The Manufacturers Life Insurance Company bought a new position in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 125,948 shares of the company's stock, valued at approximately $4,713,000. The Manufacturers Life Insurance Company owned approximately 0.12% of Crinetics Pharmaceuticals at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of CRNX. Commerce Bank purchased a new stake in shares of Crinetics Pharmaceuticals in the second quarter valued at approximately $299,000. BlackRock Inc. purchased a new position in Crinetics Pharmaceuticals in the second quarter worth $365,179,000. Deutsche Bank AG purchased a new position in Crinetics Pharmaceuticals in the second quarter worth $10,617,000. Rice Hall James & Associates LLC acquired a new stake in Crinetics Pharmaceuticals in the second quarter valued at $7,346,000. Finally, OneDigital Investment Advisors LLC acquired a new stake in Crinetics Pharmaceuticals in the second quarter valued at $253,000. 98.51% of the stock is owned by institutional investors and hedge funds.
Crinetics Pharmaceuticals Stock Performance
Crinetics Pharmaceuticals stock opened at $84.95 on Tuesday. The firm has a market capitalization of $9.01 billion, a price-to-earnings ratio of -16.86 and a beta of 0.12. Crinetics Pharmaceuticals, Inc. has a fifty-two week low of $30.25 and a fifty-two week high of $85.01. The stock's fifty day moving average is $74.97 and its two-hundred day moving average is $51.03.
Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last announced its quarterly earnings results on Monday, August 3rd. The company reported ($1.14) earnings per share for the quarter, beating analysts' consensus estimates of ($1.18) by $0.04. The business had revenue of $25.12 million during the quarter, compared to analysts' expectations 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 business's revenue for the quarter was up 2336.9% on a year-over-year basis. During the same quarter last year, the business posted ($1.23) earnings per share. As a group, sell-side analysts forecast that Crinetics Pharmaceuticals, Inc. will post -4.83 EPS for the current fiscal year.
Insider Transactions at Crinetics Pharmaceuticals
In other Crinetics Pharmaceuticals news, Director Coelho Rogerio Vivaldi sold 3,000 shares of the firm's stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $40.00, for a total transaction of $120,000.00. Following the completion of the transaction, the director directly owned 19,225 shares in the company, valued at approximately $769,000. This trade represents a 13.50% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephanie Okey sold 6,900 shares of Crinetics Pharmaceuticals stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $35.67, for a total transaction of $246,123.00. Following the transaction, 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 disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.80% of the stock is currently owned by corporate insiders.
Analyst Ratings Changes
CRNX has been the topic of a number of recent analyst reports. Lifesci Capital cut shares of Crinetics Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 7th. Evercore cut shares of Crinetics Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 7th. Oppenheimer reissued a "market perform" rating on shares of Crinetics Pharmaceuticals in a report on Tuesday, July 7th. Piper Sandler lowered shares of Crinetics Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 7th. Finally, Robert W. Baird increased their target price on shares of Crinetics Pharmaceuticals from $62.00 to $85.00 and gave the company an "outperform" rating in a report on Tuesday, July 7th. Five research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Crinetics Pharmaceuticals presently has an average rating of "Hold" and an average target price of $81.00.
Read Our Latest Analysis on Crinetics Pharmaceuticals
About Crinetics Pharmaceuticals
(
Free Report)
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.
Further Reading
Want to see what other hedge funds are holding CRNX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report).
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