Checkpoint Capital L.P. Purchases Shares of 260,000 Crinetics Pharmaceuticals, Inc. $CRNX

Key Points

• Checkpoint Capital L.P. established a new position of 260,000 shares in Crinetics (NASDAQ:CRNX) in Q3, valued at about $10.83 million, making it the firm's 6th-largest holding and equivalent to roughly 0.27% ownership of Crinetics.
• Insiders have been net sellers: company insiders sold a total of 17,213 shares worth ~$703,565 in the last 90 days (including the CFO's sale of 6,713 shares), and corporate insiders now own about 4.60% of the stock.
• Crinetics reported a narrower-than-expected quarterly loss of $1.29 per share and currently carries a market cap of about $3.93 billion, while analysts hold an average rating of "Moderate Buy" with an average price target of $74.78.

Checkpoint Capital L.P. purchased a new stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 260,000 shares of the company's stock, valued at approximately $10,829,000. Crinetics Pharmaceuticals accounts for about 3.6% of Checkpoint Capital L.P.'s holdings, making the stock its 6th largest position. Checkpoint Capital L.P. owned 0.27% of Crinetics Pharmaceuticals as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the stock. Walleye Capital LLC boosted its stake in shares of Crinetics Pharmaceuticals by 53.5% in the 2nd quarter. Walleye Capital LLC now owns 190,373 shares of the company's stock valued at $5,475,000 after purchasing an additional 66,391 shares during the last quarter. Segall Bryant & Hamill LLC increased its position in shares of Crinetics Pharmaceuticals by 20.7% during the second quarter. Segall Bryant & Hamill LLC now owns 176,517 shares of the company's stock worth $5,077,000 after buying an additional 30,243 shares during the period. Lisanti Capital Growth LLC bought a new position in Crinetics Pharmaceuticals during the third quarter worth $953,000. Assenagon Asset Management S.A. bought a new position in Crinetics Pharmaceuticals during the third quarter worth $514,000. Finally, AXQ Capital LP acquired a new position in Crinetics Pharmaceuticals in the second quarter valued at $230,000. 98.51% of the stock is currently owned by institutional investors.

Insider Transactions at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, CFO Tobin Schilke sold 6,713 shares of the firm's stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $39.67, for a total value of $266,304.71. Following the completion of the sale, the chief financial officer owned 78,121 shares of the company's stock, valued at approximately $3,099,060.07. This trade represents a 7.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Stephanie Okey sold 3,000 shares of the business's stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $39.67, for a total value of $119,010.00. Following the sale, the director owned 13,300 shares of the company's stock, valued at approximately $527,611. This represents a 18.40% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 17,213 shares of company stock valued at $703,565 in the last 90 days. Corporate insiders own 4.60% of the company's stock.

Crinetics Pharmaceuticals Trading Up 2.7%

CRNX opened at $37.49 on Friday. Crinetics Pharmaceuticals, Inc. has a 1-year low of $24.10 and a 1-year high of $57.99. The company has a market cap of $3.93 billion, a P/E ratio of -7.59 and a beta of 0.23. The company has a fifty day moving average price of $46.96 and a two-hundred day moving average price of $43.80.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last released its quarterly earnings data on Thursday, February 26th. The company reported ($1.29) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($1.37) by $0.08. Crinetics Pharmaceuticals had a negative net margin of 6,046.22% and a negative return on equity of 41.46%. The firm's revenue was up NaN% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.88) EPS. On average, research analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Crinetics Pharmaceuticals in a research report on Wednesday, January 21st. Lifesci Capital raised Crinetics Pharmaceuticals to a "strong-buy" rating in a research note on Friday, February 13th. Citizens Jmp cut their target price on Crinetics Pharmaceuticals from $105.00 to $96.00 and set a "market outperform" rating on the stock in a research report on Monday, March 2nd. The Goldman Sachs Group raised Crinetics Pharmaceuticals from a "neutral" rating to a "buy" rating and set a $67.00 target price for the company in a research note on Monday, January 12th. Finally, Morgan Stanley lifted their target price on Crinetics Pharmaceuticals from $77.00 to $80.00 and gave the stock an "overweight" rating in a report on Tuesday, January 6th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $74.78.

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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