Affinity Asset Advisors LLC Sells 307,748 Shares of Crinetics Pharmaceuticals, Inc. $CRNX

Key Points

• Affinity Asset Advisors LLC reduced its ownership in Crinetics Pharmaceuticals by 66.9%, holding 152,252 shares valued at approximately $5.11 million as of the latest SEC filing.
• Crinetics Pharmaceuticals' share price has dropped by 2.7% recently, with the stock trading at $30.09 and analysts projecting a potential upside based on target prices ranging from $36.00 to $86.00.
• The company reported a revenue of $1.03 million for the last quarter, significantly exceeding expectations, although it posted a loss of ($1.23) earnings per share, missing analyst forecasts.

Affinity Asset Advisors LLC lowered its position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 66.9% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 152,252 shares of the company's stock after selling 307,748 shares during the quarter. Affinity Asset Advisors LLC owned about 0.16% of Crinetics Pharmaceuticals worth $5,107,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in CRNX. LPL Financial LLC increased its holdings in Crinetics Pharmaceuticals by 23.7% in the 4th quarter. LPL Financial LLC now owns 6,071 shares of the company's stock worth $310,000 after acquiring an additional 1,162 shares during the last quarter. CANADA LIFE ASSURANCE Co grew its holdings in Crinetics Pharmaceuticals by 10.8% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 19,219 shares of the company's stock valued at $981,000 after buying an additional 1,880 shares in the last quarter. MetLife Investment Management LLC grew its holdings in Crinetics Pharmaceuticals by 18.0% during the 4th quarter. MetLife Investment Management LLC now owns 53,020 shares of the company's stock valued at $2,711,000 after buying an additional 8,085 shares in the last quarter. Tower Research Capital LLC TRC grew its holdings in Crinetics Pharmaceuticals by 1,539.8% during the 4th quarter. Tower Research Capital LLC TRC now owns 7,412 shares of the company's stock valued at $379,000 after buying an additional 6,960 shares in the last quarter. Finally, Hsbc Holdings PLC grew its holdings in Crinetics Pharmaceuticals by 61.7% during the 4th quarter. Hsbc Holdings PLC now owns 12,552 shares of the company's stock valued at $645,000 after buying an additional 4,788 shares in the last quarter. Hedge funds and other institutional investors own 98.51% of the company's stock.

Crinetics Pharmaceuticals Trading Up 1.1%

Shares of NASDAQ CRNX traded up $0.34 during midday trading on Friday, hitting $30.99. 1,135,556 shares of the company's stock were exchanged, compared to its average volume of 1,019,249. Crinetics Pharmaceuticals, Inc. has a 12-month low of $24.10 and a 12-month high of $62.53. The company has a market cap of $2.92 billion, a price-to-earnings ratio of -7.54 and a beta of 0.33. The business's fifty day moving average price is $30.02 and its two-hundred day moving average price is $31.42.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported ($1.23) EPS for the quarter, missing the consensus estimate of ($1.13) by ($0.10). The firm had revenue of $1.03 million during the quarter, compared to the consensus estimate of $0.52 million. The company's quarterly revenue was up 158.4% compared to the same quarter last year. During the same period last year, the firm earned ($0.94) earnings per share. Equities analysts expect that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current fiscal year.

Insider Activity at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, insider Dana Pizzuti sold 30,000 shares of the company's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $30.43, for a total value of $912,900.00. Following the completion of the sale, the insider owned 66,270 shares of the company's stock, valued at $2,016,596.10. This represents a 31.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Stephen F. Betz sold 97,483 shares of the company's stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $32.23, for a total value of $3,141,877.09. Following the completion of the sale, the insider directly owned 99,713 shares of the company's stock, valued at approximately $3,213,749.99. This represents a 49.43% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 133,975 shares of company stock valued at $4,244,214. 4.60% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on CRNX shares. The Goldman Sachs Group started coverage on Crinetics Pharmaceuticals in a report on Thursday, July 10th. They set a "neutral" rating and a $36.00 target price for the company. JMP Securities reduced their target price on Crinetics Pharmaceuticals from $90.00 to $86.00 and set a "market outperform" rating for the company in a report on Monday, August 11th. Finally, HC Wainwright reaffirmed a "buy" rating and set a $81.00 target price on shares of Crinetics Pharmaceuticals in a report on Friday, June 27th. Seven investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $68.86.

Crinetics Pharmaceuticals 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.