Deutsche Bank AG Invests $10.62 Million in Crinetics Pharmaceuticals, Inc. $CRNX

Key Points

• Deutsche Bank acquired a new $10.62 million stake in Crinetics Pharmaceuticals during the second quarter, purchasing 283,727 shares and holding approximately 0.27% of the company.
• Crinetics reported quarterly revenue of $25.12 million, up 2,336.9% year over year, and beat earnings expectations with a loss of $1.14 per share versus the estimated $1.18 loss. Shares opened at $84.69, near the company’s 52-week high.
• Analyst sentiment is cautious: five analysts rate the stock Buy, 11 rate it Hold, and one rates it Sell, resulting in an overall Hold consensus and an average price target of $81.00.

Deutsche Bank AG purchased a new stake in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 283,727 shares of the company's stock, valued at approximately $10,617,000. Deutsche Bank AG owned about 0.27% of Crinetics Pharmaceuticals at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Wellington Management Group LLP raised its stake in Crinetics Pharmaceuticals by 44.3% during the third quarter. Wellington Management Group LLP now owns 8,381,991 shares of the company's stock worth $349,110,000 after purchasing an additional 2,574,683 shares during the period. Baker BROS. Advisors LP boosted its holdings in Crinetics Pharmaceuticals by 488.9% in the 4th quarter. Baker BROS. Advisors LP now owns 1,648,869 shares of the company's stock valued at $76,755,000 after purchasing an additional 1,368,869 shares during the last quarter. Farallon Capital Management LLC grew its stake in shares of 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 during the period. ADAR1 Capital Management LLC grew its stake in shares of Crinetics Pharmaceuticals by 268.3% in the 1st quarter. ADAR1 Capital Management LLC now owns 1,139,331 shares of the company's stock valued at $41,381,000 after buying an additional 829,963 shares during the period. Finally, GW&K Investment Management LLC increased its holdings in shares of Crinetics Pharmaceuticals by 73.6% during the 4th quarter. GW&K Investment Management LLC now owns 1,476,325 shares of the company's stock worth $68,723,000 after buying an additional 625,779 shares during the last quarter. Hedge funds and other institutional investors own 98.51% of the company's stock.

Crinetics Pharmaceuticals Price Performance

Shares of CRNX stock opened at $84.69 on Monday. The firm has a market cap of $8.98 billion, a PE ratio of -16.80 and a beta of 0.12. The company has a 50-day moving average of $69.05 and a two-hundred day moving average of $49.42. Crinetics Pharmaceuticals, Inc. has a 1-year low of $29.63 and a 1-year high of $84.79.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last announced its quarterly earnings results on Monday, August 3rd. The company reported ($1.14) earnings per share for the quarter, beating analysts' consensus estimates of ($1.18) by $0.04. The business had revenue of $25.12 million during the quarter, compared to analysts' expectations of $14.84 million. Crinetics Pharmaceuticals had a negative net margin of 1,189.88% and a negative return on equity of 44.22%. The business's revenue for the quarter was up 2336.9% on a year-over-year basis. During the same period last year, the business earned ($1.23) earnings per share. Sell-side analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -4.83 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on CRNX shares. TD Cowen lowered shares of Crinetics Pharmaceuticals from a "buy" rating to a "hold" rating in a research report on Wednesday, July 8th. Oppenheimer reiterated a "market perform" rating on shares of Crinetics Pharmaceuticals in a report on Tuesday, July 7th. Evercore lowered Crinetics Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 7th. HC Wainwright cut Crinetics Pharmaceuticals from a "buy" rating to a "hold" rating and raised their target price for the stock from $81.00 to $85.00 in a research note on Tuesday, July 7th. Finally, Lifesci Capital 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 assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $81.00.

Insider Buying and Selling

In other Crinetics Pharmaceuticals news, Director Stephanie Okey sold 6,900 shares of the business's stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $35.67, for a total value of $246,123.00. Following the sale, the director owned 6,400 shares of the company's stock, valued at $228,288. The trade was a 51.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Coelho Rogerio Vivaldi sold 3,000 shares of the company's stock in a transaction on Thursday, July 2nd. The stock was 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 $769,000. This trade represents a 13.50% decrease in their ownership of the stock. 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.

Crinetics Pharmaceuticals Company 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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