Rafferty Asset Management LLC Decreases Stock Holdings in Crinetics Pharmaceuticals, Inc. $CRNX

Key Points

• Rafferty Asset Management slashed its stake in Crinetics by 93.2% in Q3, selling 84,577 shares and retaining 6,179 shares worth $257,000, while institutional investors own about 98.5% of the stock.
• Analyst sentiment is tilted positive — Goldman Sachs upgraded CRNX to a "buy" and the stock's consensus is a Moderate Buy with an average price target of $74.78.
• Shares trade near $38 (52-week range $24.10–$57.99) after reporting a Q of EPS of ($1.29) that slightly beat estimates, and insiders have sold about 12,213 shares (~$522,815) in the past 90 days.

Rafferty Asset Management LLC lessened its holdings in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 93.2% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,179 shares of the company's stock after selling 84,577 shares during the quarter. Rafferty Asset Management LLC's holdings in Crinetics Pharmaceuticals were worth $257,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of CRNX. Farther Finance Advisors LLC lifted its holdings in Crinetics Pharmaceuticals by 523.7% during the 3rd quarter. Farther Finance Advisors LLC now owns 842 shares of the company's stock worth $35,000 after buying an additional 707 shares during the last quarter. Headlands Technologies LLC purchased a new position in shares of Crinetics Pharmaceuticals in the 2nd quarter valued at about $30,000. Covestor Ltd increased its holdings in shares of Crinetics Pharmaceuticals by 23,983.3% in the 3rd quarter. Covestor Ltd now owns 1,445 shares of the company's stock valued at $60,000 after acquiring an additional 1,439 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Crinetics Pharmaceuticals during the 2nd quarter worth about $45,000. Finally, Abich Financial Wealth Management LLC acquired a new stake in shares of Crinetics Pharmaceuticals during the 3rd quarter worth about $68,000. 98.51% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. The Goldman Sachs Group upgraded Crinetics Pharmaceuticals from a "neutral" rating to a "buy" rating and set a $67.00 target price for the company in a research note on Monday, January 12th. Wall Street Zen raised shares of Crinetics Pharmaceuticals from a "sell" rating to a "hold" rating in a report on Saturday, February 28th. Citizens Jmp reduced their price objective on shares of Crinetics Pharmaceuticals from $105.00 to $96.00 and set a "market outperform" rating for the company in a research report on Monday, March 2nd. Lifesci Capital upgraded shares of Crinetics Pharmaceuticals to a "strong-buy" rating in a report on Friday, February 13th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Crinetics Pharmaceuticals in a research report on Wednesday, January 21st. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, Crinetics Pharmaceuticals currently has an average rating of "Moderate Buy" and an average price target of $74.78.

Crinetics Pharmaceuticals Stock Down 1.7%

Shares of NASDAQ:CRNX opened at $38.23 on Monday. Crinetics Pharmaceuticals, Inc. has a fifty-two week low of $24.10 and a fifty-two week high of $57.99. The firm's 50-day simple moving average is $47.92 and its 200-day simple moving average is $43.64. The company has a market cap of $4.00 billion, a price-to-earnings ratio of -7.74 and a beta of 0.23.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last posted its quarterly earnings results on Thursday, February 26th. The company reported ($1.29) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.37) by $0.08. Crinetics Pharmaceuticals had a negative net margin of 6,046.22% and a negative return on equity of 41.46%. The firm's quarterly revenue was up NaN% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.88) earnings per share. On average, research analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS for the current year.

Insiders Place Their Bets

In other Crinetics Pharmaceuticals news, Director Stephanie Okey sold 3,000 shares of the business's stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $39.67, for a total transaction of $119,010.00. Following the transaction, the director owned 13,300 shares in the company, valued at approximately $527,611. The trade was a 18.40% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Isabel Kalofonos sold 2,500 shares of the stock in a transaction that occurred on Monday, January 5th. The stock was sold at an average price of $55.00, for a total value of $137,500.00. Following the transaction, the insider directly owned 834 shares of the company's stock, valued at approximately $45,870. This trade represents a 74.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 12,213 shares of company stock worth $522,815. Company insiders own 4.60% of the company's stock.

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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