Exome Asset Management LLC Purchases Shares of 51,295 Crinetics Pharmaceuticals, Inc. $CRNX

Key Points

• Exome Asset Management LLC has acquired 51,295 shares of Crinetics Pharmaceuticals, valued at approximately $1.72 million, representing a 0.05% ownership stake in the company.
• Crinetics Pharmaceuticals recently reported a significant 158.4% increase in quarterly revenue year-over-year, posting $1.03 million compared to an estimated $0.52 million.
• Analysts maintain a consensus rating of "Moderate Buy" for Crinetics Pharmaceuticals with a target price averaging $68.86, despite recent fluctuations in stock price and mixed ratings from different research reports.

Exome Asset Management LLC purchased a new position in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 51,295 shares of the company's stock, valued at approximately $1,720,000. Exome Asset Management LLC owned 0.05% of Crinetics Pharmaceuticals as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Crinetics Pharmaceuticals by 2.4% during the first quarter. Vanguard Group Inc. now owns 9,311,600 shares of the company's stock worth $312,311,000 after acquiring an additional 222,209 shares during the period. Driehaus Capital Management LLC increased its stake in shares of Crinetics Pharmaceuticals by 1.6% during the first quarter. Driehaus Capital Management LLC now owns 6,239,902 shares of the company's stock worth $209,286,000 after acquiring an additional 98,888 shares during the period. Janus Henderson Group PLC increased its stake in shares of Crinetics Pharmaceuticals by 15.1% during the fourth quarter. Janus Henderson Group PLC now owns 2,795,441 shares of the company's stock worth $142,902,000 after acquiring an additional 365,991 shares during the period. Point72 Asset Management L.P. increased its stake in shares of Crinetics Pharmaceuticals by 21.2% during the fourth quarter. Point72 Asset Management L.P. now owns 2,788,939 shares of the company's stock worth $142,598,000 after acquiring an additional 488,296 shares during the period. Finally, Paradigm Biocapital Advisors LP increased its stake in shares of Crinetics Pharmaceuticals by 1.9% during the first quarter. Paradigm Biocapital Advisors LP now owns 1,946,168 shares of the company's stock worth $65,274,000 after acquiring an additional 35,407 shares during the period. 98.51% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Crinetics Pharmaceuticals news, insider Dana Pizzuti sold 30,000 shares of the company's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $30.43, for a total value of $912,900.00. Following the sale, the insider owned 66,270 shares of the company's stock, valued at $2,016,596.10. This represents a 31.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 6.00% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on CRNX shares. JMP Securities dropped their price target on shares of Crinetics Pharmaceuticals from $90.00 to $86.00 and set a "market outperform" rating on the stock in a research note on Monday, August 11th. HC Wainwright reissued a "buy" rating and set a $81.00 price objective on shares of Crinetics Pharmaceuticals in a report on Friday, June 27th. Finally, The Goldman Sachs Group started coverage on shares of Crinetics Pharmaceuticals in a report on Thursday, July 10th. They set a "neutral" rating and a $36.00 price objective on the stock. Seven investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $68.86.

Crinetics Pharmaceuticals Stock Performance

CRNX stock traded up $0.27 during trading on Friday, reaching $34.00. 1,150,484 shares of the company were exchanged, compared to its average volume of 1,074,711. The company has a market cap of $3.20 billion, a P/E ratio of -8.27 and a beta of 0.28. Crinetics Pharmaceuticals, Inc. has a 52-week low of $24.10 and a 52-week high of $62.53. The stock's 50 day moving average price is $30.93 and its 200 day moving average price is $31.35.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported ($1.23) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.13) by ($0.10). The business had revenue of $1.03 million for the quarter, compared to the consensus estimate of $0.52 million. During the same quarter in the previous year, the business earned ($0.94) earnings per share. Crinetics Pharmaceuticals's quarterly revenue was up 158.4% on a year-over-year basis. As a group, equities research analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS for the current year.

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.