Cormorant Asset Management LP Has $20.12 Million Stock Holdings in Crinetics Pharmaceuticals, Inc. $CRNX

Key Points

• Cormorant Asset Management LP has decreased its stake in Crinetics Pharmaceuticals by 40%, selling 400,000 shares and now holding 600,000 shares, which represents 1.5% of its portfolio.
• Analyst coverage on Crinetics Pharmaceuticals includes ratings such as "neutral" from Goldman Sachs and "buy" from HC Wainwright, with a consensus price target of $68.86.
• The company reported a revenue growth of 158.4% year-over-year, despite missing earnings expectations with an EPS of ($1.23), compared to the consensus estimate of ($1.13).

Cormorant Asset Management LP decreased its holdings in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 40.0% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 600,000 shares of the company's stock after selling 400,000 shares during the quarter. Crinetics Pharmaceuticals accounts for about 1.5% of Cormorant Asset Management LP's portfolio, making the stock its 21st largest holding. Cormorant Asset Management LP owned approximately 0.64% of Crinetics Pharmaceuticals worth $20,124,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Crinetics Pharmaceuticals by 2.4% in the 1st quarter. Vanguard Group Inc. now owns 9,311,600 shares of the company's stock valued at $312,311,000 after buying an additional 222,209 shares in the last quarter. Driehaus Capital Management LLC raised its position in shares of Crinetics Pharmaceuticals by 1.6% in the 1st quarter. Driehaus Capital Management LLC now owns 6,239,902 shares of the company's stock valued at $209,286,000 after buying an additional 98,888 shares in the last quarter. Farallon Capital Management LLC raised its position in shares of Crinetics Pharmaceuticals by 250.7% in the 4th quarter. Farallon Capital Management LLC now owns 4,075,098 shares of the company's stock valued at $208,360,000 after buying an additional 2,913,098 shares in the last quarter. Janus Henderson Group PLC raised its position in shares of Crinetics Pharmaceuticals by 15.1% in the 4th quarter. Janus Henderson Group PLC now owns 2,795,441 shares of the company's stock valued at $142,902,000 after buying an additional 365,991 shares in the last quarter. Finally, Point72 Asset Management L.P. increased its position in Crinetics Pharmaceuticals by 21.2% during the 4th quarter. Point72 Asset Management L.P. now owns 2,788,939 shares of the company's stock worth $142,598,000 after purchasing an additional 488,296 shares in the last quarter. 98.51% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

CRNX has been the subject of a number of research analyst reports. JMP Securities lowered their price objective on shares of Crinetics Pharmaceuticals from $90.00 to $86.00 and set a "market outperform" rating for the company in a research report on Monday, August 11th. HC Wainwright reiterated a "buy" rating and set a $81.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Friday, June 27th. Finally, The Goldman Sachs Group initiated coverage on shares of Crinetics Pharmaceuticals in a research report on Thursday, July 10th. They set a "neutral" rating and a $36.00 price objective for the company. Seven equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $68.86.

Insiders Place Their Bets

In related news, insider Dana Pizzuti sold 30,000 shares of the stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $30.43, for a total transaction of $912,900.00. Following the transaction, the insider directly owned 66,270 shares of the company's stock, valued at $2,016,596.10. This represents a 31.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Stephen F. Betz sold 97,483 shares of the stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $32.23, for a total transaction of $3,141,877.09. Following the transaction, the insider directly owned 99,713 shares in the company, valued at approximately $3,213,749.99. This represents a 49.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 133,975 shares of company stock worth $4,244,214. Insiders own 6.00% of the company's stock.

Crinetics Pharmaceuticals Stock Performance

Shares of NASDAQ:CRNX traded up $1.34 during trading on Tuesday, reaching $36.48. The stock had a trading volume of 790,247 shares, compared to its average volume of 957,569. The firm's fifty day moving average is $30.50 and its 200 day moving average is $31.30. Crinetics Pharmaceuticals, Inc. has a 52 week low of $24.10 and a 52 week high of $62.53. The stock has a market cap of $3.44 billion, a price-to-earnings ratio of -8.85 and a beta of 0.28.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported ($1.23) EPS for the quarter, missing analysts' consensus estimates of ($1.13) by ($0.10). The firm had revenue of $1.03 million for the quarter, compared to the consensus estimate of $0.52 million. During the same quarter in the prior year, the company posted ($0.94) earnings per share. The business's revenue was up 158.4% on a year-over-year basis. On average, research analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current fiscal year.

About Crinetics Pharmaceuticals

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.