Paradigm Biocapital Advisors LP Has $65.27 Million Stock Position in Crinetics Pharmaceuticals, Inc. $CRNX

Key Points

• Paradigm Biocapital Advisors LP increased its stake in Crinetics Pharmaceuticals by 1.9%, acquiring an additional 35,407 shares, bringing its total holdings to 1,946,168 shares valued at approximately $65.27 million.
• Crinetics Pharmaceuticals reported a significant revenue increase of 158.4% year-over-year, generating $1.03 million, although it reported a loss of ($1.23) earnings per share, missing analysts' expectations.
• Insider selling was noted, with two executives offloading a combined 127,483 shares valued at over $4 million in recent months, leading to a decrease in their positions in the company.

Paradigm Biocapital Advisors LP increased its stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 1.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,946,168 shares of the company's stock after buying an additional 35,407 shares during the quarter. Crinetics Pharmaceuticals makes up 3.1% of Paradigm Biocapital Advisors LP's holdings, making the stock its 9th biggest position. Paradigm Biocapital Advisors LP owned about 2.08% of Crinetics Pharmaceuticals worth $65,274,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Farallon Capital Management LLC increased its position in Crinetics Pharmaceuticals by 250.7% during the 4th quarter. Farallon Capital Management LLC now owns 4,075,098 shares of the company's stock worth $208,360,000 after buying an additional 2,913,098 shares during the period. Nuveen LLC acquired a new position in shares of Crinetics Pharmaceuticals during the 1st quarter valued at $18,881,000. Candriam S.C.A. purchased a new stake in Crinetics Pharmaceuticals in the 1st quarter valued at $16,398,000. Point72 Asset Management L.P. increased its position in shares of Crinetics Pharmaceuticals by 21.2% during the 4th quarter. Point72 Asset Management L.P. now owns 2,788,939 shares of the company's stock valued at $142,598,000 after purchasing an additional 488,296 shares during the last quarter. Finally, Janus Henderson Group PLC boosted its position in Crinetics Pharmaceuticals by 15.1% during the fourth quarter. Janus Henderson Group PLC now owns 2,795,441 shares of the company's stock worth $142,902,000 after purchasing an additional 365,991 shares during the period. Institutional investors own 98.51% of the company's stock.

Crinetics Pharmaceuticals Stock Performance

Crinetics Pharmaceuticals stock traded up $0.82 during mid-day trading on Friday, reaching $35.07. 603,333 shares of the company were exchanged, compared to its average volume of 950,960. Crinetics Pharmaceuticals, Inc. has a twelve month low of $24.10 and a twelve month high of $62.53. The firm's 50-day simple moving average is $30.26 and its two-hundred day simple moving average is $31.39. The firm has a market cap of $3.30 billion, a PE ratio of -8.54 and a beta of 0.28.

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

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the company. JMP Securities dropped their target price on Crinetics Pharmaceuticals from $90.00 to $86.00 and set a "market outperform" rating for the company in a research report on Monday, August 11th. The Goldman Sachs Group started coverage on Crinetics Pharmaceuticals in a research report on Thursday, July 10th. They issued a "neutral" rating and a $36.00 target price on the stock. Finally, HC Wainwright reaffirmed a "buy" rating and set a $81.00 price objective on shares of Crinetics Pharmaceuticals in a report on Friday, June 27th. Seven research 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, Crinetics Pharmaceuticals presently has an average rating of "Moderate Buy" and a consensus price target of $68.86.

Insider Transactions at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, insider Stephen F. Betz sold 97,483 shares of the stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $32.23, for a total transaction of $3,141,877.09. Following the transaction, the insider owned 99,713 shares of the company's stock, valued at $3,213,749.99. This trade represents a 49.43% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Dana Pizzuti sold 30,000 shares of the stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $30.43, for a total value of $912,900.00. Following the sale, the insider owned 66,270 shares in the company, valued at $2,016,596.10. The trade was a 31.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 133,975 shares of company stock valued at $4,244,214. 4.60% of the stock is owned by company insiders.

Crinetics Pharmaceuticals Company 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.