Odyssean LLC Acquires New Position in Crinetics Pharmaceuticals, Inc. $CRNX

Key Points

• Odyssean LLC acquired 84,456 shares of Crinetics Pharmaceuticals during the second quarter, worth approximately $3.16 million. Institutional investors and hedge funds collectively own 98.51% of the company.
• Analysts have broadly turned more cautious, with several firms downgrading Crinetics to “Hold.” The stock carries a consensus “Hold” rating and an average price target of $81.00.
• Crinetics reported quarterly revenue of $25.12 million, far exceeding expectations and rising 2,336.9% year over year, while adjusted EPS came in at a $1.14 loss. Shares opened at $84.95, near their 12-month high of $85.01.

Odyssean LLC acquired a new stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 84,456 shares of the company's stock, valued at approximately $3,160,000. Odyssean LLC owned about 0.08% of Crinetics Pharmaceuticals as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently bought and sold shares of the company. Headlands Technologies LLC bought a new stake in shares of Crinetics Pharmaceuticals during the 2nd quarter valued at $30,000. Smartleaf Asset Management LLC lifted its stake in shares of 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. Raymond James Financial Inc. bought a new position in shares of Crinetics Pharmaceuticals in the 2nd quarter worth $45,000. Parallel Advisors LLC boosted its position in shares of Crinetics Pharmaceuticals by 34.6% in the 4th quarter. Parallel Advisors LLC now owns 1,225 shares of the company's stock worth $57,000 after purchasing an additional 315 shares during the last quarter. Finally, Arax Advisory Partners boosted its position in shares of Crinetics Pharmaceuticals by 131.2% in the 4th quarter. Arax Advisory Partners now owns 1,498 shares of the company's stock worth $70,000 after purchasing an additional 850 shares during the last quarter. Institutional investors and hedge funds own 98.51% of the company's stock.

Analyst Ratings Changes

CRNX has been the subject of a number of recent analyst reports. Lifesci Capital downgraded Crinetics Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 7th. Citizens Jmp cut Crinetics Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 7th. Cantor Fitzgerald restated a "neutral" rating on shares of Crinetics Pharmaceuticals in a research report on Wednesday. Jefferies Financial Group cut Crinetics Pharmaceuticals from a "buy" rating to a "hold" rating and upped their price target for the company from $55.00 to $85.00 in a research note on Tuesday, July 7th. Finally, HC Wainwright downgraded shares of Crinetics Pharmaceuticals from a "buy" rating to a "hold" rating and increased their price target for the company from $81.00 to $85.00 in a research report on Tuesday, July 7th. Five analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $81.00.

Insider Activity at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, Director Stephanie Okey sold 6,900 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $35.67, for a total value of $246,123.00. Following the transaction, the director owned 6,400 shares of the company's stock, valued at approximately $228,288. The trade was a 51.88% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Coelho Vivaldi sold 3,000 shares of the company's stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $40.00, for a total transaction of $120,000.00. Following the completion of the transaction, the director owned 19,225 shares of the company's stock, valued at $769,000. This trade represents a 13.50% 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. 3.80% of the stock is currently owned by insiders.

Crinetics Pharmaceuticals Stock Performance

Shares of Crinetics Pharmaceuticals stock opened at $84.95 on Friday. The stock's fifty day simple moving average is $78.89 and its 200 day simple moving average is $52.11. The company has a market capitalization of $9.01 billion, a PE ratio of -16.86 and a beta of 0.08. Crinetics Pharmaceuticals, Inc. has a 12 month low of $30.25 and a 12 month high of $85.01.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last posted its earnings results on Monday, August 3rd. The company reported ($1.14) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($1.18) by $0.04. The firm had revenue of $25.12 million during the quarter, compared to analysts' expectations of $14.84 million. Crinetics Pharmaceuticals had a negative return on equity of 44.22% and a negative net margin of 1,189.88%.The company's revenue was up 2336.9% on a year-over-year basis. During the same period in the previous year, the firm earned ($1.23) earnings per share. Analysts predict that Crinetics Pharmaceuticals, Inc. will post -4.83 EPS for the current fiscal year.

Crinetics Pharmaceuticals Company 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.

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