Bank of New York Mellon Corp Invests $14.73 Million in Crinetics Pharmaceuticals, Inc. $CRNX

Key Points

• Bank of New York Mellon purchased 393,688 shares of Crinetics Pharmaceuticals worth approximately $14.73 million, giving it a 0.37% stake. Institutional investors and hedge funds collectively own 98.51% of the company.
• Crinetics reported quarterly revenue of $25.12 million, up 2,336.9% year over year, and an adjusted EPS loss of $1.14 that beat analyst expectations. The stock opened at $84.95, near its 52-week high of $85.01.
• Analyst sentiment is broadly cautious: the consensus rating is “Hold”, with five Buy, eleven Hold and one Sell rating, alongside an average price target of $81.00. Two company directors also sold shares under pre-arranged Rule 10b5-1 plans.

Bank of New York Mellon Corp purchased a new stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 393,688 shares of the company's stock, valued at approximately $14,732,000. Bank of New York Mellon Corp owned approximately 0.37% of Crinetics Pharmaceuticals at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of CRNX. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Crinetics Pharmaceuticals by 11.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 59,311 shares of the company's stock valued at $1,995,000 after buying an additional 6,148 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Crinetics Pharmaceuticals by 6.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 347,581 shares of the company's stock valued at $11,658,000 after purchasing an additional 22,305 shares during the period. Strs Ohio acquired a new stake in Crinetics Pharmaceuticals in the first quarter valued at approximately $124,000. Invesco Ltd. boosted its position in shares of Crinetics Pharmaceuticals by 11.7% during the 2nd quarter. Invesco Ltd. now owns 78,140 shares of the company's stock worth $2,247,000 after acquiring an additional 8,181 shares in the last quarter. Finally, Sei Investments Co. lifted its position in Crinetics Pharmaceuticals by 20.6% in the second quarter. Sei Investments Co. now owns 60,180 shares of the company's stock valued at $1,731,000 after acquiring an additional 10,269 shares during the last quarter. 98.51% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, Director Stephanie Okey sold 6,900 shares of the business's stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $35.67, for a total value of $246,123.00. Following the sale, the director owned 6,400 shares of the company's stock, valued at $228,288. The trade was a 51.88% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through 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 company's stock in a transaction that occurred 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 completion of the sale, the director owned 19,225 shares in the company, valued at approximately $769,000. This represents a 13.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.80% of the stock is owned by company insiders.

Crinetics Pharmaceuticals Stock Performance

Shares of CRNX stock opened at $84.95 on Wednesday. Crinetics Pharmaceuticals, Inc. has a 1 year low of $30.25 and a 1 year high of $85.01. The business's fifty day moving average is $75.95 and its 200-day moving average is $51.29. The stock has a market cap of $9.01 billion, a PE ratio of -16.86 and a beta of 0.08.

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

Analyst Ratings Changes

A number of brokerages recently commented on CRNX. TD Cowen downgraded shares of Crinetics Pharmaceuticals from a "buy" rating to a "hold" rating in a research report on Wednesday, July 8th. Wall Street Zen raised shares of Crinetics Pharmaceuticals from a "strong sell" rating to a "sell" rating in a research note on Sunday, July 12th. Robert W. Baird increased their price objective on shares of Crinetics Pharmaceuticals from $62.00 to $85.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 7th. JonesTrading lowered shares of Crinetics Pharmaceuticals from a "buy" rating to a "hold" rating and set a $85.00 price target for the company. in a report on Tuesday, July 7th. Finally, Citizens Jmp lowered shares of Crinetics Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 7th. Five investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, Crinetics Pharmaceuticals has a consensus rating of "Hold" and an average target price of $81.00.

Crinetics Pharmaceuticals 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.

Want to see what other hedge funds are holding CRNX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source