AWM Investment Company Inc. Raises Stake in Crinetics Pharmaceuticals, Inc. $CRNX

Key Points

• AWM Investment Company Inc. has increased its stake in Crinetics Pharmaceuticals by 72.7%, acquiring an additional 40,000 shares in the first quarter, bringing their total holdings to 95,000 shares valued at approximately $3.19 million.
• Crinetics Pharmaceuticals reported earnings per share of ($1.23) for the last quarter, missing expectations but achieving a revenue growth of 158.4% year-over-year.
• Analysts have mixed ratings on Crinetics Pharmaceuticals, with seven having a Buy rating and an average target price of $68.86, while Goldman Sachs set a neutral rating with a target price of $36.00.

AWM Investment Company Inc. increased its position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 72.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 95,000 shares of the company's stock after purchasing an additional 40,000 shares during the quarter. AWM Investment Company Inc. owned approximately 0.10% of Crinetics Pharmaceuticals worth $3,186,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. KBC Group NV lifted its holdings in shares of Crinetics Pharmaceuticals by 10.0% during the first quarter. KBC Group NV now owns 4,082 shares of the company's stock valued at $137,000 after acquiring an additional 370 shares during the period. MetLife Investment Management LLC grew its position in shares of Crinetics Pharmaceuticals by 0.7% during the 1st quarter. MetLife Investment Management LLC now owns 53,414 shares of the company's stock worth $1,792,000 after buying an additional 394 shares during the period. GF Fund Management CO. LTD. grew its position in shares of Crinetics Pharmaceuticals by 22.0% during the 1st quarter. GF Fund Management CO. LTD. now owns 2,375 shares of the company's stock worth $80,000 after buying an additional 428 shares during the period. Arizona State Retirement System grew its position in shares of Crinetics Pharmaceuticals by 1.8% during the 1st quarter. Arizona State Retirement System now owns 23,899 shares of the company's stock worth $802,000 after buying an additional 430 shares during the period. Finally, Mackenzie Financial Corp lifted its holdings in shares of Crinetics Pharmaceuticals by 8.8% during the 4th quarter. Mackenzie Financial Corp now owns 5,422 shares of the company's stock valued at $277,000 after purchasing an additional 440 shares in the last quarter. 98.51% of the stock is owned by institutional investors.

Crinetics Pharmaceuticals Stock Up 4.0%

Shares of CRNX stock traded up $1.36 during mid-day trading on Friday, reaching $35.61. 1,423,949 shares of the stock traded hands, compared to its average volume of 1,012,293. The stock's fifty day simple moving average is $30.37 and its two-hundred day simple moving average is $31.36. Crinetics Pharmaceuticals, Inc. has a 1-year low of $24.10 and a 1-year high of $62.53. The company has a market cap of $3.35 billion, a price-to-earnings ratio of -8.66 and a beta of 0.28.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported ($1.23) EPS for the quarter, missing analysts' consensus estimates of ($1.13) by ($0.10). The firm had revenue of $1.03 million during the quarter, compared to analysts' expectations of $0.52 million. During the same quarter last year, the firm earned ($0.94) earnings per share. The company's quarterly revenue was up 158.4% on a year-over-year basis. On average, equities research analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS for the current fiscal year.

Insider Transactions at Crinetics Pharmaceuticals

In other news, insider Stephen F. Betz sold 97,483 shares of the firm's stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $32.23, for a total transaction of $3,141,877.09. Following the completion of the transaction, the insider directly owned 99,713 shares in the company, valued at $3,213,749.99. This trade represents a 49.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Dana Pizzuti sold 30,000 shares of Crinetics Pharmaceuticals 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 approximately $2,016,596.10. The trade was a 31.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 133,975 shares of company stock valued at $4,244,214 over the last 90 days. 4.60% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on CRNX shares. The Goldman Sachs Group initiated coverage on Crinetics Pharmaceuticals in a report on Thursday, July 10th. They set a "neutral" rating and a $36.00 price objective on the stock. JMP Securities lowered their price target on Crinetics Pharmaceuticals from $90.00 to $86.00 and set a "market outperform" rating on the stock in a research report on Monday, August 11th. Finally, HC Wainwright reissued a "buy" rating and set a $81.00 target price on shares of Crinetics Pharmaceuticals in a report on Friday, June 27th. Seven equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $68.86.

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.