Crinetics Pharmaceuticals, Inc. $CRNX Shares Sold by First Light Asset Management LLC

Key Points

• First Light Asset Management LLC reduced its stake in Crinetics Pharmaceuticals by 3.4%, owning 855,419 shares worth approximately $28.7 million.
• Insider sales included Stephen F. Betz selling 97,483 shares for over $3.1 million, a 49.43% decrease in ownership.
• Analysts have a consensus rating of "Moderate Buy" for Crinetics Pharmaceuticals, with an average target price of $68.86.

First Light Asset Management LLC decreased its holdings in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 3.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 855,419 shares of the company's stock after selling 30,034 shares during the period. Crinetics Pharmaceuticals accounts for approximately 3.3% of First Light Asset Management LLC's holdings, making the stock its 11th biggest holding. First Light Asset Management LLC owned 0.91% of Crinetics Pharmaceuticals worth $28,691,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in CRNX. State of Wyoming purchased a new stake in Crinetics Pharmaceuticals in the 4th quarter worth about $50,000. GF Fund Management CO. LTD. raised its position in Crinetics Pharmaceuticals by 22.0% in the 1st quarter. GF Fund Management CO. LTD. now owns 2,375 shares of the company's stock worth $80,000 after purchasing an additional 428 shares during the period. Amalgamated Bank raised its position in Crinetics Pharmaceuticals by 17.3% in the 1st quarter. Amalgamated Bank now owns 3,159 shares of the company's stock worth $106,000 after purchasing an additional 467 shares during the period. PNC Financial Services Group Inc. raised its position in Crinetics Pharmaceuticals by 25.4% in the 1st quarter. PNC Financial Services Group Inc. now owns 3,395 shares of the company's stock worth $114,000 after purchasing an additional 688 shares during the period. Finally, KBC Group NV raised its position in Crinetics Pharmaceuticals by 10.0% in the 1st quarter. KBC Group NV now owns 4,082 shares of the company's stock worth $137,000 after purchasing an additional 370 shares during the period. Institutional investors own 98.51% of the company's stock.

Crinetics Pharmaceuticals Stock Up 4.0%

Shares of NASDAQ CRNX traded up $1.36 during midday trading on Friday, reaching $35.61. 1,423,949 shares of the company's stock traded hands, compared to its average volume of 1,012,293. The stock's 50 day simple moving average is $30.37 and its 200-day simple moving average is $31.39. Crinetics Pharmaceuticals, Inc. has a one year low of $24.10 and a one year high of $62.53. The company has a market cap of $3.35 billion, a price-to-earnings ratio of -8.66 and a beta of 0.28.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported ($1.23) earnings per share (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 analysts' expectations of $0.52 million. During the same quarter in the previous year, the company posted ($0.94) EPS. The business's quarterly revenue was up 158.4% on a year-over-year basis. Equities analysts predict that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS for the current fiscal year.

Insider Buying and Selling at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, insider Dana Pizzuti sold 30,000 shares of Crinetics Pharmaceuticals stock in a transaction on Friday, August 22nd. The shares were 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 of the company's stock, valued at approximately $2,016,596.10. The trade was a 31.16% 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 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 transaction of $3,141,877.09. Following the completion of the transaction, the insider directly owned 99,713 shares in the company, valued at $3,213,749.99. This represents 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 worth $4,244,214 over the last ninety days. Corporate insiders own 4.60% of the company's stock.

Wall Street Analyst Weigh In

CRNX has been the topic of a number of research reports. HC Wainwright reaffirmed a "buy" rating and set a $81.00 target price on shares of Crinetics Pharmaceuticals in a research report on Friday, June 27th. JMP Securities reduced their target price on shares of Crinetics Pharmaceuticals from $90.00 to $86.00 and set a "market outperform" rating on the stock in a research report on Monday, August 11th. Finally, The Goldman Sachs Group initiated coverage on shares of Crinetics Pharmaceuticals in a research report on Thursday, July 10th. They set a "neutral" rating and a $36.00 target price on the stock. Seven equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, Crinetics Pharmaceuticals has a consensus rating of "Moderate Buy" and an average target price of $68.86.

About Crinetics Pharmaceuticals

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.