ADAR1 Capital Management LLC Takes Position in Crinetics Pharmaceuticals, Inc. $CRNX

Key Points

• ADAR1 Capital Management initiated a position in Crinetics Pharmaceuticals worth approximately $45.7 million, acquiring 1.22 million shares and making CRNX its eighth-largest holding. Institutional investors collectively own 98.51% of the company.
• Crinetics reported a quarterly loss of $1.14 per share, slightly better than estimates, while revenue reached $25.12 million—up 2,336.9% year over year and well above expectations.
• Analyst sentiment has recently weakened, with several firms downgrading CRNX to “hold.” The stock opened at $84.86, near its 52-week high, while the consensus price target is $81.00.

ADAR1 Capital Management LLC acquired a new position in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 1,222,080 shares of the company's stock, valued at approximately $45,730,000. Crinetics Pharmaceuticals makes up about 2.1% of ADAR1 Capital Management LLC's investment portfolio, making the stock its 8th biggest position. ADAR1 Capital Management LLC owned 1.15% of Crinetics Pharmaceuticals at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the stock. Smartleaf Asset Management LLC raised its position in shares of Crinetics Pharmaceuticals by 107.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 639 shares of the company's stock valued at $30,000 after buying an additional 331 shares in the last quarter. Headlands Technologies LLC bought a new position in Crinetics Pharmaceuticals in the second quarter valued at $30,000. Raymond James Financial Inc. bought a new position in Crinetics Pharmaceuticals in the second quarter valued at $45,000. Parallel Advisors LLC raised its position in Crinetics Pharmaceuticals by 34.6% during the fourth quarter. Parallel Advisors LLC now owns 1,225 shares of the company's stock valued at $57,000 after purchasing an additional 315 shares in the last quarter. Finally, Arax Advisory Partners raised its position in Crinetics Pharmaceuticals by 131.2% during the fourth quarter. Arax Advisory Partners now owns 1,498 shares of the company's stock valued at $70,000 after purchasing an additional 850 shares in the last quarter. 98.51% of the stock is currently owned by institutional investors.

Crinetics Pharmaceuticals Stock Performance

CRNX opened at $84.86 on Wednesday. Crinetics Pharmaceuticals, Inc. has a 52-week low of $30.00 and a 52-week high of $84.86. The stock has a market capitalization of $9.00 billion, a PE ratio of -16.84 and a beta of 0.12. The stock's 50 day moving average price is $71.04 and its 200-day moving average price is $49.93.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last announced its earnings results on Monday, August 3rd. The company reported ($1.14) EPS for the quarter, beating analysts' consensus estimates of ($1.18) by $0.04. The company had revenue of $25.12 million during the quarter, compared to the consensus estimate of $14.84 million. Crinetics Pharmaceuticals had a negative return on equity of 44.22% and a negative net margin of 1,189.88%.The firm's revenue for the quarter was up 2336.9% on a year-over-year basis. During the same quarter in the prior year, the company earned ($1.23) earnings per share. Research analysts forecast that Crinetics Pharmaceuticals, Inc. will post -4.83 EPS for the current fiscal year.

Insider Activity

In related news, Director Stephanie Okey sold 6,900 shares of the stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $35.67, for a total value of $246,123.00. Following the completion of the transaction, the director directly owned 6,400 shares of the company's stock, valued at $228,288. This represents a 51.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Coelho Rogerio Vivaldi sold 3,000 shares of the firm's stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $40.00, for a total transaction of $120,000.00. Following the completion of the sale, the director owned 19,225 shares of the company's stock, valued at $769,000. This trade represents a 13.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 3.80% of the company's stock.

Analyst Upgrades and Downgrades

CRNX has been the subject of a number of recent research reports. HC Wainwright downgraded Crinetics Pharmaceuticals from a "buy" rating to a "hold" rating and boosted their target price for the stock from $81.00 to $85.00 in a research report on Tuesday, July 7th. Piper Sandler cut shares of Crinetics Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 7th. Evercore downgraded shares of Crinetics Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 7th. Jefferies Financial Group lowered shares of Crinetics Pharmaceuticals from a "buy" rating to a "hold" rating and boosted their price objective for the stock from $55.00 to $85.00 in a report on Tuesday, July 7th. Finally, UBS Group reaffirmed a "neutral" rating and issued a $85.00 price objective (up from $55.00) on shares of Crinetics Pharmaceuticals in a research note on Tuesday, July 28th. Five equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $81.00.

Crinetics Pharmaceuticals Company Profile

Crinetics Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of novel therapeutics for rare endocrine diseases. The company's proprietary platform leverages insights into hormone receptor signaling to design small-molecule candidates that address conditions driven by dysregulated hormone activity. Crinetics' research efforts center on targeting somatostatin, vasopressin and other GPCR-mediated pathways with orally bioavailable molecules intended to improve patient convenience and adherence.

The company's lead product candidate, paltusotine (formerly CRN04777), is a selective, non-peptide somatostatin receptor type 2 agonist being evaluated for the treatment of acromegaly and carcinoid syndrome diarrhea.

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