California State Teachers Retirement System Boosts Holdings in Crinetics Pharmaceuticals, Inc. $CRNX

Key Points

• California State Teachers Retirement System increased its Crinetics Pharmaceuticals stake by 23.4% in the first quarter, bringing its holdings to 105,563 shares worth approximately $3.8 million. Institutional investors collectively own 98.51% of the company.
• Crinetics reported quarterly revenue of $25.12 million, up 2,336.9% year over year and above analyst expectations, while its adjusted loss of $1.14 per share beat estimates by $0.04.
• Analyst sentiment is mixed: several firms downgraded the stock to “Hold,” resulting in a consensus rating of Hold and an average price target of $81, below the reported share price of $84.08.

California State Teachers Retirement System boosted its holdings in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 23.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 105,563 shares of the company's stock after acquiring an additional 19,995 shares during the period. California State Teachers Retirement System owned about 0.10% of Crinetics Pharmaceuticals worth $3,834,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Royal Bank of Canada raised its position in shares of Crinetics Pharmaceuticals by 5.3% during the 1st quarter. Royal Bank of Canada now owns 49,778 shares of the company's stock worth $1,808,000 after purchasing an additional 2,483 shares during the last quarter. Quantinno Capital Management LP lifted its position in shares of Crinetics Pharmaceuticals by 280.9% in the first quarter. Quantinno Capital Management LP now owns 33,734 shares of the company's stock valued at $1,225,000 after acquiring an additional 24,878 shares in the last quarter. Rice Hall James & Associates LLC boosted its stake in shares of Crinetics Pharmaceuticals by 13.9% during the first quarter. Rice Hall James & Associates LLC now owns 195,701 shares of the company's stock valued at $7,108,000 after acquiring an additional 23,871 shares during the last quarter. Gabelli Funds LLC purchased a new stake in Crinetics Pharmaceuticals during the 1st quarter worth about $218,000. Finally, Siren L.L.C. raised its stake in Crinetics Pharmaceuticals by 26.3% in the 1st quarter. Siren L.L.C. now owns 1,903,636 shares of the company's stock valued at $69,140,000 after purchasing an additional 396,000 shares during the last quarter. Hedge funds and other institutional investors own 98.51% of the company's stock.

Crinetics Pharmaceuticals Price Performance

NASDAQ CRNX opened at $84.08 on Friday. The company has a market cap of $8.92 billion, a P/E ratio of -16.68 and a beta of 0.12. Crinetics Pharmaceuticals, Inc. has a 12 month low of $25.83 and a 12 month high of $84.30. The company has a 50-day moving average of $58.91 and a 200-day moving average of $47.24.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last released its 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. Crinetics Pharmaceuticals had a negative net margin of 1,189.88% and a negative return on equity of 44.22%. The business had revenue of $25.12 million for the quarter, compared to analysts' expectations of $14.84 million. During the same period last year, the company earned ($1.23) earnings per share. The company's quarterly revenue was up 2336.9% on a year-over-year basis. As a group, equities research analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -4.86 EPS for the current year.

Insiders Place Their Bets

In other 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 transaction of $246,123.00. Following the completion of the sale, the director directly 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 Securities & Exchange Commission, which is available at 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 on Thursday, July 2nd. The stock was sold at an average price of $40.00, for a total value of $120,000.00. Following the sale, the director owned 19,225 shares of the company's stock, valued at approximately $769,000. The trade was a 13.50% decrease in their ownership of the stock. 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 company insiders.

Analyst Ratings Changes

A number of research firms have issued reports on CRNX. Weiss Ratings restated a "sell (d-)" rating on shares of Crinetics Pharmaceuticals in a report on Friday, July 17th. Wall Street Zen upgraded shares of Crinetics Pharmaceuticals from a "strong sell" rating to a "sell" rating in a report on Sunday, July 12th. HC Wainwright lowered shares of Crinetics Pharmaceuticals from a "buy" rating to a "hold" rating and boosted their price objective for the company from $81.00 to $85.00 in a research report on Tuesday, July 7th. Jefferies Financial Group lowered shares of Crinetics Pharmaceuticals from a "buy" rating to a "hold" rating and raised their target price for the stock from $55.00 to $85.00 in a research report on Tuesday, July 7th. Finally, Cantor Fitzgerald cut shares of Crinetics Pharmaceuticals from an "overweight" rating to a "hold" rating in a research note on Tuesday, July 7th. Five analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $81.00.

Crinetics Pharmaceuticals Company 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.

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