Crinetics Pharmaceuticals, Inc. $CRNX Shares Acquired by Braun Stacey Associates Inc.

Key Points

• Braun Stacey Associates increased its Crinetics Pharmaceuticals stake by 7.2% in the second quarter, bringing its holdings to 348,143 shares worth approximately $13.0 million. Institutional investors and hedge funds collectively own 98.51% of CRNX.
• Crinetics reported a quarterly loss of $1.14 per share, beating estimates by $0.04, while revenue reached $25.12 million—up 2,336.9% year over year and well above expectations.
• Despite CRNX trading near its 52-week high at $84.84, several analysts downgraded the stock to “Hold.” The consensus rating is “Hold,” with an average price target of $81.00.

Braun Stacey Associates Inc. boosted its position in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 7.2% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 348,143 shares of the company's stock after buying an additional 23,335 shares during the quarter. Braun Stacey Associates Inc. owned 0.33% of Crinetics Pharmaceuticals worth $13,028,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. BlackRock Inc. bought a new stake in Crinetics Pharmaceuticals in the second quarter worth about $365,179,000. Jupiter Topco LLC bought a new position in shares of Crinetics Pharmaceuticals during the 2nd quarter valued at about $170,509,000. Wellington Management Group LLP grew its stake in shares of Crinetics Pharmaceuticals by 44.3% in the 3rd quarter. Wellington Management Group LLP now owns 8,381,991 shares of the company's stock worth $349,110,000 after purchasing an additional 2,574,683 shares during the last quarter. Baker BROS. Advisors LP grew its stake in shares of Crinetics Pharmaceuticals by 488.9% in the 4th quarter. Baker BROS. Advisors LP now owns 1,648,869 shares of the company's stock worth $76,755,000 after purchasing an additional 1,368,869 shares during the last quarter. Finally, Bank of America Corp DE bought a new stake in shares of Crinetics Pharmaceuticals in the 2nd quarter worth approximately $49,884,000. 98.51% of the stock is owned by institutional investors and hedge funds.

Crinetics Pharmaceuticals Price Performance

Crinetics Pharmaceuticals stock opened at $84.84 on Friday. Crinetics Pharmaceuticals, Inc. has a fifty-two week low of $30.25 and a fifty-two week high of $84.89. The firm's 50 day simple moving average is $73.98 and its 200-day simple moving average is $50.73. The company has a market cap of $9.00 billion, a P/E ratio of -16.83 and a beta of 0.12.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last issued its quarterly earnings results on Monday, August 3rd. The company reported ($1.14) EPS for the quarter, beating 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 during the quarter, compared to the consensus estimate of $14.84 million. During the same quarter in the prior year, the firm earned ($1.23) EPS. The firm's quarterly revenue was up 2336.9% on a year-over-year basis. On average, analysts expect that Crinetics Pharmaceuticals, Inc. will post -4.83 EPS for the current fiscal year.

Insider Buying and Selling at Crinetics Pharmaceuticals

In other news, Director Coelho Rogerio Vivaldi sold 3,000 shares of Crinetics Pharmaceuticals stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $40.00, for a total transaction of $120,000.00. Following the transaction, the director owned 19,225 shares in the company, valued at approximately $769,000. The trade was a 13.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephanie Okey sold 6,900 shares of the company's stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $35.67, for a total value of $246,123.00. Following the transaction, the director directly owned 6,400 shares in the company, valued at $228,288. The trade was a 51.88% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.80% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

CRNX has been the subject of a number of research reports. TD Cowen cut shares of Crinetics Pharmaceuticals from a "buy" rating to a "hold" rating in a report on Wednesday, July 8th. Jefferies Financial Group downgraded Crinetics Pharmaceuticals from a "buy" rating to a "hold" rating and increased their price objective for the company from $55.00 to $85.00 in a research report on Tuesday, July 7th. Lifesci Capital lowered Crinetics Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 7th. Piper Sandler cut Crinetics Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 7th. Finally, UBS Group reaffirmed a "neutral" rating and set a $85.00 target price (up from $55.00) on shares of Crinetics Pharmaceuticals in a research report on Tuesday, July 28th. Five research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Crinetics Pharmaceuticals has a consensus rating of "Hold" and a consensus target price of $81.00.

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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