Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Shares Purchased by Lewis Asset Management LLC

Lewis Asset Management LLC increased its stake in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 104.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 20,000 shares of the company's stock after purchasing an additional 10,220 shares during the quarter. Lewis Asset Management LLC's holdings in Crinetics Pharmaceuticals were worth $671,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. KBC Group NV raised its holdings in shares of Crinetics Pharmaceuticals by 10.0% during the first quarter. KBC Group NV now owns 4,082 shares of the company's stock worth $137,000 after acquiring an additional 370 shares during the period. Martingale Asset Management L P grew its position in Crinetics Pharmaceuticals by 1.9% in the fourth quarter. Martingale Asset Management L P now owns 22,484 shares of the company's stock valued at $1,150,000 after purchasing an additional 410 shares in the last quarter. GF Fund Management CO. LTD. grew its position in Crinetics Pharmaceuticals by 22.0% in the first quarter. GF Fund Management CO. LTD. now owns 2,375 shares of the company's stock valued at $80,000 after purchasing an additional 428 shares in the last quarter. Arizona State Retirement System grew its position in Crinetics Pharmaceuticals by 1.8% in the first quarter. Arizona State Retirement System now owns 23,899 shares of the company's stock valued at $802,000 after purchasing an additional 430 shares in the last quarter. Finally, Mackenzie Financial Corp grew its position in shares of Crinetics Pharmaceuticals by 8.8% in the 4th quarter. Mackenzie Financial Corp now owns 5,422 shares of the company's stock valued at $277,000 after acquiring an additional 440 shares during the period. 98.51% of the stock is owned by institutional investors.

Crinetics Pharmaceuticals Stock Performance

CRNX traded down $0.48 on Tuesday, hitting $30.47. The company had a trading volume of 601,270 shares, compared to its average volume of 818,840. The stock has a fifty day moving average price of $31.00 and a 200-day moving average price of $33.58. 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 $2.85 billion, a price-to-earnings ratio of -7.98 and a beta of 0.25.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported ($1.04) earnings per share for the quarter, missing the consensus estimate of ($0.99) by ($0.05). The company had revenue of $0.36 million for the quarter, compared to the consensus estimate of $0.10 million. The company's revenue for the quarter was down 43.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.93) EPS. Analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS for the current fiscal year.

Analysts Set New Price Targets

CRNX has been the subject of a number of recent analyst reports. The Goldman Sachs Group initiated coverage on shares of Crinetics Pharmaceuticals in a report on Thursday, July 10th. They set a "neutral" rating and a $36.00 price target for the company. HC Wainwright reissued a "buy" rating and set a $81.00 target price on shares of Crinetics Pharmaceuticals in a research note on Friday, June 27th. Finally, Stifel Nicolaus assumed coverage on shares of Crinetics Pharmaceuticals in a research note on Tuesday, March 25th. They set a "buy" rating and a $60.00 target price on the stock. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $69.50.

Insider Activity at Crinetics Pharmaceuticals

In related news, insider Stephen F. Betz sold 97,483 shares of Crinetics Pharmaceuticals 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 completion of the transaction, the insider directly owned 99,713 shares in the company, valued at approximately $3,213,749.99. This trade represents a 49.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 6.00% of the stock is currently owned by corporate insiders.

Crinetics Pharmaceuticals 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.