AWM Investment Company Inc. Invests $3.18 Million in Crinetics Pharmaceuticals, Inc. $CRNX

Key Points

• AWM Investment Company initiated a $3.18 million position in Crinetics Pharmaceuticals by purchasing 85,000 shares, while institutional investors collectively own 98.51% of the company.
• Crinetics reported a quarterly loss of $1.14 per share, beating expectations, and revenue of $25.12 million—up 2,336.9% year over year. Shares opened at $84.86, near their 52-week high.
• Analysts have generally become more cautious, with several firms downgrading the stock to “Hold.” The consensus rating is “Hold,” with an average price target of $81.00.

AWM Investment Company Inc. bought a new position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 85,000 shares of the company's stock, valued at approximately $3,181,000. AWM Investment Company Inc. owned approximately 0.08% of Crinetics Pharmaceuticals as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the company. Parkman Healthcare Partners LLC lifted its stake in shares of Crinetics Pharmaceuticals by 0.4% in the 3rd quarter. Parkman Healthcare Partners LLC now owns 73,725 shares of the company's stock valued at $3,071,000 after acquiring an additional 313 shares during the last quarter. Parallel Advisors LLC grew its position in Crinetics Pharmaceuticals by 34.6% during the 4th quarter. Parallel Advisors LLC now owns 1,225 shares of the company's stock worth $57,000 after acquiring an additional 315 shares during the last quarter. Smartleaf Asset Management LLC grew its position in Crinetics Pharmaceuticals by 107.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 639 shares of the company's stock worth $30,000 after acquiring an additional 331 shares during the last quarter. Brooklyn Investment Group increased its stake in Crinetics Pharmaceuticals by 6.3% in the 4th quarter. Brooklyn Investment Group now owns 5,890 shares of the company's stock worth $280,000 after purchasing an additional 348 shares during the period. Finally, Commerce Bank increased its stake in Crinetics Pharmaceuticals by 5.9% in the 4th quarter. Commerce Bank now owns 8,019 shares of the company's stock worth $373,000 after purchasing an additional 444 shares during the period. Institutional investors own 98.51% of the company's stock.

Insider Transactions at Crinetics Pharmaceuticals

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

Crinetics Pharmaceuticals Stock Up 0.1%

Shares of Crinetics Pharmaceuticals stock opened at $84.86 on Wednesday. The business has a 50 day moving average of $71.04 and a 200 day moving average of $49.93. Crinetics Pharmaceuticals, Inc. has a 52 week low of $30.00 and a 52 week high of $84.86. The company has a market cap of $9.00 billion, a PE ratio of -16.84 and a beta of 0.12.

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

Analyst Ratings Changes

A number of research firms have recently weighed in on CRNX. Cantor Fitzgerald lowered Crinetics Pharmaceuticals from an "overweight" rating to a "hold" rating in a research note on Tuesday, July 7th. UBS Group reaffirmed a "neutral" rating and issued a $85.00 target price (up from $55.00) on shares of Crinetics Pharmaceuticals in a research note on Tuesday, July 28th. HC Wainwright lowered shares of Crinetics Pharmaceuticals from a "buy" rating to a "hold" rating and upped their price target for the company from $81.00 to $85.00 in a report on Tuesday, July 7th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Crinetics Pharmaceuticals in a report on Friday, July 17th. Finally, Jefferies Financial Group cut shares of Crinetics Pharmaceuticals from a "buy" rating to a "hold" rating and increased their price target for the company from $55.00 to $85.00 in a research report on Tuesday, July 7th. Five 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's stock. According to MarketBeat.com, Crinetics Pharmaceuticals presently has an average rating of "Hold" and an average price target of $81.00.

About Crinetics Pharmaceuticals

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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