Crinetics Pharmaceuticals, Inc. $CRNX Shares Bought by GW&K Investment Management LLC

Key Points

• GW&K Investment Management LLC increased its stake in Crinetics Pharmaceuticals by 73.6% in the fourth quarter, buying an additional 625,779 shares. The fund now owns 1.48 million shares worth about $68.7 million.
• Institutional ownership in Crinetics remains very high at 98.51%, with several other hedge funds also boosting positions, including Wellington Management, Farallon Capital, and JPMorgan Chase. This suggests continued strong interest from large investors despite recent stock volatility.
• Crinetics reported a quarterly loss of $1.23 per share, narrowly missing estimates, but revenue rose sharply to $10.73 million from a year earlier. Analysts currently rate the stock a Moderate Buy with an average price target of $76.13.

GW&K Investment Management LLC boosted its holdings in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 73.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,476,325 shares of the company's stock after acquiring an additional 625,779 shares during the period. GW&K Investment Management LLC owned about 1.44% of Crinetics Pharmaceuticals worth $68,723,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Wellington Management Group LLP raised its position in Crinetics Pharmaceuticals by 44.3% during the third 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 during the last quarter. Farallon Capital Management LLC raised its position in shares of Crinetics Pharmaceuticals by 24.2% in the third quarter. Farallon Capital Management LLC now owns 5,770,098 shares of the company's stock valued at $240,325,000 after buying an additional 1,124,000 shares during the last quarter. Paradigm Biocapital Advisors LP raised its position in shares of Crinetics Pharmaceuticals by 8.8% in the third quarter. Paradigm Biocapital Advisors LP now owns 2,550,774 shares of the company's stock valued at $106,240,000 after buying an additional 207,221 shares during the last quarter. Pictet Asset Management Holding SA raised its position in shares of Crinetics Pharmaceuticals by 6.5% in the fourth quarter. Pictet Asset Management Holding SA now owns 1,560,300 shares of the company's stock valued at $72,632,000 after buying an additional 95,038 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of Crinetics Pharmaceuticals by 279.2% in the third quarter. JPMorgan Chase & Co. now owns 1,258,722 shares of the company's stock valued at $52,426,000 after buying an additional 926,765 shares during the last quarter. Institutional investors and hedge funds own 98.51% of the company's stock.

Crinetics Pharmaceuticals Stock Performance

Crinetics Pharmaceuticals stock opened at $34.97 on Wednesday. Crinetics Pharmaceuticals, Inc. has a 1 year low of $25.83 and a 1 year high of $57.99. The firm has a 50 day moving average price of $37.43 and a 200 day moving average price of $42.81. The company has a market cap of $3.69 billion, a price-to-earnings ratio of -6.82 and a beta of 0.24.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last released its earnings results on Thursday, May 7th. The company reported ($1.23) earnings per share (EPS) 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 company had revenue of $10.73 million during the quarter, compared to analysts' expectations of $8.51 million. During the same quarter in the previous year, the firm posted ($1.04) earnings per share. Crinetics Pharmaceuticals's revenue for the quarter was up 2873.4% compared to the same quarter last year. Sell-side analysts predict that Crinetics Pharmaceuticals, Inc. will post -4.85 EPS for the current year.

Insider Activity at Crinetics Pharmaceuticals

In related news, insider Stephen F. Betz sold 10,612 shares of the business's stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $37.37, for a total value of $396,570.44. Following the completion of the sale, the insider directly owned 137,101 shares in the company, valued at approximately $5,123,464.37. The trade was a 7.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jeff E. Knight sold 85,163 shares of the business's stock in a transaction that occurred on Wednesday, April 8th. The shares were sold at an average price of $40.10, for a total transaction of $3,415,036.30. Following the completion of the sale, the insider owned 105,289 shares of the company's stock, valued at approximately $4,222,088.90. The trade was a 44.72% 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. Insiders have sold a total of 132,667 shares of company stock valued at $5,184,161 in the last ninety days. 3.80% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on CRNX. Wall Street Zen raised shares of Crinetics Pharmaceuticals from a "strong sell" rating to a "sell" rating in a research report on Sunday, May 17th. Oppenheimer cut their price objective on shares of Crinetics Pharmaceuticals from $87.00 to $84.00 and set an "outperform" rating for the company in a research report on Monday, May 11th. Citizens Jmp cut their price objective on shares of Crinetics Pharmaceuticals from $97.00 to $95.00 and set a "market outperform" rating for the company in a research report on Friday, May 8th. Weiss Ratings reissued a "sell (d-)" rating on shares of Crinetics Pharmaceuticals in a research report on Monday, April 20th. Finally, Lifesci Capital raised shares of Crinetics Pharmaceuticals to a "strong-buy" rating in a research report on Friday, February 13th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $76.13.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.