Prosight Management LP Buys 30,561 Shares of Crinetics Pharmaceuticals, Inc. $CRNX

Key Points

• Prosight Management increased its stake in Crinetics by 10.3%, buying 30,561 shares to own 328,684 shares worth about $13.7M, and institutional investors now hold about 98.51% of the company.
• Wall Street consensus is a Moderate Buy with an average price target of $74.78, and recent analyst moves include Goldman Sachs raising CRNX to a Buy ($67) and Morgan Stanley to Overweight ($80).
• CRNX shares traded at $37.49 (market cap ~$3.93B) amid continued losses—last quarter EPS was a ($1.29) loss beating estimates, analysts expect -3.73 EPS for the year—and insiders have sold ~17,213 shares in the past 90 days.

Prosight Management LP grew its stake in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 10.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 328,684 shares of the company's stock after purchasing an additional 30,561 shares during the period. Crinetics Pharmaceuticals makes up 3.2% of Prosight Management LP's investment portfolio, making the stock its 11th largest holding. Prosight Management LP owned approximately 0.35% of Crinetics Pharmaceuticals worth $13,690,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of CRNX. Wellington Management Group LLP raised its stake in Crinetics Pharmaceuticals by 44.3% in the third quarter. Wellington Management Group LLP now owns 8,381,991 shares of the company's stock worth $349,110,000 after buying an additional 2,574,683 shares in the last quarter. Invesco Ltd. boosted its position in Crinetics Pharmaceuticals by 14.4% during the 3rd quarter. Invesco Ltd. now owns 89,393 shares of the company's stock valued at $3,723,000 after acquiring an additional 11,253 shares in the last quarter. UBS Group AG grew its holdings in shares of Crinetics Pharmaceuticals by 27.2% during the 3rd quarter. UBS Group AG now owns 407,722 shares of the company's stock worth $16,982,000 after acquiring an additional 87,177 shares during the period. BNP Paribas Financial Markets grew its holdings in shares of Crinetics Pharmaceuticals by 52.1% during the 3rd quarter. BNP Paribas Financial Markets now owns 23,967 shares of the company's stock worth $998,000 after acquiring an additional 8,212 shares during the period. Finally, Mackenzie Financial Corp bought a new position in shares of Crinetics Pharmaceuticals in the 3rd quarter worth approximately $247,000. Hedge funds and other institutional investors own 98.51% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CRNX. Wall Street Zen upgraded Crinetics Pharmaceuticals from a "sell" rating to a "hold" rating in a research note on Saturday, February 28th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Crinetics Pharmaceuticals in a report on Wednesday, January 21st. The Goldman Sachs Group raised Crinetics Pharmaceuticals from a "neutral" rating to a "buy" rating and set a $67.00 price objective for the company in a research report on Monday, January 12th. Morgan Stanley boosted their target price on shares of Crinetics Pharmaceuticals from $77.00 to $80.00 and gave the company an "overweight" rating in a report on Tuesday, January 6th. Finally, Citizens Jmp reduced their target price on shares of Crinetics Pharmaceuticals from $105.00 to $96.00 and set a "market outperform" rating on the stock in a research report on Monday, March 2nd. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $74.78.

Crinetics Pharmaceuticals Price Performance

CRNX stock opened at $37.49 on Friday. The stock has a market capitalization of $3.93 billion, a P/E ratio of -7.59 and a beta of 0.23. Crinetics Pharmaceuticals, Inc. has a 1-year low of $24.10 and a 1-year high of $57.99. The business has a fifty day moving average price of $46.96 and a 200-day moving average price of $43.71.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last released its quarterly earnings data on Thursday, February 26th. The company reported ($1.29) EPS for the quarter, topping the consensus estimate of ($1.37) by $0.08. Crinetics Pharmaceuticals had a negative return on equity of 41.46% and a negative net margin of 6,046.22%.During the same period in the prior year, the business posted ($0.88) earnings per share. Crinetics Pharmaceuticals's quarterly revenue was up NaN% compared to the same quarter last year. As a group, analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current year.

Insider Activity at Crinetics Pharmaceuticals

In other news, insider Isabel Kalofonos sold 2,500 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Monday, January 5th. The shares were sold at an average price of $55.00, for a total value of $137,500.00. Following the completion of the sale, the insider directly owned 834 shares in the company, valued at $45,870. The trade was a 74.99% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Stephanie Okey sold 3,000 shares of the business's stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $39.67, for a total transaction of $119,010.00. Following the transaction, the director directly owned 13,300 shares of the company's stock, valued at $527,611. The trade was a 18.40% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 17,213 shares of company stock worth $703,565. 4.60% of the stock is owned by insiders.

About Crinetics Pharmaceuticals

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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