Crinetics Pharmaceuticals, Inc. $CRNX Shares Bought by Dimensional Fund Advisors LP

Key Points

• Dimensional Fund Advisors increased its Crinetics Pharmaceuticals stake by 55.2% in the first quarter, acquiring 303,281 additional shares and bringing its holdings to 852,258 shares worth approximately $30.9 million. Institutional investors collectively own 98.51% of the company.
• Crinetics reported quarterly revenue of $25.12 million, up 2,336.9% year over year and above analyst expectations, while its loss of $1.14 per share slightly beat estimates. The stock opened at $83.86, near its 52-week high of $84.03.
• Analyst sentiment is mixed after several firms downgraded the shares to “hold”; the consensus rating is Hold, with an average price target of $81.00.

Dimensional Fund Advisors LP raised its position in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 55.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 852,258 shares of the company's stock after acquiring an additional 303,281 shares during the quarter. Dimensional Fund Advisors LP owned approximately 0.81% of Crinetics Pharmaceuticals worth $30,935,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. SEB Asset Management AB acquired a new stake in shares of Crinetics Pharmaceuticals in the first quarter worth approximately $7,769,000. Principal Financial Group Inc. raised its stake in Crinetics Pharmaceuticals by 32.3% in the 1st quarter. Principal Financial Group Inc. now owns 7,066 shares of the company's stock valued at $257,000 after purchasing an additional 1,725 shares during the last quarter. Teachers Retirement System of The State of Kentucky lifted its holdings in Crinetics Pharmaceuticals by 4.0% in the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 28,477 shares of the company's stock valued at $1,034,000 after purchasing an additional 1,100 shares in the last quarter. Fifth Third Bancorp purchased a new position in Crinetics Pharmaceuticals in the 1st quarter valued at $126,000. Finally, Pictet Asset Management Holding SA boosted its stake in Crinetics Pharmaceuticals by 20.8% during the 1st quarter. Pictet Asset Management Holding SA now owns 1,884,281 shares of the company's stock worth $68,204,000 after purchasing an additional 323,981 shares during the last quarter. Hedge funds and other institutional investors own 98.51% of the company's stock.

Crinetics Pharmaceuticals Stock Up 0.1%

NASDAQ:CRNX opened at $83.86 on Wednesday. The stock's fifty day moving average is $56.03 and its two-hundred day moving average is $46.59. Crinetics Pharmaceuticals, Inc. has a 52 week low of $25.83 and a 52 week high of $84.03. The stock has a market capitalization of $8.84 billion, a price-to-earnings ratio of -16.35 and a beta of 0.12.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last released its earnings results on Monday, August 3rd. The company reported ($1.14) earnings per share for the quarter, beating the consensus estimate of ($1.18) by $0.04. Crinetics Pharmaceuticals had a negative return on equity of 44.99% and a negative net margin of 1,189.88%.The company had revenue of $25.12 million during the quarter, compared to the consensus estimate of $14.84 million. During the same period in the previous year, the company posted ($1.23) EPS. Crinetics Pharmaceuticals's revenue was up 2336.9% compared to the same quarter last year. On average, sell-side analysts expect that Crinetics Pharmaceuticals, Inc. will post -4.86 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 the company's 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 sale, the director owned 19,225 shares of the company's stock, valued at approximately $769,000. This represents a 13.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, 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 business's stock in a transaction on Wednesday, June 17th. The stock was 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 of the company's stock, valued at $228,288. The trade was a 51.88% decrease in their ownership of the stock. 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.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on CRNX. TD Cowen lowered shares of Crinetics Pharmaceuticals from a "buy" rating to a "hold" rating in a report on Wednesday, July 8th. JonesTrading lowered shares of Crinetics Pharmaceuticals from a "buy" rating to a "hold" rating and set a $85.00 price target on the stock. in a research report on Tuesday, July 7th. Oppenheimer reaffirmed a "market perform" rating on shares of Crinetics Pharmaceuticals in a research note on Tuesday, July 7th. Robert W. Baird increased their price objective on shares of Crinetics Pharmaceuticals from $62.00 to $85.00 and gave the company an "outperform" rating in a report on Tuesday, July 7th. Finally, Lifesci Capital lowered shares of Crinetics Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 7th. Five equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average 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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