed a "buy" rating and set a $81.00 price target on shares of Crinetics Pharmaceuticals in a research note 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. TD Cowen initiated coverage on shares of Crinetics Pharmaceuticals in a research report on Tuesday, February 11th. They issued a "buy" rating on the stock. Finally, Jefferies Financial Group upgraded shares of Crinetics Pharmaceuticals from a "hold" rating to a "buy" rating and set a $55.00 price objective on the stock in a research report on Wednesday, January 22nd. One equities research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. According to data from MarketBeat, Crinetics Pharmaceuticals presently has an average rating of "Moderate Buy" and a consensus target price 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.