Crinetics Pharmaceuticals, Inc. $CRNX is Siren L.L.C.'s 5th Largest Position

Key Points

• Siren L.L.C. increased its stake in Crinetics Pharmaceuticals by 4.9%, owning a total of 1,688,611 shares valued at approximately $56.6 million.
• Crinetics Pharmaceuticals has experienced significant interest from institutional investors, with 98.51% of the shares owned by them, including notable increases from firms like Vanguard and Driehaus Capital.
• Analysts have varying price targets for Crinetics Pharmaceuticals, with JMP Securities lowering their target to $86.00 while HC Wainwright maintains a "buy" rating with a target of $81.00.

Siren L.L.C. increased its position in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 4.9% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,688,611 shares of the company's stock after acquiring an additional 78,959 shares during the period. Crinetics Pharmaceuticals comprises about 3.3% of Siren L.L.C.'s portfolio, making the stock its 5th biggest position. Siren L.L.C. owned about 1.80% of Crinetics Pharmaceuticals worth $56,636,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Amalgamated Bank lifted its holdings in Crinetics Pharmaceuticals by 17.3% during the 1st quarter. Amalgamated Bank now owns 3,159 shares of the company's stock worth $106,000 after buying an additional 467 shares during the period. GAMMA Investing LLC lifted its holdings in Crinetics Pharmaceuticals by 6,291.5% during the 1st quarter. GAMMA Investing LLC now owns 6,775 shares of the company's stock worth $227,000 after buying an additional 6,669 shares during the period. Swiss National Bank lifted its holdings in Crinetics Pharmaceuticals by 1.5% during the 1st quarter. Swiss National Bank now owns 161,800 shares of the company's stock worth $5,427,000 after buying an additional 2,400 shares during the period. Vanguard Group Inc. lifted its holdings in Crinetics Pharmaceuticals by 2.4% during the 1st quarter. Vanguard Group Inc. now owns 9,311,600 shares of the company's stock worth $312,311,000 after buying an additional 222,209 shares during the period. Finally, KBC Group NV lifted its holdings 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 buying an additional 370 shares during the period. 98.51% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, insider Stephen F. Betz sold 97,483 shares of the company's stock in a transaction that occurred 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 transaction, the insider directly owned 99,713 shares of the company's stock, valued at approximately $3,213,749.99. This represents a 49.43% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Dana Pizzuti sold 30,000 shares of the company's stock in a transaction that occurred 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 approximately $2,016,596.10. This trade represents a 31.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 133,975 shares of company stock worth $4,244,214. 6.00% of the stock is owned by company insiders.

Crinetics Pharmaceuticals Stock Performance

Shares of NASDAQ:CRNX traded up $0.34 during midday trading on Friday, reaching $30.99. The company's stock had a trading volume of 1,135,556 shares, compared to its average volume of 1,031,432. The firm has a market capitalization of $2.92 billion, a price-to-earnings ratio of -7.54 and a beta of 0.28. The firm has a 50 day moving average price of $30.02 and a two-hundred day moving average price of $31.39. Crinetics Pharmaceuticals, Inc. has a fifty-two week low of $24.10 and a fifty-two week high of $62.53.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last announced 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 during the quarter, compared to the consensus estimate of $0.52 million. During the same quarter last year, the company earned ($0.94) earnings per share. Crinetics Pharmaceuticals's revenue for the quarter was up 158.4% compared to the same quarter last year. As a group, research analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current year.

Wall Street Analysts Forecast Growth

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