Crinetics Pharmaceuticals, Inc. $CRNX Shares Acquired by Rafferty Asset Management LLC

Key Points

• Rafferty Asset Management LLC increased its holdings in Crinetics Pharmaceuticals by 25.7%, owning approximately $3.4 million worth of shares after acquiring 20,874 shares in Q1.
• Crinetics Pharmaceuticals reported a loss of $1.23 EPS for the last quarter, missing analyst estimates, but saw revenue increase by 158.4% year-over-year.
• Research analysts have given Crinetics Pharmaceuticals a consensus rating of "Moderate Buy" with an average price target of $68.86, despite some recent adjustments in target prices.

Rafferty Asset Management LLC increased its stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 25.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 102,131 shares of the company's stock after purchasing an additional 20,874 shares during the period. Rafferty Asset Management LLC owned 0.11% of Crinetics Pharmaceuticals worth $3,425,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. State of Wyoming bought a new stake in shares of Crinetics Pharmaceuticals in the 4th quarter worth approximately $50,000. GF Fund Management CO. LTD. bought a new stake in shares of Crinetics Pharmaceuticals in the 4th quarter worth approximately $100,000. Amalgamated Bank raised its stake in Crinetics Pharmaceuticals by 17.3% during the 1st quarter. Amalgamated Bank now owns 3,159 shares of the company's stock valued at $106,000 after acquiring an additional 467 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in Crinetics Pharmaceuticals by 25.4% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,395 shares of the company's stock valued at $114,000 after acquiring an additional 688 shares in the last quarter. Finally, KBC Group NV boosted its position in Crinetics Pharmaceuticals by 10.0% during the 1st quarter. KBC Group NV now owns 4,082 shares of the company's stock worth $137,000 after acquiring an additional 370 shares during the period. Institutional investors own 98.51% of the company's stock.

Crinetics Pharmaceuticals Stock Performance

Shares of CRNX stock traded down $0.40 during mid-day trading on Thursday, hitting $34.25. 1,319,502 shares of the stock traded hands, compared to its average volume of 999,544. Crinetics Pharmaceuticals, Inc. has a twelve month low of $24.10 and a twelve month high of $62.53. The firm has a market cap of $3.23 billion, a price-to-earnings ratio of -8.33 and a beta of 0.28. The company's 50-day simple moving average is $30.26 and its 200-day simple moving average is $31.39.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($1.23) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.13) by ($0.10). The firm had revenue of $1.03 million during the quarter, compared to the consensus estimate of $0.52 million. The business's revenue for the quarter was up 158.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.94) EPS. Analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on CRNX shares. JMP Securities decreased their price target on Crinetics Pharmaceuticals from $90.00 to $86.00 and set a "market outperform" rating for the company in a research note on Monday, August 11th. The Goldman Sachs Group started coverage on Crinetics Pharmaceuticals in a research note on Thursday, July 10th. They issued a "neutral" rating and a $36.00 price target for the company. Finally, HC Wainwright reissued a "buy" rating and issued a $81.00 price target on shares of Crinetics Pharmaceuticals in a research note on Friday, June 27th. Seven investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, Crinetics Pharmaceuticals has an average rating of "Moderate Buy" and a consensus price target of $68.86.

Insiders Place Their Bets

In related news, insider Dana Pizzuti sold 30,000 shares of Crinetics Pharmaceuticals stock in a transaction 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 transaction, the insider directly owned 66,270 shares in the company, valued at $2,016,596.10. The trade was a 31.16% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Stephen F. Betz sold 97,483 shares of Crinetics Pharmaceuticals stock in a transaction 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 in the company, valued at $3,213,749.99. The trade was a 49.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 133,975 shares of company stock worth $4,244,214 over the last 90 days. Insiders own 4.60% of the company's stock.

Crinetics Pharmaceuticals Profile

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.