Soleus Capital Management L.P. Buys Shares of 85,000 Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Soleus Capital Management L.P. purchased a new stake in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 85,000 shares of the company's stock, valued at approximately $4,346,000. Soleus Capital Management L.P. owned approximately 0.09% of Crinetics Pharmaceuticals as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of the business. Venturi Wealth Management LLC purchased a new stake in shares of Crinetics Pharmaceuticals during the 4th quarter valued at about $41,000. State of Wyoming purchased a new position in Crinetics Pharmaceuticals in the fourth quarter worth about $50,000. Headlands Technologies LLC bought a new stake in Crinetics Pharmaceuticals during the fourth quarter worth approximately $52,000. Harvest Fund Management Co. Ltd purchased a new stake in Crinetics Pharmaceuticals during the fourth quarter valued at approximately $66,000. Finally, KBC Group NV lifted its stake in shares of Crinetics Pharmaceuticals by 69.3% in the 4th quarter. KBC Group NV now owns 3,712 shares of the company's stock valued at $190,000 after purchasing an additional 1,519 shares during the last quarter. Institutional investors own 98.51% of the company's stock.

Insiders Place Their Bets

In related news, insider Dana Pizzuti sold 2,515 shares of Crinetics Pharmaceuticals stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $34.20, for a total value of $86,013.00. Following the completion of the sale, 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, 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 directly owns 87,491 shares in the company, valued at $2,992,192.20. This trade represents a 7.57% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 27,015 shares of company stock worth $923,913. 4.60% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

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

Crinetics Pharmaceuticals Stock Performance

Crinetics Pharmaceuticals stock traded up $0.16 during trading hours on Thursday, hitting $30.11. The company had a trading volume of 916,966 shares, compared to its average volume of 852,635. The firm has a market cap of $2.82 billion, a P/E ratio of -8.07 and a beta of 0.31. The company has a 50-day moving average price of $31.48 and a two-hundred day moving average price of $41.13. Crinetics Pharmaceuticals, Inc. has a 1 year low of $24.10 and a 1 year high of $62.53.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last announced its quarterly 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 during the quarter, compared to analysts' expectations of $0.10 million. The business's revenue for the quarter was down 43.6% compared to the same quarter last year. During the same period last year, the firm earned ($0.93) EPS. As a group, equities research analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS for the current year.

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.