Crinetics Pharmaceuticals, Inc. $CRNX Shares Sold by Martingale Asset Management L P

Key Points

• Martingale Asset Management L P sold 15,783 shares of Crinetics Pharmaceuticals, reducing its stake by 70.2%, leaving it with 6,701 shares valued at $225,000.
• Insider trading shows significant sales, with Dana Pizzuti selling 30,000 shares and Stephen F. Betz selling 97,483 shares, both resulting in substantial decreases in their ownership positions.
• Crinetics Pharmaceuticals missed earnings expectations, reporting ($1.23) earnings per share for the quarter, while also achieving a 158.4% increase in revenue compared to the same quarter last year.

Martingale Asset Management L P decreased its position in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 70.2% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 6,701 shares of the company's stock after selling 15,783 shares during the period. Martingale Asset Management L P's holdings in Crinetics Pharmaceuticals were worth $225,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in CRNX. KBC Group NV increased its stake 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 purchasing an additional 370 shares during the last quarter. GF Fund Management CO. LTD. increased its stake in shares of Crinetics Pharmaceuticals by 22.0% during the 1st quarter. GF Fund Management CO. LTD. now owns 2,375 shares of the company's stock valued at $80,000 after acquiring an additional 428 shares during the last quarter. Arizona State Retirement System increased its stake in shares of Crinetics Pharmaceuticals by 1.8% during the 1st quarter. Arizona State Retirement System now owns 23,899 shares of the company's stock valued at $802,000 after acquiring an additional 430 shares during the last quarter. Mackenzie Financial Corp lifted its holdings in shares of Crinetics Pharmaceuticals by 8.8% during the 4th quarter. Mackenzie Financial Corp now owns 5,422 shares of the company's stock worth $277,000 after acquiring an additional 440 shares during the period. Finally, Amalgamated Bank boosted its position in shares of Crinetics Pharmaceuticals by 17.3% in the first quarter. Amalgamated Bank now owns 3,159 shares of the company's stock worth $106,000 after acquiring an additional 467 shares during the last quarter. Hedge funds and other institutional investors own 98.51% of the company's stock.

Insider Activity at Crinetics Pharmaceuticals

In other news, 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 completion of the transaction, the insider directly owned 66,270 shares in the company, valued at approximately $2,016,596.10. This represents a 31.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Stephen F. Betz sold 97,483 shares of the firm's stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $32.23, for a total transaction of $3,141,877.09. Following the sale, the insider directly owned 99,713 shares of the company's stock, valued at approximately $3,213,749.99. The trade was a 49.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 133,975 shares of company stock valued at $4,244,214 in the last ninety days. 6.00% of the stock is owned by corporate insiders.

Crinetics Pharmaceuticals Trading Up 1.1%

NASDAQ:CRNX traded up $0.34 during mid-day trading on Monday, hitting $30.99. The company had a trading volume of 1,135,556 shares, compared to its average volume of 1,031,432. Crinetics Pharmaceuticals, Inc. has a 1 year low of $24.10 and a 1 year high of $62.53. The business has a fifty day simple moving average of $30.04 and a 200-day simple moving average of $31.36. The firm has a market capitalization of $2.92 billion, a price-to-earnings ratio of -7.54 and a beta of 0.28.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported ($1.23) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.13) by ($0.10). The firm had revenue of $1.03 million during the quarter, compared to analyst estimates of $0.52 million. The business's quarterly revenue was up 158.4% on a year-over-year basis. During the same period in the prior year, the business posted ($0.94) EPS. As a group, research analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. The Goldman Sachs Group assumed coverage on shares of Crinetics Pharmaceuticals in a report on Thursday, July 10th. They issued a "neutral" rating and a $36.00 target price for the company. HC Wainwright reiterated a "buy" rating and issued a $81.00 price target on shares of Crinetics Pharmaceuticals in a report on Friday, June 27th. Finally, JMP Securities dropped their price objective on Crinetics Pharmaceuticals from $90.00 to $86.00 and set a "market outperform" rating for the company in a report on Monday, August 11th. Seven analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, Crinetics Pharmaceuticals currently has a consensus rating of "Moderate Buy" and an average target price of $68.86.

About Crinetics Pharmaceuticals

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.