Vestal Point Capital LP Buys Shares of 1,500,000 Crinetics Pharmaceuticals, Inc. $CRNX

Key Points

• Vestal Point Capital LP acquired 1,500,000 shares of Crinetics Pharmaceuticals, valued at approximately $50.31 million, making it the 8th largest holding in their portfolio.
• Crinetics Pharmaceuticals' stock is currently rated as a "Moderate Buy" with a consensus price target of $68.86 from analysts.
• The company reported a substantial revenue increase of 158.4% year-over-year for its last quarter, despite missing EPS expectations.

Vestal Point Capital LP purchased a new position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 1,500,000 shares of the company's stock, valued at approximately $50,310,000. Crinetics Pharmaceuticals comprises about 3.6% of Vestal Point Capital LP's holdings, making the stock its 8th biggest position. Vestal Point Capital LP owned approximately 1.60% of Crinetics Pharmaceuticals as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of CRNX. Farallon Capital Management LLC lifted its position 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 buying an additional 2,913,098 shares during the last quarter. Nuveen LLC bought a new stake in Crinetics Pharmaceuticals in the 1st quarter valued at about $18,881,000. Candriam S.C.A. bought a new stake in Crinetics Pharmaceuticals in the 1st quarter valued at about $16,398,000. Point72 Asset Management L.P. lifted its position in Crinetics Pharmaceuticals by 21.2% in the 4th quarter. Point72 Asset Management L.P. now owns 2,788,939 shares of the company's stock valued at $142,598,000 after purchasing an additional 488,296 shares during the last quarter. Finally, Janus Henderson Group PLC lifted its position in Crinetics Pharmaceuticals by 15.1% in the 4th quarter. Janus Henderson Group PLC now owns 2,795,441 shares of the company's stock valued at $142,902,000 after purchasing an additional 365,991 shares during the last quarter. 98.51% of the stock is currently owned by institutional investors.

Crinetics Pharmaceuticals Stock Up 4.0%

Crinetics Pharmaceuticals stock traded up $1.36 during trading hours on Friday, hitting $35.61. 1,423,949 shares of the company traded hands, compared to its average volume of 983,331. The firm has a market cap of $3.35 billion, a P/E ratio of -8.66 and a beta of 0.28. The firm's 50-day simple moving average is $30.37 and its two-hundred day simple moving average is $31.32. Crinetics Pharmaceuticals, Inc. has a 1-year low of $24.10 and a 1-year 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) EPS for the quarter, missing the consensus estimate of ($1.13) by ($0.10). The business had revenue of $1.03 million for the quarter, compared to analysts' expectations of $0.52 million. The company's revenue for the quarter was up 158.4% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.94) earnings per share. On average, equities research analysts predict that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts recently weighed in on CRNX shares. JMP Securities cut 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 report on Monday, August 11th. HC Wainwright reiterated a "buy" rating and issued a $81.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Friday, June 27th. Finally, The Goldman Sachs Group started coverage on shares of Crinetics Pharmaceuticals in a research report on Thursday, July 10th. They issued a "neutral" rating and a $36.00 price objective on the stock. Seven equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $68.86.

Insider Activity at Crinetics Pharmaceuticals

In other news, insider Dana Pizzuti sold 30,000 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $30.43, for a total value of $912,900.00. Following the transaction, the insider owned 66,270 shares of the company's stock, valued at $2,016,596.10. The trade was a 31.16% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Stephen F. Betz sold 97,483 shares of the firm's stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $32.23, for a total transaction of $3,141,877.09. Following the completion of the transaction, the insider owned 99,713 shares of the company's stock, valued at approximately $3,213,749.99. The trade was a 49.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 133,975 shares of company stock worth $4,244,214 in the last ninety days. Corporate insiders own 6.00% of the company's stock.

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.