Crinetics Pharmaceuticals, Inc. $CRNX Shares Purchased by MPM Bioimpact LLC

Key Points

• MPM Bioimpact LLC increased its stake in Crinetics Pharmaceuticals by 2.4% in Q1, holding 631,964 shares valued at $21.2 million, making it the company's 9th largest shareholder.
• Insider Dana Pizzuti sold 30,000 shares on August 22, reducing their ownership by 31.16%, while Stephen F. Betz sold 97,483 shares on June 12, decreasing their ownership by 49.43%.
• Crinetics Pharmaceuticals reported a loss of $1.23 EPS for the last quarter, missing estimates, while revenue surged 158.4% year-over-year to $1.03 million.

MPM Bioimpact LLC lifted its position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 2.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 631,964 shares of the company's stock after purchasing an additional 14,929 shares during the period. Crinetics Pharmaceuticals comprises about 3.6% of MPM Bioimpact LLC's portfolio, making the stock its 9th biggest holding. MPM Bioimpact LLC owned about 0.67% of Crinetics Pharmaceuticals worth $21,196,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the company. KBC Group NV lifted its stake in shares of Crinetics Pharmaceuticals by 10.0% in 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. MetLife Investment Management LLC lifted its stake in shares of Crinetics Pharmaceuticals by 0.7% in the 1st quarter. MetLife Investment Management LLC now owns 53,414 shares of the company's stock valued at $1,792,000 after purchasing an additional 394 shares during the period. GF Fund Management CO. LTD. raised its position in Crinetics Pharmaceuticals by 22.0% during the first quarter. GF Fund Management CO. LTD. now owns 2,375 shares of the company's stock worth $80,000 after acquiring an additional 428 shares during the period. Arizona State Retirement System raised its position in Crinetics Pharmaceuticals by 1.8% during the first quarter. Arizona State Retirement System now owns 23,899 shares of the company's stock worth $802,000 after acquiring an additional 430 shares during the period. Finally, Mackenzie Financial Corp raised its position in Crinetics Pharmaceuticals by 8.8% during the fourth quarter. Mackenzie Financial Corp now owns 5,422 shares of the company's stock worth $277,000 after acquiring an additional 440 shares during the period. 98.51% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Crinetics Pharmaceuticals

In related news, insider Dana Pizzuti sold 30,000 shares of the firm's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $30.43, for a total transaction of $912,900.00. Following the completion of the sale, the insider directly owned 66,270 shares in the company, valued at approximately $2,016,596.10. This trade represents a 31.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Stephen F. Betz sold 97,483 shares of the firm's stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $32.23, for a total transaction of $3,141,877.09. Following the sale, the insider owned 99,713 shares of the company's stock, valued at approximately $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 133,975 shares of company stock valued at $4,244,214 over the last quarter. Company insiders own 6.00% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. JMP Securities reduced their price objective on shares of Crinetics Pharmaceuticals from $90.00 to $86.00 and set a "market outperform" rating for the company in a research report on Monday, August 11th. HC Wainwright restated a "buy" rating and set a $81.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Friday, June 27th. Finally, The Goldman Sachs Group assumed coverage on shares of Crinetics Pharmaceuticals in a research report on Thursday, July 10th. They set a "neutral" rating and a $36.00 price objective for the company. Seven research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $68.86.

Crinetics Pharmaceuticals Stock Up 1.1%

Shares of NASDAQ CRNX opened at $30.99 on Tuesday. The firm has a 50-day simple moving average of $30.04 and a 200-day simple moving average of $31.36. The stock has a market capitalization of $2.92 billion, a price-to-earnings ratio of -7.54 and a beta of 0.28. Crinetics Pharmaceuticals, Inc. has a 52 week low of $24.10 and a 52 week high of $62.53.

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

Crinetics Pharmaceuticals Company 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.

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