Crinetics Pharmaceuticals, Inc. $CRNX Shares Sold by State of New Jersey Common Pension Fund D

Key Points

• State of New Jersey Common Pension Fund D cut its Crinetics Pharmaceuticals stake by 57.8% in the fourth quarter, selling 41,812 shares and leaving it with 30,537 shares valued at about $1.42 million.
• Insider selling has been notable, with Jeff E. Knight and CFO Tobin Schilke among those selling shares over the past 90 days; insiders sold a total of 142,380 shares worth about $5.57 million.
• Crinetics reported better-than-expected revenue of $10.73 million for the quarter, but earnings per share of -$1.23 slightly missed estimates, while analysts currently maintain a Moderate Buy consensus and a $76.50 target price.

State of New Jersey Common Pension Fund D trimmed its holdings in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 57.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 30,537 shares of the company's stock after selling 41,812 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Crinetics Pharmaceuticals were worth $1,421,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the business. Parkman Healthcare Partners LLC boosted its stake in shares of Crinetics Pharmaceuticals by 0.4% during the third quarter. Parkman Healthcare Partners LLC now owns 73,725 shares of the company's stock worth $3,071,000 after buying an additional 313 shares during the period. PNC Financial Services Group Inc. raised its stake in shares of Crinetics Pharmaceuticals by 5.8% during the third quarter. PNC Financial Services Group Inc. now owns 5,952 shares of the company's stock worth $248,000 after purchasing an additional 327 shares during the last quarter. California State Teachers Retirement System grew its position in Crinetics Pharmaceuticals by 0.6% in the 2nd quarter. California State Teachers Retirement System now owns 75,484 shares of the company's stock valued at $2,171,000 after buying an additional 487 shares during the last quarter. Arizona State Retirement System raised its position in Crinetics Pharmaceuticals by 2.0% during the 3rd quarter. Arizona State Retirement System now owns 26,300 shares of the company's stock worth $1,095,000 after buying an additional 504 shares during the last quarter. Finally, E Fund Management Co. Ltd. boosted its holdings in shares of Crinetics Pharmaceuticals by 6.1% in the second quarter. E Fund Management Co. Ltd. now owns 10,131 shares of the company's stock valued at $291,000 after acquiring an additional 586 shares in the last quarter. 98.51% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Crinetics Pharmaceuticals

In related news, insider Jeff E. Knight sold 85,163 shares of Crinetics Pharmaceuticals stock in a transaction on Wednesday, April 8th. The stock was sold at an average price of $40.10, for a total transaction of $3,415,036.30. Following the completion of the transaction, the insider directly 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. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Tobin Schilke sold 6,713 shares of the firm's stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $39.67, for a total value of $266,304.71. Following the completion of the transaction, the chief financial officer owned 78,121 shares of the company's stock, valued at approximately $3,099,060.07. This represents a 7.91% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 142,380 shares of company stock worth $5,569,475 over the last ninety days. 3.80% of the stock is currently owned by corporate insiders.

Crinetics Pharmaceuticals Price Performance

Shares of NASDAQ CRNX opened at $37.48 on Monday. The stock has a market capitalization of $3.95 billion, a price-to-earnings ratio of -7.31 and a beta of 0.28. Crinetics Pharmaceuticals, Inc. has a 52 week low of $25.83 and a 52 week high of $57.99. The firm has a 50-day moving average price of $38.41 and a 200 day moving average price of $43.89.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last issued its earnings results on Thursday, May 7th. The company reported ($1.23) earnings per share for the quarter, missing the consensus estimate of ($1.22) by ($0.01). Crinetics Pharmaceuticals had a negative return on equity of 43.96% and a negative net margin of 2,747.18%.The company had revenue of $10.73 million for the quarter, compared to analyst estimates of $8.51 million. During the same quarter in the previous year, the company posted ($1.04) earnings per share. The company's quarterly revenue was up 2873.4% compared to the same quarter last year. Equities research analysts expect that Crinetics Pharmaceuticals, Inc. will post -4.95 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages recently commented on CRNX. Citizens Jmp reduced 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. Wall Street Zen cut Crinetics Pharmaceuticals from a "sell" rating to a "strong sell" rating in a research report on Saturday. Weiss Ratings reissued a "sell (d-)" rating on shares of Crinetics Pharmaceuticals in a research note on Monday, April 20th. Lifesci Capital raised Crinetics Pharmaceuticals to a "strong-buy" rating in a research note on Friday, February 13th. Finally, The Goldman Sachs Group raised Crinetics Pharmaceuticals from a "neutral" rating to a "buy" rating and set a $67.00 price target for the company in a report on Monday, January 12th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $76.50.

Crinetics Pharmaceuticals Profile

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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