Jupiter Topco LLC Buys Shares of 4,557,689 Crinetics Pharmaceuticals, Inc. $CRNX

Key Points

• Jupiter Topco LLC acquired 4.56 million Crinetics Pharmaceuticals shares worth approximately $170.5 million, giving it a 4.3% stake. Institutional investors collectively own 98.51% of CRNX.
• Crinetics reported a quarterly loss of $1.14 per share, narrowly beating estimates, while revenue reached $25.12 million—up 2,336.9% year over year and well above forecasts.
• Analyst sentiment is mixed after several firms downgraded the stock to “Hold”; the consensus rating is Hold with an average price target of $81, below CRNX’s reported opening price of $84.84.

Jupiter Topco LLC purchased a new stake in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 4,557,689 shares of the company's stock, valued at approximately $170,509,000. Jupiter Topco LLC owned 4.30% of Crinetics Pharmaceuticals as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of CRNX. Parkman Healthcare Partners LLC increased its holdings in Crinetics Pharmaceuticals by 0.4% during the 3rd quarter. Parkman Healthcare Partners LLC now owns 73,725 shares of the company's stock worth $3,071,000 after acquiring an additional 313 shares during the period. Parallel Advisors LLC boosted its holdings in Crinetics Pharmaceuticals by 34.6% in the 4th quarter. Parallel Advisors LLC now owns 1,225 shares of the company's stock valued at $57,000 after purchasing an additional 315 shares during the period. Smartleaf Asset Management LLC boosted its holdings in Crinetics Pharmaceuticals by 107.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 639 shares of the company's stock valued at $30,000 after purchasing an additional 331 shares during the period. Brooklyn Investment Group grew its position in shares of Crinetics Pharmaceuticals by 6.3% during the 4th quarter. Brooklyn Investment Group now owns 5,890 shares of the company's stock valued at $280,000 after purchasing an additional 348 shares in the last quarter. Finally, Commerce Bank grew its position in shares of Crinetics Pharmaceuticals by 5.9% during the 4th quarter. Commerce Bank now owns 8,019 shares of the company's stock valued at $373,000 after purchasing an additional 444 shares in the last quarter. 98.51% of the stock is owned by hedge funds and other institutional investors.

Crinetics Pharmaceuticals Price Performance

CRNX opened at $84.84 on Thursday. The firm has a market cap of $9.00 billion, a PE ratio of -16.83 and a beta of 0.12. The stock has a 50-day moving average price of $72.02 and a 200-day moving average price of $50.21. Crinetics Pharmaceuticals, Inc. has a 1 year low of $30.24 and a 1 year high of $84.88.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last announced its quarterly earnings results on Monday, August 3rd. The company reported ($1.14) EPS for the quarter, topping analysts' consensus estimates of ($1.18) by $0.04. The firm had revenue of $25.12 million during the quarter, compared to analyst estimates 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 in the previous year, the business posted ($1.23) earnings per share. As a group, sell-side analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -4.83 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages recently issued reports on CRNX. JonesTrading downgraded Crinetics Pharmaceuticals from a "buy" rating to a "hold" rating and set a $85.00 price objective on the stock. in a research report on Tuesday, July 7th. UBS Group restated a "neutral" rating and set a $85.00 target price (up from $55.00) on shares of Crinetics Pharmaceuticals in a research report on Tuesday, July 28th. HC Wainwright lowered Crinetics Pharmaceuticals from a "buy" rating to a "hold" rating and upped their target price for the stock from $81.00 to $85.00 in a research note on Tuesday, July 7th. Robert W. Baird raised their price target on Crinetics Pharmaceuticals from $62.00 to $85.00 and gave the company an "outperform" rating in a research report on Tuesday, July 7th. Finally, Piper Sandler cut shares of Crinetics Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 7th. Five research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $81.00.

Insider Transactions at Crinetics Pharmaceuticals

In other news, Director Coelho Rogerio Vivaldi sold 3,000 shares of the stock in a transaction that occurred on Thursday, July 2nd. The shares were 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 represents a 13.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephanie Okey sold 6,900 shares of the firm'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 transaction of $246,123.00. Following the completion of the transaction, the director directly owned 6,400 shares in the company, valued at approximately $228,288. The trade was a 51.88% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source