Northern Trust Corp Sells 22,733 Shares of Crinetics Pharmaceuticals, Inc. $CRNX

Key Points

• Northern Trust Corp has decreased its holdings in Crinetics Pharmaceuticals by 2.6%, selling 22,733 shares and holding a total of 857,081 shares valued at approximately $28.7 million.
• Insiders, including Dana Pizzuti and Stephen F. Betz, have collectively sold 133,975 shares of Crinetics Pharmaceuticals in recent months, indicating significant insider selling activity.
• Crinetics Pharmaceuticals reported a quarterly revenue increase of 158.4% year-over-year, with total revenue of $1.03 million, despite reporting an earnings per share of ($1.23) that missed analyst estimates.

Northern Trust Corp reduced its stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 2.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 857,081 shares of the company's stock after selling 22,733 shares during the period. Northern Trust Corp owned approximately 0.92% of Crinetics Pharmaceuticals worth $28,746,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. State of Wyoming purchased a new stake in Crinetics Pharmaceuticals in the fourth quarter valued at $50,000. GF Fund Management CO. LTD. purchased a new stake in shares of Crinetics Pharmaceuticals in the fourth quarter valued at about $100,000. Amalgamated Bank raised its stake in Crinetics Pharmaceuticals by 17.3% during the 1st quarter. Amalgamated Bank now owns 3,159 shares of the company's stock valued at $106,000 after acquiring an additional 467 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in shares of Crinetics Pharmaceuticals by 25.4% in the 1st quarter. PNC Financial Services Group Inc. now owns 3,395 shares of the company's stock valued at $114,000 after purchasing an additional 688 shares during the last quarter. Finally, KBC Group NV lifted its stake in shares of Crinetics Pharmaceuticals by 10.0% in the 1st 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. Hedge funds and other institutional investors own 98.51% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on CRNX shares. JMP Securities lowered 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. HC Wainwright reissued a "buy" rating and set a $81.00 target price on shares of Crinetics Pharmaceuticals in a research report on Friday, June 27th. Finally, The Goldman Sachs Group initiated coverage on shares of Crinetics Pharmaceuticals in a research report on Thursday, July 10th. They set a "neutral" rating and a $36.00 price target for the company. Seven analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $68.86.

Crinetics Pharmaceuticals Price Performance

Shares of CRNX stock traded up $1.07 on Friday, hitting $35.32. The company's stock had a trading volume of 326,296 shares, compared to its average volume of 948,990. Crinetics Pharmaceuticals, Inc. has a fifty-two week low of $24.10 and a fifty-two week high of $62.53. The firm's fifty day moving average price is $30.26 and its 200-day moving average price is $31.39. The stock has a market capitalization of $3.33 billion, a price-to-earnings ratio of -8.64 and a beta of 0.28.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last posted 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 business had revenue of $1.03 million for the quarter, compared to analysts' expectations of $0.52 million. Crinetics Pharmaceuticals's quarterly revenue was up 158.4% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.94) EPS. Analysts predict that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS for the current fiscal year.

Insiders Place Their Bets

In other Crinetics Pharmaceuticals news, insider Dana Pizzuti sold 30,000 shares of the stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $30.43, for a total transaction of $912,900.00. Following the sale, the insider directly owned 66,270 shares in the company, valued at $2,016,596.10. This represents a 31.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Stephen F. Betz sold 97,483 shares of the business's stock in a transaction dated 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 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 disclosure for this sale can be found here. In the last ninety days, insiders sold 133,975 shares of company stock valued at $4,244,214. 4.60% of the stock is owned by insiders.

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.