Crinetics Pharmaceuticals, Inc. $CRNX is Driehaus Capital Management LLC's 3rd Largest Position

Key Points

• Driehaus Capital Management LLC increased its stake in Crinetics Pharmaceuticals by 1.6% in the first quarter, holding approximately 6.66% of the company, valued at $209.3 million.
• Crinetics Pharmaceuticals reported a revenue increase of 158.4% year-over-year, with a quarterly revenue of $1.03 million, despite posting a loss of ($1.23) EPS, which missed analysts' expectations.
• Institutional investors own approximately 98.51% of Crinetics Pharmaceuticals, with notable stakes from Vanguard Group and Farallon Capital Management, contributing to a strong backing for the company.

Driehaus Capital Management LLC lifted its stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 1.6% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,239,902 shares of the company's stock after buying an additional 98,888 shares during the quarter. Crinetics Pharmaceuticals comprises 2.0% of Driehaus Capital Management LLC's portfolio, making the stock its 3rd biggest holding. Driehaus Capital Management LLC owned 6.66% of Crinetics Pharmaceuticals worth $209,286,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Amalgamated Bank raised its stake in shares of Crinetics Pharmaceuticals by 17.3% in the first quarter. Amalgamated Bank now owns 3,159 shares of the company's stock worth $106,000 after buying an additional 467 shares during the period. GAMMA Investing LLC raised its stake in shares of Crinetics Pharmaceuticals by 6,291.5% in the first quarter. GAMMA Investing LLC now owns 6,775 shares of the company's stock worth $227,000 after buying an additional 6,669 shares during the period. Swiss National Bank raised its stake in Crinetics Pharmaceuticals by 1.5% during the 1st quarter. Swiss National Bank now owns 161,800 shares of the company's stock valued at $5,427,000 after purchasing an additional 2,400 shares during the period. Vanguard Group Inc. raised its stake in Crinetics Pharmaceuticals by 2.4% during the 1st quarter. Vanguard Group Inc. now owns 9,311,600 shares of the company's stock valued at $312,311,000 after purchasing an additional 222,209 shares during the period. Finally, KBC Group NV raised its stake in Crinetics Pharmaceuticals by 10.0% during the 1st quarter. KBC Group NV now owns 4,082 shares of the company's stock valued at $137,000 after purchasing an additional 370 shares during the period. Institutional investors own 98.51% of the company's stock.

Analyst Ratings Changes

Several brokerages recently issued reports on CRNX. HC Wainwright reissued a "buy" rating and set a $81.00 target price 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 set a "neutral" rating and a $36.00 target price on the stock. Finally, JMP Securities decreased their target price 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 analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $68.86.

Crinetics Pharmaceuticals Stock Performance

NASDAQ:CRNX traded up $0.59 during trading hours on Wednesday, reaching $33.89. The stock had a trading volume of 883,427 shares, compared to its average volume of 945,472. Crinetics Pharmaceuticals, Inc. has a 52 week low of $24.10 and a 52 week high of $62.53. The company has a 50 day moving average price of $30.09 and a two-hundred day moving average price of $31.38. The stock has a market capitalization of $3.19 billion, a PE ratio of -8.23 and a beta of 0.28.

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

Insider Buying and Selling

In other news, insider Dana Pizzuti sold 30,000 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $30.43, for a total value of $912,900.00. Following the completion of the transaction, the insider owned 66,270 shares in the company, valued at approximately $2,016,596.10. The trade was a 31.16% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Stephen F. Betz sold 97,483 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on 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 transaction, the insider owned 99,713 shares of the company's stock, valued at approximately $3,213,749.99. This trade represents a 49.43% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 133,975 shares of company stock valued at $4,244,214. Company insiders own 6.00% of the company's stock.

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.