Geode Capital Management LLC Trims Position in Crinetics Pharmaceuticals, Inc. $CRNX

Key Points

• Geode Capital Management trimmed its stake in Crinetics Pharmaceuticals by 1.6% in the fourth quarter, selling 36,199 shares and ending with 2.24 million shares worth about $104.4 million.
• The stock has seen mixed analyst activity: several firms cut price targets slightly, but the overall consensus remains Moderate Buy with a $76.13 average price target.
• Crinetics reported a quarterly EPS loss of $1.23, just missing estimates, while revenue jumped sharply to $10.73 million year over year; the shares were also down 4.9% in Friday trading to $32.92.

Geode Capital Management LLC lessened its stake in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 1.6% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,242,631 shares of the company's stock after selling 36,199 shares during the period. Geode Capital Management LLC owned 2.20% of Crinetics Pharmaceuticals worth $104,411,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of CRNX. Wellington Management Group LLP raised its holdings in shares of Crinetics Pharmaceuticals by 44.3% during the 3rd quarter. Wellington Management Group LLP now owns 8,381,991 shares of the company's stock worth $349,110,000 after acquiring an additional 2,574,683 shares during the period. Farallon Capital Management LLC raised its holdings in shares of Crinetics Pharmaceuticals by 24.2% during the 3rd quarter. Farallon Capital Management LLC now owns 5,770,098 shares of the company's stock worth $240,325,000 after acquiring an additional 1,124,000 shares during the period. JPMorgan Chase & Co. raised its holdings in shares of Crinetics Pharmaceuticals by 279.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,258,722 shares of the company's stock worth $52,426,000 after acquiring an additional 926,765 shares during the period. UBS Group AG raised its holdings in shares of Crinetics Pharmaceuticals by 122.7% during the 4th quarter. UBS Group AG now owns 908,192 shares of the company's stock worth $42,276,000 after acquiring an additional 500,470 shares during the period. Finally, Ameriprise Financial Inc. raised its holdings in shares of Crinetics Pharmaceuticals by 157.7% during the 3rd quarter. Ameriprise Financial Inc. now owns 614,816 shares of the company's stock worth $25,607,000 after acquiring an additional 376,206 shares during the period. Hedge funds and other institutional investors own 98.51% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on CRNX. Citizens Jmp reduced their price target on Crinetics Pharmaceuticals from $97.00 to $95.00 and set a "market outperform" rating on the stock in a report on Friday, May 8th. Wall Street Zen upgraded Crinetics Pharmaceuticals from a "strong sell" rating to a "sell" rating in a report on Sunday, May 17th. Oppenheimer reduced their price target on Crinetics Pharmaceuticals from $87.00 to $84.00 and set an "outperform" rating on the stock in a report on Monday, May 11th. Lifesci Capital upgraded shares of Crinetics Pharmaceuticals to a "strong-buy" rating in a report on Friday, February 13th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Crinetics Pharmaceuticals in a report on Monday, April 20th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $76.13.

Crinetics Pharmaceuticals Trading Down 4.9%

Shares of CRNX opened at $32.92 on Friday. The firm has a market cap of $3.47 billion, a P/E ratio of -6.42 and a beta of 0.24. Crinetics Pharmaceuticals, Inc. has a 12-month low of $25.83 and a 12-month high of $57.99. The company's 50-day moving average price is $37.46 and its 200 day moving average price is $42.94.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last issued its quarterly earnings data on Thursday, May 7th. The company reported ($1.23) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.22) by ($0.01). The company had revenue of $10.73 million during the quarter, compared to analysts' expectations of $8.51 million. Crinetics Pharmaceuticals had a negative net margin of 2,747.18% and a negative return on equity of 43.96%. The firm's quarterly revenue was up 2873.4% on a year-over-year basis. During the same quarter last year, the firm posted ($1.04) earnings per share. Equities research analysts forecast that Crinetics Pharmaceuticals, Inc. will post -4.85 earnings per share for the current year.

Insider Activity at Crinetics Pharmaceuticals

In related news, insider Jeff E. Knight sold 85,163 shares of the business's stock in a transaction dated Wednesday, April 8th. The shares were sold at an average price of $40.10, for a total value of $3,415,036.30. Following the sale, the insider directly owned 105,289 shares in the company, valued at approximately $4,222,088.90. The trade was a 44.72% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Stephen F. Betz sold 10,612 shares of the business's stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $37.37, for a total transaction of $396,570.44. Following the completion of the sale, the insider owned 137,101 shares in the company, valued at approximately $5,123,464.37. This trade represents a 7.18% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 132,667 shares of company stock valued at $5,184,161 in the last quarter. Corporate insiders own 3.80% of the company's stock.

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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