Candriam S.C.A. Makes New Investment in Crinetics Pharmaceuticals, Inc. $CRNX

Key Points

• Candriam S.C.A. acquired a new stake in Crinetics Pharmaceuticals, purchasing 488,911 shares valued at approximately $16.4 million, representing about 0.52% of the company.
• Crinetics Pharmaceuticals reported a loss of $1.23 per share for the last quarter, missing the consensus estimates, despite a 158.4% increase in quarterly revenue compared to the previous year.
• Analysts have mixed views on the stock, with several rating it as a "Buy" and setting price targets ranging from $36.00 to $86.00, while noting that the consensus price target is $68.86.

Candriam S.C.A. purchased a new stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 488,911 shares of the company's stock, valued at approximately $16,398,000. Candriam S.C.A. owned approximately 0.52% of Crinetics Pharmaceuticals at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of CRNX. LPL Financial LLC boosted its stake in Crinetics Pharmaceuticals by 23.7% in the 4th quarter. LPL Financial LLC now owns 6,071 shares of the company's stock valued at $310,000 after buying an additional 1,162 shares in the last quarter. Envestnet Asset Management Inc. boosted its stake in Crinetics Pharmaceuticals by 16.1% in the fourth quarter. Envestnet Asset Management Inc. now owns 63,077 shares of the company's stock worth $3,225,000 after purchasing an additional 8,751 shares in the last quarter. CANADA LIFE ASSURANCE Co boosted its stake in Crinetics Pharmaceuticals by 10.8% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 19,219 shares of the company's stock worth $981,000 after purchasing an additional 1,880 shares in the last quarter. MetLife Investment Management LLC boosted its stake in Crinetics Pharmaceuticals by 18.0% in the fourth quarter. MetLife Investment Management LLC now owns 53,020 shares of the company's stock worth $2,711,000 after purchasing an additional 8,085 shares in the last quarter. Finally, Tower Research Capital LLC TRC boosted its stake in Crinetics Pharmaceuticals by 1,539.8% in the fourth quarter. Tower Research Capital LLC TRC now owns 7,412 shares of the company's stock worth $379,000 after purchasing an additional 6,960 shares in the last quarter. Institutional investors and hedge funds own 98.51% of the company's stock.

Insider Transactions at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, insider Dana Pizzuti sold 6,492 shares of the stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $29.18, for a total value of $189,436.56. Following the completion of the sale, the insider directly owned 66,270 shares in the company, valued at $1,933,758.60. This represents a 8.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Stephen F. Betz sold 97,483 shares of the stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $32.23, for a total value of $3,141,877.09. Following the completion of the sale, the insider owned 99,713 shares of the company's stock, valued at $3,213,749.99. This trade represents a 49.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 6.00% of the company's stock.

Wall Street Analyst Weigh In

CRNX has been the topic of a number of recent analyst reports. HC Wainwright reissued a "buy" rating and issued a $81.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Friday, June 27th. The Goldman Sachs Group began coverage on Crinetics Pharmaceuticals in a research note on Thursday, July 10th. They issued a "neutral" rating and a $36.00 price objective on the stock. Finally, JMP Securities cut their price target on Crinetics Pharmaceuticals from $90.00 to $86.00 and set a "market outperform" rating on the stock in a research note on Monday, August 11th. Seven investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $68.86.

Crinetics Pharmaceuticals Trading Down 2.8%

Shares of CRNX traded down $0.87 during trading hours on Monday, hitting $30.05. 432,169 shares of the stock traded hands, compared to its average volume of 943,354. Crinetics Pharmaceuticals, Inc. has a 1-year low of $24.10 and a 1-year high of $62.53. The firm has a market capitalization of $2.83 billion, a PE ratio of -7.30 and a beta of 0.33. The business has a fifty day moving average of $30.02 and a 200-day moving average of $31.57.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($1.23) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.13) by ($0.10). The firm had revenue of $1.03 million during the quarter, compared to analyst estimates of $0.52 million. The firm's revenue for the quarter was up 158.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.94) earnings per share. As a group, equities research analysts expect that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current fiscal year.

Crinetics Pharmaceuticals Profile

Crinetics Pharmaceuticals, Inc, a clinical-stage pharmaceutical company, focuses on the discovery, development, and commercialization of novel therapeutics for rare endocrine diseases and endocrine-related tumors. The company's lead product candidate is paltusotine, an oral selective nonpeptide somatostatin receptor type 2 agonist, which is in Phase 3 trial for the treatment of acromegaly; and Phase 2 trial for treating carcinoid syndrome associated with neuroendocrine tumors.