Invesco Ltd. Sells 228,295 Shares of Crinetics Pharmaceuticals, Inc. $CRNX

Key Points

• Invesco Ltd. reduced its holdings in Crinetics Pharmaceuticals by 76.5%, selling 228,295 shares, and now owns 69,959 shares valued at approximately $2.35 million.
• Crinetics Pharmaceuticals reported a loss of $1.23 earnings per share for the last quarter, missing expectations, but achieved a 158.4% increase in revenue year-over-year.
• Multiple institutional investors, including Farallon Capital and Point72 Asset Management, significantly increased their stakes in Crinetics Pharmaceuticals during the previous quarter.

Invesco Ltd. lessened its stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 76.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 69,959 shares of the company's stock after selling 228,295 shares during the period. Invesco Ltd. owned about 0.07% of Crinetics Pharmaceuticals worth $2,346,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. State of Wyoming bought a new stake in Crinetics Pharmaceuticals in the fourth quarter valued at approximately $50,000. GF Fund Management CO. LTD. increased its position in shares of Crinetics Pharmaceuticals by 22.0% during the first quarter. GF Fund Management CO. LTD. now owns 2,375 shares of the company's stock worth $80,000 after buying an additional 428 shares during the period. Amalgamated Bank raised its stake in Crinetics Pharmaceuticals by 17.3% during the first quarter. Amalgamated Bank now owns 3,159 shares of the company's stock worth $106,000 after buying an additional 467 shares during the last quarter. PNC Financial Services Group Inc. lifted its holdings in Crinetics Pharmaceuticals by 25.4% in the first quarter. PNC Financial Services Group Inc. now owns 3,395 shares of the company's stock valued at $114,000 after buying an additional 688 shares during the period. Finally, KBC Group NV lifted its holdings in Crinetics Pharmaceuticals by 10.0% in the first quarter. KBC Group NV now owns 4,082 shares of the company's stock valued at $137,000 after buying an additional 370 shares during the period. 98.51% of the stock is currently owned by institutional investors.

Insider Transactions at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, insider Stephen F. Betz sold 97,483 shares of the business's stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $32.23, for a total value of $3,141,877.09. Following the sale, the insider directly owned 99,713 shares in the company, valued at $3,213,749.99. The trade was a 49.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Dana Pizzuti sold 30,000 shares of the company's stock in a transaction on Friday, August 22nd. The shares were 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 $2,016,596.10. This represents a 31.16% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 133,975 shares of company stock worth $4,244,214. Corporate insiders own 6.00% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently commented on CRNX. The Goldman Sachs Group initiated coverage on Crinetics Pharmaceuticals in a research 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 reissued a "buy" rating and issued a $81.00 price target on shares of Crinetics Pharmaceuticals in a research report on Friday, June 27th. Seven analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $68.86.

Crinetics Pharmaceuticals Price Performance

Shares of Crinetics Pharmaceuticals stock traded up $0.67 during trading hours on Wednesday, hitting $33.97. 1,064,323 shares of the company's stock traded hands, compared to its average volume of 946,536. Crinetics Pharmaceuticals, Inc. has a 12-month low of $24.10 and a 12-month high of $62.53. The stock has a market capitalization of $3.20 billion, a price-to-earnings ratio of -8.27 and a beta of 0.28. The company has a fifty day simple moving average of $30.09 and a 200-day simple moving average of $31.38.

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

Crinetics Pharmaceuticals Company Profile

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.