T. Rowe Price Investment Management Inc. Sells 313,617 Shares of Crinetics Pharmaceuticals, Inc. $CRNX

Key Points

• T. Rowe Price Investment Management Inc. reduced its stake in Crinetics Pharmaceuticals by 31.3%, selling 313,617 shares, and now owns approximately 0.74% of the company valued at $23.1 million.
• Crinetics Pharmaceuticals reported a larger-than-expected loss of ($1.23) EPS for the quarter, missing the consensus estimate, but had a significant revenue increase of 158.4% year-over-year.
• The stock has a market capitalization of $2.91 billion and analysts maintain a consensus rating of "Moderate Buy" with an average price target of $68.86.

T. Rowe Price Investment Management Inc. lowered its stake in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 31.3% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 689,265 shares of the company's stock after selling 313,617 shares during the period. T. Rowe Price Investment Management Inc. owned approximately 0.74% of Crinetics Pharmaceuticals worth $23,118,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the business. Vanguard Group Inc. lifted its stake in shares of Crinetics Pharmaceuticals by 2.4% in the 1st quarter. Vanguard Group Inc. now owns 9,311,600 shares of the company's stock worth $312,311,000 after purchasing an additional 222,209 shares during the period. Driehaus Capital Management LLC lifted its stake in shares of Crinetics Pharmaceuticals by 4.3% in the 4th quarter. Driehaus Capital Management LLC now owns 6,141,014 shares of the company's stock worth $313,990,000 after purchasing an additional 255,766 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in shares of Crinetics Pharmaceuticals by 9.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 5,414,505 shares of the company's stock worth $276,844,000 after purchasing an additional 469,748 shares during the period. Farallon Capital Management LLC lifted its stake in shares of Crinetics Pharmaceuticals by 250.7% in the 4th quarter. Farallon Capital Management LLC now owns 4,075,098 shares of the company's stock worth $208,360,000 after purchasing an additional 2,913,098 shares during the period. Finally, Janus Henderson Group PLC lifted its stake in shares of Crinetics Pharmaceuticals by 15.1% in the 4th quarter. Janus Henderson Group PLC now owns 2,795,441 shares of the company's stock worth $142,902,000 after purchasing an additional 365,991 shares during the period. Institutional investors own 98.51% of the company's stock.

Crinetics Pharmaceuticals Trading Up 5.2%

Crinetics Pharmaceuticals stock opened at $30.92 on Friday. The firm has a 50 day moving average of $30.02 and a 200 day moving average of $31.62. The firm has a market capitalization of $2.91 billion, a price-to-earnings ratio of -7.52 and a beta of 0.33. Crinetics Pharmaceuticals, Inc. has a 12-month low of $24.10 and a 12-month high of $62.53.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last released its 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 company had revenue of $1.03 million for the quarter, compared to the consensus estimate of $0.52 million. The company's quarterly revenue was up 158.4% compared to the same quarter last year. During the same period last year, the company earned ($0.94) earnings per share. On average, analysts predict that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS for the current year.

Insider Activity at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, insider Stephen F. Betz sold 97,483 shares of the stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $32.23, for a total transaction of $3,141,877.09. Following the completion of the sale, the insider directly owned 99,713 shares of the company's stock, valued at $3,213,749.99. This trade represents a 49.43% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Dana Pizzuti sold 6,492 shares of the stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $29.18, for a total transaction of $189,436.56. Following the sale, the insider directly owned 66,270 shares of the company's stock, valued at approximately $1,933,758.60. This trade represents a 8.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 4.60% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on CRNX shares. HC Wainwright reiterated a "buy" rating and issued a $81.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Friday, June 27th. The Goldman Sachs Group started coverage on shares of Crinetics Pharmaceuticals in a research note on Thursday, July 10th. They issued a "neutral" rating and a $36.00 price objective on the stock. Finally, JMP Securities lowered their price objective on shares of Crinetics Pharmaceuticals from $90.00 to $86.00 and set a "market outperform" rating on the stock in a research note on Monday, August 11th. Seven equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, Crinetics Pharmaceuticals currently has a consensus rating of "Moderate Buy" and an average price target of $68.86.

About Crinetics Pharmaceuticals

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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