TD Asset Management Inc Trims Stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Key Points

• TD Asset Management Inc reduced its stake in Crinetics Pharmaceuticals by 23.7%, bringing its total ownership to 174,694 shares, valued at approximately $5.86 million.
• Various institutional investors have recently adjusted their holdings in Crinetics Pharmaceuticals, with FMR LLC increasing its position by 100.4% during the fourth quarter.
• Analysts currently have an average rating of "Moderate Buy" for Crinetics Pharmaceuticals, with a consensus price target of $69.50.

TD Asset Management Inc lessened its position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 23.7% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 174,694 shares of the company's stock after selling 54,310 shares during the quarter. TD Asset Management Inc owned approximately 0.19% of Crinetics Pharmaceuticals worth $5,859,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in CRNX. State of Wyoming purchased a new stake in shares of Crinetics Pharmaceuticals in the 4th quarter worth about $50,000. Headlands Technologies LLC bought a new stake in Crinetics Pharmaceuticals during the fourth quarter worth about $52,000. GF Fund Management CO. LTD. grew its holdings in Crinetics Pharmaceuticals by 22.0% in the first quarter. GF Fund Management CO. LTD. now owns 2,375 shares of the company's stock worth $80,000 after purchasing an additional 428 shares during the period. Amalgamated Bank increased its stake in shares of Crinetics Pharmaceuticals by 17.3% during the first quarter. Amalgamated Bank now owns 3,159 shares of the company's stock valued at $106,000 after purchasing an additional 467 shares in the last quarter. Finally, KBC Group NV lifted its holdings in shares of Crinetics Pharmaceuticals by 10.0% during the first quarter. KBC Group NV now owns 4,082 shares of the company's stock valued at $137,000 after purchasing an additional 370 shares during the last quarter. 98.51% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, insider Stephen F. Betz sold 97,483 shares of the firm's stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $32.23, for a total value of $3,141,877.09. Following the transaction, the insider directly owned 99,713 shares in the company, valued at $3,213,749.99. This trade represents a 49.43% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Company insiders own 6.00% of the company's stock.

Analyst Ratings Changes

Several analysts recently weighed in on CRNX shares. The Goldman Sachs Group initiated coverage on Crinetics Pharmaceuticals in a research note on Thursday, July 10th. They issued a "neutral" rating and a $36.00 price target on the stock. HC Wainwright reissued a "buy" rating and issued a $81.00 target price on shares of Crinetics Pharmaceuticals in a research note on Friday, June 27th. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, Crinetics Pharmaceuticals currently has a consensus rating of "Moderate Buy" and a consensus price target of $69.50.

Crinetics Pharmaceuticals Stock Performance

Shares of NASDAQ:CRNX traded down $1.37 during midday trading on Wednesday, reaching $27.87. 686,092 shares of the company's stock traded hands, compared to its average volume of 934,459. Crinetics Pharmaceuticals, Inc. has a one year low of $24.10 and a one year high of $62.53. The company has a market cap of $2.61 billion, a price-to-earnings ratio of -7.29 and a beta of 0.33. The stock has a 50 day moving average of $30.74 and a 200 day moving average of $32.52.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported ($1.04) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.99) by ($0.05). The business had revenue of $0.36 million for the quarter, compared to analyst estimates of $0.10 million. During the same quarter in the prior year, the company earned ($0.93) EPS. The business's revenue for the quarter was down 43.6% on a year-over-year basis. Sell-side analysts predict that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS for the current fiscal year.

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.