BlackRock Inc. Purchases New Position in Crinetics Pharmaceuticals, Inc. $CRNX

Key Points

• BlackRock acquired 9.76 million Crinetics Pharmaceuticals shares worth approximately $365.2 million, giving it a 9.2% 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 loss of $1.14 per share that beat analyst expectations. However, the company remains unprofitable, with analysts forecasting a full-year loss of $4.83 per share.
• Several brokerages recently downgraded CRNX to “Hold” after its share price reached $84.86, while the analyst consensus remains “Hold” with an average price target of $81.00.

BlackRock Inc. purchased a new position in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 9,758,938 shares of the company's stock, valued at approximately $365,179,000. BlackRock Inc. owned approximately 9.20% of Crinetics Pharmaceuticals at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of CRNX. Smartleaf Asset Management LLC increased its position in shares of Crinetics Pharmaceuticals by 107.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 639 shares of the company's stock valued at $30,000 after buying an additional 331 shares in the last quarter. Headlands Technologies LLC acquired a new stake in Crinetics Pharmaceuticals in the 2nd quarter valued at $30,000. Raymond James Financial Inc. acquired a new stake in Crinetics Pharmaceuticals in the 2nd quarter valued at $45,000. Parallel Advisors LLC increased its holdings in Crinetics Pharmaceuticals by 34.6% in 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 in the last quarter. Finally, Arax Advisory Partners increased its holdings in Crinetics Pharmaceuticals by 131.2% in the 4th quarter. Arax Advisory Partners now owns 1,498 shares of the company's stock worth $70,000 after acquiring an additional 850 shares in the last quarter. 98.51% of the stock is owned by institutional investors and hedge funds.

Crinetics Pharmaceuticals Price Performance

NASDAQ:CRNX opened at $84.86 on Wednesday. The company's 50-day moving average is $71.04 and its two-hundred day moving average is $49.93. The firm has a market capitalization of $9.00 billion, a price-to-earnings ratio of -16.84 and a beta of 0.12. Crinetics Pharmaceuticals, Inc. has a 1-year low of $30.00 and a 1-year high of $84.86.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last announced its quarterly earnings results on Monday, August 3rd. The company reported ($1.14) EPS for the quarter, beating the consensus estimate of ($1.18) by $0.04. The business had revenue of $25.12 million for the quarter, compared to analyst estimates 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 company's quarterly revenue was up 2336.9% on a year-over-year basis. During the same quarter in the prior year, the company posted ($1.23) EPS. As a group, equities analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -4.83 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Coelho Rogerio Vivaldi sold 3,000 shares of the stock in a transaction that occurred on 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 owned 19,225 shares of the company's stock, valued at approximately $769,000. This trade represents a 13.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephanie Okey sold 6,900 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $35.67, for a total transaction of $246,123.00. Following the completion of the sale, the director owned 6,400 shares of the company's stock, valued at $228,288. This trade represents 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. Company insiders own 3.80% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CRNX. Jefferies Financial Group lowered shares of Crinetics Pharmaceuticals from a "buy" rating to a "hold" rating and lifted their target price for the company from $55.00 to $85.00 in a research report on Tuesday, July 7th. Lifesci Capital lowered shares of Crinetics Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 7th. UBS Group reissued a "neutral" rating and issued a $85.00 price objective (up from $55.00) on shares of Crinetics Pharmaceuticals in a research note on Tuesday, July 28th. Evercore downgraded shares of Crinetics Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 7th. Finally, HC Wainwright lowered shares of Crinetics Pharmaceuticals from a "buy" rating to a "hold" rating and boosted their price target for the stock from $81.00 to $85.00 in a research report on Tuesday, July 7th. Five 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. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price 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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