Crinetics Pharmaceuticals, Inc. $CRNX Stock Holdings Trimmed by Voya Investment Management LLC

Key Points

• Voya Investment Management LLC has reduced its stake in Crinetics Pharmaceuticals by 7.9%, holding approximately 0.38% of the company's stock, valued at $12.03 million.
• Analyst ratings for Crinetics Pharmaceuticals reflect a consensus of "Moderate Buy" with a price target average of $65.33, with multiple firms issuing varying price objectives.
• Despite a quarterly loss of $1.23 per share, Crinetics Pharmaceuticals reported a significant revenue increase of 158.4% year-over-year, amounting to $1.03 million.

Voya Investment Management LLC lowered its holdings in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 7.9% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 358,535 shares of the company's stock after selling 30,685 shares during the quarter. Voya Investment Management LLC owned about 0.38% of Crinetics Pharmaceuticals worth $12,025,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in Crinetics Pharmaceuticals by 2.4% during the 1st quarter. Vanguard Group Inc. now owns 9,311,600 shares of the company's stock worth $312,311,000 after buying an additional 222,209 shares during the last quarter. Driehaus Capital Management LLC lifted its position in Crinetics Pharmaceuticals by 1.6% during the 1st quarter. Driehaus Capital Management LLC now owns 6,239,902 shares of the company's stock worth $209,286,000 after acquiring an additional 98,888 shares during the period. Paradigm Biocapital Advisors LP lifted its position in Crinetics Pharmaceuticals by 1.9% during the 1st quarter. Paradigm Biocapital Advisors LP now owns 1,946,168 shares of the company's stock worth $65,274,000 after acquiring an additional 35,407 shares during the period. Siren L.L.C. lifted its position in Crinetics Pharmaceuticals by 4.9% during the 1st quarter. Siren L.L.C. now owns 1,688,611 shares of the company's stock worth $56,636,000 after acquiring an additional 78,959 shares during the period. Finally, Vestal Point Capital LP acquired a new stake in Crinetics Pharmaceuticals during the 1st quarter worth approximately $50,310,000. Hedge funds and other institutional investors own 98.51% of the company's stock.

Insider Activity at Crinetics Pharmaceuticals

In related news, insider Dana Pizzuti sold 30,000 shares of Crinetics Pharmaceuticals stock in a transaction on Friday, August 22nd. The stock was 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 in the company, valued at approximately $2,016,596.10. This trade represents a 31.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.60% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

CRNX has been the subject of a number of recent research reports. The Goldman Sachs Group initiated coverage on Crinetics Pharmaceuticals in a research report on Thursday, July 10th. They set a "neutral" rating and a $36.00 price objective for the company. HC Wainwright reissued a "buy" rating and issued a $81.00 price target on shares of Crinetics Pharmaceuticals in a report on Friday, June 27th. Finally, JMP Securities reduced their price target on Crinetics Pharmaceuticals from $90.00 to $86.00 and set a "market outperform" rating for the company in a report on Monday, August 11th. Six research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $65.33.

Crinetics Pharmaceuticals Stock Performance

CRNX stock traded down $1.61 during midday trading on Friday, hitting $33.87. 3,708,826 shares of the stock were exchanged, compared to its average volume of 1,101,003. The stock's 50-day moving average price is $31.26 and its 200-day moving average price is $31.38. The stock has a market cap of $3.19 billion, a price-to-earnings ratio of -8.24 and a beta of 0.28. Crinetics Pharmaceuticals, Inc. has a fifty-two week low of $24.10 and a fifty-two week high of $62.53.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported ($1.23) earnings per share for the quarter, missing the consensus estimate of ($1.13) by ($0.10). The business had revenue of $1.03 million during the quarter, compared to the consensus estimate of $0.52 million. The business's quarterly revenue was up 158.4% compared to the same quarter last year. During the same period last year, the firm earned ($0.94) earnings per share. Research analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS for the current year.

Crinetics Pharmaceuticals 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.