Parkman Healthcare Partners LLC Boosts Holdings in Crinetics Pharmaceuticals, Inc. $CRNX

Key Points

• Parkman Healthcare Partners LLC increased its holdings in Crinetics Pharmaceuticals by 25%, owning approximately 63,940 shares valued at $2.14 million as of the latest SEC filing.
• Crinetics Pharmaceuticals' stock experienced a 4.0% increase, with a current market price of $35.61 and a market capitalization of $3.35 billion.
• The company reported a revenue growth of 158.4% year-over-year, with earnings per share of ($1.23), missing analyst estimates by $0.10 during its latest quarterly earnings report.

Parkman Healthcare Partners LLC boosted its position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 25.0% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 63,940 shares of the company's stock after buying an additional 12,807 shares during the period. Parkman Healthcare Partners LLC owned approximately 0.07% of Crinetics Pharmaceuticals worth $2,145,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. KBC Group NV grew its position in Crinetics Pharmaceuticals by 10.0% in the 1st quarter. KBC Group NV now owns 4,082 shares of the company's stock valued at $137,000 after buying an additional 370 shares during the last quarter. MetLife Investment Management LLC boosted its position in shares of Crinetics Pharmaceuticals by 0.7% during the 1st quarter. MetLife Investment Management LLC now owns 53,414 shares of the company's stock worth $1,792,000 after purchasing an additional 394 shares in the last quarter. GF Fund Management CO. LTD. boosted its position 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 worth $80,000 after purchasing an additional 428 shares in the last quarter. Arizona State Retirement System boosted its position 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 worth $802,000 after purchasing an additional 430 shares in the last quarter. Finally, Mackenzie Financial Corp boosted its position 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 purchasing an additional 440 shares in the last quarter. 98.51% of the stock is currently owned by hedge funds and other institutional investors.

Crinetics Pharmaceuticals Stock Up 4.0%

NASDAQ:CRNX opened at $35.61 on Friday. The company has a market capitalization of $3.35 billion, a PE ratio of -8.66 and a beta of 0.28. Crinetics Pharmaceuticals, Inc. has a 52-week low of $24.10 and a 52-week high of $62.53. The stock has a fifty day simple moving average of $30.37 and a 200-day simple moving average of $31.39.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last released its quarterly earnings results 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 firm had revenue of $1.03 million during the quarter, compared to analyst estimates of $0.52 million. The firm's revenue was up 158.4% on a year-over-year basis. During the same period in the previous year, the business earned ($0.94) earnings per share. As a group, equities analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current year.

Wall Street Analysts Forecast Growth

CRNX has been the topic of several research analyst reports. JMP Securities decreased their target price on shares of Crinetics Pharmaceuticals from $90.00 to $86.00 and set a "market outperform" rating on the stock in a research report on Monday, August 11th. 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 target price on the stock. Finally, HC Wainwright restated a "buy" rating and set a $81.00 target price on shares of Crinetics Pharmaceuticals in a research report on Friday, June 27th. Seven analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, Crinetics Pharmaceuticals currently has a consensus rating of "Moderate Buy" and an average price target of $68.86.

Insider Buying and Selling at Crinetics Pharmaceuticals

In related news, insider Stephen F. Betz sold 97,483 shares of the business's stock in a transaction dated Thursday, June 12th. The shares were 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 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 position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Dana Pizzuti sold 30,000 shares of the business's 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 completion of the transaction, the insider directly owned 66,270 shares of the company's stock, valued at $2,016,596.10. The trade was a 31.16% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 133,975 shares of company stock valued at $4,244,214 in the last ninety days. Corporate insiders own 4.60% of the company's stock.

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.

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