Impax Asset Management Group plc Buys Shares of 275,000 Crinetics Pharmaceuticals, Inc. $CRNX

Key Points

• Impax Asset Management Group plc purchased 275,000 shares of Crinetics Pharmaceuticals (NASDAQ:CRNX) in Q4 — about $12.8 million — giving it a 0.29% stake in the company.
• Analyst sentiment is mixed but tilts positive, with an average rating of “Moderate Buy” and an average price target of $76.63 (1 Strong Buy, 8 Buy, 1 Sell).
• Crinetics remains unprofitable but recently beat estimates (Q4 EPS ($1.29) vs. ($1.37) expected; revenue $6.16M), while insiders have been net sellers — 142,380 shares worth $5.57M sold in the past 90 days and insiders now own 4.6%.

Impax Asset Management Group plc bought a new stake in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 275,000 shares of the company's stock, valued at approximately $12,801,000. Impax Asset Management Group plc owned 0.29% of Crinetics Pharmaceuticals as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Headlands Technologies LLC purchased a new position in Crinetics Pharmaceuticals during the 2nd quarter valued at about $30,000. Farther Finance Advisors LLC increased its position in Crinetics Pharmaceuticals by 523.7% during the 3rd quarter. Farther Finance Advisors LLC now owns 842 shares of the company's stock valued at $35,000 after purchasing an additional 707 shares during the period. Raymond James Financial Inc. bought a new stake in shares of Crinetics Pharmaceuticals in the 2nd quarter valued at about $45,000. Covestor Ltd boosted its holdings in shares of Crinetics Pharmaceuticals by 23,983.3% in the 3rd quarter. Covestor Ltd now owns 1,445 shares of the company's stock valued at $60,000 after buying an additional 1,439 shares in the last quarter. Finally, Abich Financial Wealth Management LLC bought a new stake in shares of Crinetics Pharmaceuticals in the 3rd quarter valued at about $68,000. Hedge funds and other institutional investors own 98.51% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on CRNX shares. Weiss Ratings restated a "sell (d-)" rating on shares of Crinetics Pharmaceuticals in a report on Monday, April 20th. Citizens Jmp lowered their price target on shares of Crinetics Pharmaceuticals from $105.00 to $96.00 and set a "market outperform" rating on the stock in a report on Monday, March 2nd. The Goldman Sachs Group upgraded shares of Crinetics Pharmaceuticals from a "neutral" rating to a "buy" rating and set a $67.00 price target on the stock in a report on Monday, January 12th. Lifesci Capital upgraded shares of Crinetics Pharmaceuticals to a "strong-buy" rating in a report on Friday, February 13th. Finally, Wall Street Zen cut shares of Crinetics Pharmaceuticals from a "hold" rating to a "sell" rating in a report on Saturday, March 28th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $76.63.

Crinetics Pharmaceuticals Stock Down 0.5%

CRNX stock opened at $38.33 on Friday. The firm has a 50 day moving average of $38.92 and a 200 day moving average of $44.09. The stock has a market capitalization of $4.01 billion, a PE ratio of -7.76 and a beta of 0.30. Crinetics Pharmaceuticals, Inc. has a 52 week low of $25.83 and a 52 week high of $57.99.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last released its earnings results on Thursday, February 26th. The company reported ($1.29) EPS for the quarter, topping analysts' consensus estimates of ($1.37) by $0.08. The company had revenue of $6.16 million during the quarter, compared to analysts' expectations of $4.32 million. Crinetics Pharmaceuticals had a negative net margin of 6,046.22% and a negative return on equity of 41.46%. Crinetics Pharmaceuticals's revenue for the quarter was up NaN% on a year-over-year basis. During the same period last year, the business earned ($0.88) EPS. On average, equities research analysts expect that Crinetics Pharmaceuticals, Inc. will post -4.9 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Coelho Rogerio Vivaldi sold 5,000 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Thursday, March 12th. The shares were sold at an average price of $36.15, for a total value of $180,750.00. Following the completion of the sale, the director directly owned 16,300 shares in the company, valued at $589,245. This trade represents a 23.47% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Stephen F. Betz sold 10,612 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Monday, March 16th. The stock was 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 of the company's stock, valued at $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 sold 142,380 shares of company stock worth $5,569,475 over the last ninety days. Company insiders own 4.60% 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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