Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Shares Sold by Victory Capital Management Inc.

Victory Capital Management Inc. cut its stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 10.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 251,331 shares of the company's stock after selling 30,120 shares during the period. Victory Capital Management Inc. owned about 0.27% of Crinetics Pharmaceuticals worth $8,430,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. State of Wyoming purchased a new position in Crinetics Pharmaceuticals in the fourth quarter valued at $50,000. Headlands Technologies LLC purchased a new position in Crinetics Pharmaceuticals in the fourth quarter valued at $52,000. GF Fund Management CO. LTD. purchased a new position in Crinetics Pharmaceuticals in the fourth quarter valued at $100,000. Amalgamated Bank boosted its holdings in Crinetics Pharmaceuticals by 17.3% in 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 during the period. Finally, KBC Group NV boosted its holdings in Crinetics Pharmaceuticals by 10.0% in 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 period. 98.51% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on CRNX shares. HC Wainwright reaffirmed a "buy" rating and set a $81.00 price target on shares of Crinetics Pharmaceuticals in a report on Friday, June 27th. The Goldman Sachs Group started coverage on Crinetics Pharmaceuticals in a report on Thursday, July 10th. They set a "neutral" rating and a $36.00 price target for the company. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Crinetics Pharmaceuticals presently has an average rating of "Moderate Buy" and a consensus target price of $69.50.

Insider Activity at Crinetics Pharmaceuticals

In related news, insider Stephen F. Betz sold 97,483 shares of the business's stock in a transaction dated 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 owned 99,713 shares in the company, valued at $3,213,749.99. The trade was a 49.43% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 6.00% of the company's stock.

Crinetics Pharmaceuticals Price Performance

Shares of CRNX traded down $0.05 during midday trading on Monday, reaching $30.94. 73,812 shares of the stock were exchanged, compared to its average volume of 928,071. The business's 50-day moving average price is $30.91 and its 200 day moving average price is $32.91. Crinetics Pharmaceuticals, Inc. has a twelve month low of $24.10 and a twelve month high of $62.53. The company has a market capitalization of $2.90 billion, a price-to-earnings ratio of -8.10 and a beta of 0.25.

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

Crinetics Pharmaceuticals Company Profile

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.