Crinetics Pharmaceuticals, Inc. $CRNX Shares Acquired by Montanova Capital LLC

Key Points

• Montanova Capital increased its Crinetics Pharmaceuticals position by 13.6% in the second quarter, purchasing 142,400 additional shares and bringing its holdings to 1.19 million shares valued at $44.4 million. Institutional investors collectively own 98.51% of CRNX.
• Analyst sentiment has softened, with several firms downgrading the stock to “Hold.” Crinetics has a consensus “Hold” rating and an average price target of $81, below its reported opening price of $84.95.
• Crinetics exceeded quarterly expectations, reporting an adjusted loss of $1.14 per share versus the estimated $1.18 loss and revenue of $25.12 million, up 2,336.9% year over year. Its lead candidate, paltusotine, is being developed for acromegaly and carcinoid syndrome diarrhea.

Montanova Capital LLC raised its position in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 13.6% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,186,279 shares of the company's stock after purchasing an additional 142,400 shares during the period. Montanova Capital LLC owned 1.12% of Crinetics Pharmaceuticals worth $44,391,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of CRNX. Smartleaf Asset Management LLC increased its stake in shares of Crinetics Pharmaceuticals by 107.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 639 shares of the company's stock valued at $30,000 after purchasing an additional 331 shares during the period. Headlands Technologies LLC acquired a new position in Crinetics Pharmaceuticals during the 2nd quarter worth $30,000. Parallel Advisors LLC lifted its holdings in Crinetics Pharmaceuticals by 34.6% in the fourth quarter. Parallel Advisors LLC now owns 1,225 shares of the company's stock worth $57,000 after purchasing an additional 315 shares during the period. Arax Advisory Partners boosted its holdings in shares of Crinetics Pharmaceuticals by 131.2% in the fourth quarter. Arax Advisory Partners now owns 1,498 shares of the company's stock valued at $70,000 after acquiring an additional 850 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new position in Crinetics Pharmaceuticals during the 2nd quarter valued at $45,000. Institutional investors own 98.51% of the company's stock.

Insider Transactions at Crinetics Pharmaceuticals

In other news, Director Coelho Rogerio Vivaldi sold 3,000 shares of the company's stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $40.00, for a total transaction of $120,000.00. Following the completion of the sale, the director owned 19,225 shares in the company, valued at approximately $769,000. This represents a 13.50% decrease in their position. The transaction was disclosed in a legal filing 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 Stephanie Okey sold 6,900 shares of the 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 transaction, the director directly owned 6,400 shares in the company, valued at approximately $228,288. This represents a 51.88% decrease in their position. 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.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. Citizens Jmp cut shares of Crinetics Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 7th. TD Cowen lowered shares of Crinetics Pharmaceuticals from a "buy" rating to a "hold" rating in a report on Wednesday, July 8th. Evercore cut Crinetics Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 7th. UBS Group reissued a "neutral" rating and set a $85.00 price target (up from $55.00) on shares of Crinetics Pharmaceuticals in a research report on Tuesday, July 28th. Finally, Piper Sandler downgraded Crinetics Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 7th. Five investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Crinetics Pharmaceuticals has a consensus rating of "Hold" and an average target price of $81.00.

Crinetics Pharmaceuticals Stock Up 0.1%

Shares of CRNX opened at $84.95 on Tuesday. The company's fifty day moving average is $74.97 and its 200-day moving average is $51.03. Crinetics Pharmaceuticals, Inc. has a 12 month low of $30.25 and a 12 month high of $85.01. The firm has a market cap of $9.01 billion, a price-to-earnings ratio of -16.86 and a beta of 0.12.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last released its quarterly earnings data on Monday, August 3rd. The company reported ($1.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.18) by $0.04. The business had revenue of $25.12 million during the quarter, compared to analyst estimates of $14.84 million. Crinetics Pharmaceuticals had a negative net margin of 1,189.88% and a negative return on equity of 44.22%. Crinetics Pharmaceuticals's quarterly revenue was up 2336.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($1.23) EPS. As a group, research analysts predict that Crinetics Pharmaceuticals, Inc. will post -4.83 earnings per share for the current fiscal year.

Crinetics Pharmaceuticals 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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