Crinetics Pharmaceuticals, Inc. $CRNX Stock Holdings Trimmed by Wellington Management Group LLP

Key Points

• Wellington Management cut its Crinetics Pharmaceuticals stake by 12.6%, selling 1.03 million shares and retaining 7.13 million shares worth about $266.8 million. Institutional investors collectively own 98.51% of CRNX.
• Analyst sentiment has recently weakened, with several firms downgrading the stock to “Hold.” The consensus rating is now Hold, with an average price target of $81.
• Crinetics reported a quarterly loss of $1.14 per share, beating estimates, while revenue reached $25.12 million—up 2,336.9% year over year. Shares opened at $84.84, near their 12-month high of $84.89.

Wellington Management Group LLP lessened its holdings in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 12.6% in the second quarter, according to its most recent filing with the SEC. The firm owned 7,131,084 shares of the company's stock after selling 1,026,120 shares during the quarter. Wellington Management Group LLP owned about 6.72% of Crinetics Pharmaceuticals worth $266,845,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the business. BlackRock Inc. bought a new stake in shares of Crinetics Pharmaceuticals during the second quarter valued at about $365,179,000. Farallon Capital Management LLC grew its position in Crinetics Pharmaceuticals by 20.2% in the 4th quarter. Farallon Capital Management LLC now owns 6,933,098 shares of the company's stock valued at $322,736,000 after buying an additional 1,163,000 shares in the last quarter. Jupiter Topco LLC bought a new position in Crinetics Pharmaceuticals in the 2nd quarter valued at about $170,509,000. Janus Henderson Group PLC increased its stake in Crinetics Pharmaceuticals by 1.8% during the 1st quarter. Janus Henderson Group PLC now owns 4,520,251 shares of the company's stock valued at $164,227,000 after buying an additional 79,560 shares during the period. Finally, Paradigm Biocapital Advisors LP increased its stake in Crinetics Pharmaceuticals by 8.8% during the 3rd 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 period. Institutional investors own 98.51% of the company's stock.

Insider Buying and Selling

In other Crinetics Pharmaceuticals news, Director Coelho Rogerio Vivaldi sold 3,000 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $40.00, for a total value of $120,000.00. Following the transaction, the director owned 19,225 shares in the company, valued at approximately $769,000. The trade was a 13.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephanie Okey sold 6,900 shares of the company's stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $35.67, for a total value of $246,123.00. Following the completion of the transaction, the director directly owned 6,400 shares in the company, valued at $228,288. This represents a 51.88% decrease in their position. 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. Company insiders own 3.80% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on CRNX. Jefferies Financial Group lowered shares of Crinetics Pharmaceuticals from a "buy" rating to a "hold" rating and upped their price target for the stock from $55.00 to $85.00 in a research note on Tuesday, July 7th. TD Cowen lowered shares of Crinetics Pharmaceuticals from a "buy" rating to a "hold" rating in a research note on Wednesday, July 8th. Citizens Jmp cut Crinetics Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 7th. Wall Street Zen raised Crinetics Pharmaceuticals from a "strong sell" rating to a "sell" rating in a report on Sunday, July 12th. Finally, Piper Sandler downgraded Crinetics Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 7th. Five investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $81.00.

Crinetics Pharmaceuticals Stock Performance

Shares of NASDAQ CRNX opened at $84.84 on Monday. Crinetics Pharmaceuticals, Inc. has a twelve month low of $30.25 and a twelve month high of $84.89. The company has a market capitalization of $9.00 billion, a price-to-earnings ratio of -16.83 and a beta of 0.12. The firm has a 50-day moving average of $73.98 and a two-hundred day moving average of $50.76.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last announced its quarterly earnings data on Monday, August 3rd. The company reported ($1.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.18) by $0.04. Crinetics Pharmaceuticals had a negative net margin of 1,189.88% and a negative return on equity of 44.22%. The company had revenue of $25.12 million for the quarter, compared to analysts' expectations of $14.84 million. During the same quarter in the previous year, the company posted ($1.23) EPS. The business's revenue was up 2336.9% compared to the same quarter last year. As a group, research analysts predict that Crinetics Pharmaceuticals, Inc. will post -4.83 earnings per share for the current year.

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.

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