Rice Hall James & Associates LLC Takes $7.35 Million Position in Crinetics Pharmaceuticals, Inc. $CRNX

Key Points

• Rice Hall James & Associates acquired 196,318 shares of Crinetics Pharmaceuticals worth approximately $7.35 million, giving it a 0.19% stake. Institutional investors collectively own 98.51% of the company.
• Analyst sentiment has weakened, with several firms downgrading the stock to “hold” or “sell.” Crinetics has a consensus rating of “Hold” and an average price target of $81.
• Crinetics exceeded quarterly expectations, reporting an adjusted loss of $1.14 per share versus the estimated $1.18 loss and revenue of $25.12 million, up 2,336.9% year over year. Shares opened at $84.75, near their 52-week high.

Rice Hall James & Associates LLC purchased a new position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 196,318 shares of the company's stock, valued at approximately $7,346,000. Rice Hall James & Associates LLC owned 0.19% of Crinetics Pharmaceuticals as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. GW&K Investment Management LLC boosted its position in Crinetics Pharmaceuticals by 73.6% during the 4th quarter. GW&K Investment Management LLC now owns 1,476,325 shares of the company's stock valued at $68,723,000 after acquiring an additional 625,779 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH lifted its stake in shares of Crinetics Pharmaceuticals by 5.3% during the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 408,312 shares of the company's stock worth $19,007,000 after purchasing an additional 20,387 shares during the last quarter. Sector Gamma AS purchased a new stake in shares of Crinetics Pharmaceuticals during the 4th quarter worth $5,353,000. UBS Group AG boosted its position in Crinetics Pharmaceuticals by 122.7% during the fourth quarter. UBS Group AG now owns 908,192 shares of the company's stock valued at $42,276,000 after purchasing an additional 500,470 shares in the last quarter. Finally, Glenmede Trust Co. NA grew its stake in Crinetics Pharmaceuticals by 72.6% in the first quarter. Glenmede Trust Co. NA now owns 29,245 shares of the company's stock valued at $1,062,000 after purchasing an additional 12,301 shares during the last quarter. 98.51% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have commented on CRNX shares. Wall Street Zen raised shares of Crinetics Pharmaceuticals from a "strong sell" rating to a "sell" rating in a research report on Sunday, July 12th. Evercore lowered shares of Crinetics Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 7th. Weiss Ratings reissued a "sell (d-)" rating on shares of Crinetics Pharmaceuticals in a research report on Friday, July 17th. JonesTrading downgraded shares of Crinetics Pharmaceuticals from a "buy" rating to a "hold" rating and set a $85.00 target price for the company. in a research note on Tuesday, July 7th. Finally, Piper Sandler lowered shares of Crinetics Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 7th. Five investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Crinetics Pharmaceuticals has a consensus rating of "Hold" and an average price target of $81.00.

Crinetics Pharmaceuticals Stock Performance

Shares of NASDAQ CRNX opened at $84.75 on Tuesday. The company has a market cap of $8.99 billion, a PE ratio of -16.82 and a beta of 0.12. The business has a 50-day simple moving average of $65.02 and a two-hundred day simple moving average of $48.46. Crinetics Pharmaceuticals, Inc. has a fifty-two week low of $28.73 and a fifty-two week high of $84.76.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last issued its quarterly earnings results on Monday, August 3rd. The company reported ($1.14) earnings per share for the quarter, topping analysts' consensus estimates of ($1.18) by $0.04. The business had revenue of $25.12 million for the quarter, compared to analyst estimates 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 quarter in the previous year, the firm earned ($1.23) earnings per share. On average, sell-side analysts predict that Crinetics Pharmaceuticals, Inc. will post -4.83 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Crinetics Pharmaceuticals news, Director Stephanie Okey sold 6,900 shares of the business's stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $35.67, for a total transaction of $246,123.00. Following the sale, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Coelho Rogerio 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 transaction, the director owned 19,225 shares in the company, valued at $769,000. The trade was a 13.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.80% of the stock is owned by company insiders.

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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