Crinetics Pharmaceuticals, Inc. $CRNX is ADAR1 Capital Management LLC's 8th Largest Position

ADAR1 Capital Management LLC increased its holdings in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 268.3% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,139,331 shares of the company's stock after purchasing an additional 829,963 shares during the period. Crinetics Pharmaceuticals accounts for 2.4% of ADAR1 Capital Management LLC's holdings, making the stock its 8th biggest holding. ADAR1 Capital Management LLC owned about 1.08% of Crinetics Pharmaceuticals worth $41,381,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Wellington Management Group LLP raised its stake in shares of Crinetics Pharmaceuticals by 44.3% during the 3rd quarter. Wellington Management Group LLP now owns 8,381,991 shares of the company's stock worth $349,110,000 after acquiring an additional 2,574,683 shares in the last quarter. Farallon Capital Management LLC raised its stake in shares of Crinetics Pharmaceuticals by 20.2% during the 4th quarter. Farallon Capital Management LLC now owns 6,933,098 shares of the company's stock valued at $322,736,000 after buying an additional 1,163,000 shares during the last quarter. Janus Henderson Group PLC raised its position in Crinetics Pharmaceuticals by 15.1% during the fourth quarter. Janus Henderson Group PLC now owns 4,440,691 shares of the company's stock valued at $206,604,000 after acquiring an additional 581,900 shares in the last quarter. Paradigm Biocapital Advisors LP lifted its stake in shares of Crinetics Pharmaceuticals by 8.8% in the 3rd quarter. Paradigm Biocapital Advisors LP now owns 2,550,774 shares of the company's stock valued at $106,240,000 after purchasing an additional 207,221 shares during the period. Finally, Siren L.L.C. boosted its stake in shares of Crinetics Pharmaceuticals by 26.3% during the 1st quarter. Siren L.L.C. now owns 1,903,636 shares of the company's stock worth $69,140,000 after acquiring an additional 396,000 shares in the last quarter. Hedge funds and other institutional investors own 98.51% of the company's stock.

Crinetics Pharmaceuticals Trading Up 0.0%

Shares of CRNX opened at $83.86 on Wednesday. Crinetics Pharmaceuticals, Inc. has a 12-month low of $25.83 and a 12-month high of $84.00. The firm has a market cap of $8.84 billion, a PE ratio of -16.35 and a beta of 0.23. The company's 50 day simple moving average is $51.34 and its 200-day simple moving average is $45.55.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($1.23) earnings per share for the quarter, missing analysts' consensus estimates of ($1.22) by ($0.01). Crinetics Pharmaceuticals had a negative net margin of 2,747.18% and a negative return on equity of 43.96%. The firm had revenue of $10.73 million during the quarter, compared to analysts' expectations of $8.51 million. During the same quarter in the prior year, the business earned ($1.04) EPS. The company's quarterly revenue was up 2873.4% compared to the same quarter last year. As a group, equities research analysts forecast that Crinetics Pharmaceuticals, Inc. will post -4.86 EPS for the current fiscal year.

Insider Activity

In related news, Director Stephanie Okey sold 6,900 shares of the business's stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $35.67, for a total value of $246,123.00. Following the completion of the transaction, the director owned 6,400 shares of the company's stock, valued at approximately $228,288. The trade was a 51.88% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Coelho Rogerio Vivaldi sold 3,000 shares of Crinetics Pharmaceuticals stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $40.00, for a total value of $120,000.00. Following the completion of the sale, the director owned 19,225 shares of the company's stock, valued at $769,000. This trade represents a 13.50% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 3.80% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on CRNX shares. Robert W. Baird boosted their price target on shares of Crinetics Pharmaceuticals from $62.00 to $85.00 and gave the stock an "outperform" rating in a report on Tuesday, July 7th. JonesTrading lowered Crinetics Pharmaceuticals from a "buy" rating to a "hold" rating and set a $85.00 price objective on the stock. in a research note on Tuesday, July 7th. Jefferies Financial Group cut Crinetics Pharmaceuticals from a "buy" rating to a "hold" rating and upped their price objective for the company from $55.00 to $85.00 in a report on Tuesday, July 7th. TD Cowen cut shares of Crinetics Pharmaceuticals from a "buy" rating to a "hold" rating in a research report on Wednesday, July 8th. Finally, Oppenheimer restated a "market perform" rating on shares of Crinetics Pharmaceuticals in a research report on Tuesday, July 7th. Five research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average 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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