UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Sells 27,733 Shares of Crinetics Pharmaceuticals, Inc. $CRNX

Key Points

• UBS Asset Management reduced its Crinetics Pharmaceuticals stake by 12.1%, selling 27,733 shares and retaining 202,395 shares worth approximately $7.6 million. Institutional investors collectively own 98.51% of the company.
• Analyst sentiment has become more cautious, with several firms downgrading Crinetics to “hold.” The stock has a consensus rating of “Hold” and an average price target of $81.00.
• Crinetics reported better-than-expected quarterly results, including an adjusted loss of $1.14 per share versus estimates of $1.18 and revenue of $25.12 million, up 2,336.9% year over year. Shares opened at $84.95, near their 12-month high of $85.01.

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lowered its holdings in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 12.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 202,395 shares of the company's stock after selling 27,733 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned 0.19% of Crinetics Pharmaceuticals worth $7,574,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the business. Braun Stacey Associates Inc. grew its position in shares of Crinetics Pharmaceuticals by 7.2% in the 2nd quarter. Braun Stacey Associates Inc. now owns 348,143 shares of the company's stock valued at $13,028,000 after purchasing an additional 23,335 shares during the period. Capstone Investment Advisors LLC acquired a new stake in Crinetics Pharmaceuticals during the 2nd quarter worth approximately $266,000. Bank of America Corp DE bought a new position in Crinetics Pharmaceuticals in the second quarter valued at approximately $49,884,000. Odyssean LLC bought a new position in Crinetics Pharmaceuticals in the second quarter valued at approximately $3,160,000. Finally, Man Group plc acquired a new position in shares of Crinetics Pharmaceuticals in the second quarter valued at approximately $2,284,000. Institutional investors own 98.51% of the company's stock.

Insider Transactions at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, Director Stephanie Okey sold 6,900 shares of the stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $35.67, for a total value of $246,123.00. Following the transaction, the director directly owned 6,400 shares of the company's stock, valued at $228,288. This represents a 51.88% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Coelho 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 value of $120,000.00. Following the completion of the transaction, the director directly owned 19,225 shares in the company, valued at $769,000. The trade was a 13.50% 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. Company insiders own 3.80% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Jefferies Financial Group lowered shares of Crinetics Pharmaceuticals from a "buy" rating to a "hold" rating and raised their price objective for the stock from $55.00 to $85.00 in a report on Tuesday, July 7th. Cantor Fitzgerald reiterated a "neutral" rating on shares of Crinetics Pharmaceuticals in a report on Wednesday, September 2nd. Evercore lowered Crinetics Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 7th. Oppenheimer reaffirmed a "market perform" rating on shares of Crinetics Pharmaceuticals in a research report on Tuesday, July 7th. Finally, Citizens Jmp cut shares of Crinetics Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 7th. Five investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $81.00.

Crinetics Pharmaceuticals Price Performance

Shares of Crinetics Pharmaceuticals stock opened at $84.95 on Tuesday. The business's 50 day moving average is $79.85 and its 200-day moving average is $52.46. Crinetics Pharmaceuticals, Inc. has a 12-month low of $30.25 and a 12-month high of $85.01. The stock has a market cap of $9.01 billion, a P/E ratio of -16.86 and a beta of 0.08.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last issued its earnings results on Monday, August 3rd. The company reported ($1.14) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($1.18) by $0.04. Crinetics Pharmaceuticals had a negative net margin of 1,189.88% and a negative return on equity of 44.22%. The company had revenue of $25.12 million for the quarter, compared to analysts' expectations of $14.84 million. During the same period in the prior year, the firm earned ($1.23) EPS. Crinetics Pharmaceuticals's quarterly revenue was up 2336.9% compared to the same quarter last year. On average, sell-side analysts expect that Crinetics Pharmaceuticals, Inc. will post -4.83 EPS for the current year.

Crinetics Pharmaceuticals 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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