Bank of America Corp DE Sells 85,189 Shares of Crinetics Pharmaceuticals, Inc. $CRNX

Key Points

• Bank of America reduced its Crinetics Pharmaceuticals stake by 10.6%, selling 85,189 shares and retaining 716,125 shares worth approximately $26.0 million. Institutional investors collectively own 98.51% of CRNX.
• Analyst sentiment is largely cautious: the stock carries a consensus “Hold” rating with an average price target of $81, although UBS raised its target to $85 from $55.
• Crinetics reported better-than-expected quarterly results, with an adjusted loss of $1.14 per share versus estimates of $1.18 and revenue of $25.12 million. Revenue increased more than 2,300% year over year, while the company remains unprofitable.

Bank of America Corp DE lowered its stake in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 10.6% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 716,125 shares of the company's stock after selling 85,189 shares during the quarter. Bank of America Corp DE owned 0.68% of Crinetics Pharmaceuticals worth $26,010,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of CRNX. Smartleaf Asset Management LLC raised its stake in shares of Crinetics Pharmaceuticals by 107.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 639 shares of the company's stock worth $30,000 after acquiring an additional 331 shares in the last quarter. Headlands Technologies LLC purchased a new position in shares of Crinetics Pharmaceuticals in the second quarter valued at about $30,000. Parallel Advisors LLC increased its position in shares of Crinetics Pharmaceuticals by 34.6% in the fourth quarter. Parallel Advisors LLC now owns 1,225 shares of the company's stock valued at $57,000 after acquiring an additional 315 shares during the period. Arax Advisory Partners raised its stake in shares of 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 acquiring an additional 850 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new position in shares of Crinetics Pharmaceuticals during the second quarter valued at about $45,000. 98.51% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

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 in the company, valued at $228,288. This trade represents a 51.88% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Coelho Rogerio Vivaldi sold 3,000 shares of Crinetics Pharmaceuticals stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $40.00, for a total value of $120,000.00. Following the transaction, the director owned 19,225 shares of the company's stock, valued at $769,000. The trade was a 13.50% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 3.80% of the company's stock.

Analyst Ratings Changes

Several research firms recently issued reports on CRNX. Oppenheimer reissued a "market perform" rating on shares of Crinetics Pharmaceuticals in a research note on Tuesday, July 7th. TD Cowen lowered Crinetics Pharmaceuticals from a "buy" rating to a "hold" rating in a research report on Wednesday, July 8th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Crinetics Pharmaceuticals in a report on Friday, July 17th. Lifesci Capital cut Crinetics Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 7th. Finally, UBS Group restated a "neutral" rating and set a $85.00 target price (up from $55.00) on shares of Crinetics Pharmaceuticals in a report on Tuesday, July 28th. Five equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $81.00.

Crinetics Pharmaceuticals Stock Performance

CRNX stock opened at $84.70 on Monday. Crinetics Pharmaceuticals, Inc. has a fifty-two week low of $28.73 and a fifty-two week high of $84.71. The business's 50 day moving average price is $63.99 and its two-hundred day moving average price is $48.24. The company has a market capitalization of $8.98 billion, a price-to-earnings ratio of -16.81 and a beta of 0.12.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last released 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 analysts' expectations 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% compared to the same quarter last year. During the same quarter last year, the business posted ($1.23) EPS. Sell-side analysts forecast that Crinetics Pharmaceuticals, Inc. will post -4.83 earnings per share for the current year.

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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