Sector Gamma AS Makes New $5.35 Million Investment in Crinetics Pharmaceuticals, Inc. $CRNX

Key Points

• Sector Gamma AS opened a new position in Crinetics Pharmaceuticals in the fourth quarter, buying 115,000 shares worth about $5.35 million. The stake represents 1.2% of Sector Gamma’s portfolio.
• Crinetics shares were down 2.3% to $33.53, and the company remains well below its 52-week high of $57.99. Despite the pullback, institutional ownership is extremely high at 98.51%.
• The company reported a smaller-than-expected quarterly loss of $1.23 per share and revenue of $10.73 million, which beat analyst estimates. Still, analysts expect a full-year loss, and recent insider selling has added to investor caution.

Sector Gamma AS acquired a new position in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 115,000 shares of the company's stock, valued at approximately $5,353,000. Crinetics Pharmaceuticals makes up 1.2% of Sector Gamma AS's portfolio, making the stock its 27th largest holding. Sector Gamma AS owned about 0.11% of Crinetics Pharmaceuticals at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of CRNX. Wellington Management Group LLP lifted its position in shares of Crinetics Pharmaceuticals by 44.3% in the 3rd 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 during the last quarter. Farallon Capital Management LLC increased its stake in Crinetics Pharmaceuticals by 24.2% during the 3rd quarter. Farallon Capital Management LLC now owns 5,770,098 shares of the company's stock valued at $240,325,000 after buying an additional 1,124,000 shares during the period. JPMorgan Chase & Co. increased its stake in Crinetics Pharmaceuticals by 279.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,258,722 shares of the company's stock valued at $52,426,000 after buying an additional 926,765 shares during the period. GW&K Investment Management LLC grew its stake in shares of Crinetics Pharmaceuticals by 73.6% in the 4th quarter. GW&K Investment Management LLC now owns 1,476,325 shares of the company's stock worth $68,723,000 after purchasing an additional 625,779 shares during the last quarter. Finally, UBS Group AG increased its position in shares of Crinetics Pharmaceuticals by 122.7% in the fourth quarter. UBS Group AG now owns 908,192 shares of the company's stock worth $42,276,000 after acquiring an additional 500,470 shares in the last quarter. 98.51% of the stock is currently owned by institutional investors.

Crinetics Pharmaceuticals Trading Down 2.3%

NASDAQ:CRNX opened at $33.53 on Friday. Crinetics Pharmaceuticals, Inc. has a 1-year low of $25.83 and a 1-year high of $57.99. The firm has a fifty day simple moving average of $37.38 and a 200 day simple moving average of $42.69. The stock has a market capitalization of $3.54 billion, a PE ratio of -6.54 and a beta of 0.24.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($1.23) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.22) by ($0.01). Crinetics Pharmaceuticals had a negative net margin of 2,747.18% and a negative return on equity of 43.96%. The business had revenue of $10.73 million for the quarter, compared to analyst estimates of $8.51 million. During the same period in the prior year, the business earned ($1.04) EPS. The company's revenue for the quarter was up 2873.4% compared to the same quarter last year. On average, equities analysts predict that Crinetics Pharmaceuticals, Inc. will post -4.85 earnings per share for the current fiscal year.

Insider Transactions at Crinetics Pharmaceuticals

In other news, CEO Richard Scott Struthers sold 21,981 shares of Crinetics Pharmaceuticals stock in a transaction on Monday, March 16th. The stock was sold at an average price of $37.37, for a total transaction of $821,429.97. Following the completion of the sale, the chief executive officer owned 404,778 shares of the company's stock, valued at approximately $15,126,553.86. This trade represents a 5.15% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jeff E. Knight sold 85,163 shares of Crinetics Pharmaceuticals stock in a transaction on Wednesday, April 8th. The stock was sold at an average price of $40.10, for a total value of $3,415,036.30. Following the sale, the insider directly owned 105,289 shares of the company's stock, valued at $4,222,088.90. This represents a 44.72% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 127,667 shares of company stock valued at $5,003,411. 3.80% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Lifesci Capital upgraded shares of Crinetics Pharmaceuticals to a "strong-buy" rating in a research report on Friday, February 13th. Wall Street Zen upgraded shares of Crinetics Pharmaceuticals from a "strong sell" rating to a "sell" rating in a research report on Sunday, May 17th. Citizens Jmp reiterated a "market outperform" rating and issued a $95.00 price target on shares of Crinetics Pharmaceuticals in a research report on Thursday. Oppenheimer cut their price target on shares of Crinetics Pharmaceuticals from $87.00 to $84.00 and set an "outperform" rating on the stock in a research report on Monday, May 11th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Crinetics Pharmaceuticals in a research report on Monday, April 20th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $76.13.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.