Wellington Management Group LLP Sells 59,170 Shares of Crinetics Pharmaceuticals, Inc. $CRNX

Key Points

• Wellington Management Group LLP reduced its stake in Crinetics Pharmaceuticals by 0.9%, holding approximately 7.36% of the company with a value of $231.14 million after selling 59,170 shares.
• Crinetics Pharmaceuticals reported a loss of $1.23 per share in its last quarterly earnings, missing expectations, but experienced a significant revenue increase of 158.4% year-over-year.
• Analysts have a consensus price target of $68.86 for Crinetics Pharmaceuticals, with seven analysts rating it as a Buy and two as Hold.

Wellington Management Group LLP cut its stake in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 0.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 6,891,397 shares of the company's stock after selling 59,170 shares during the quarter. Wellington Management Group LLP owned approximately 7.36% of Crinetics Pharmaceuticals worth $231,137,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. State of Wyoming bought a new position in shares of Crinetics Pharmaceuticals during the 4th quarter valued at approximately $50,000. GF Fund Management CO. LTD. bought a new position in Crinetics Pharmaceuticals in the 4th quarter worth approximately $100,000. Amalgamated Bank boosted its stake in Crinetics Pharmaceuticals by 17.3% in the 1st quarter. Amalgamated Bank now owns 3,159 shares of the company's stock worth $106,000 after purchasing an additional 467 shares during the period. PNC Financial Services Group Inc. boosted its stake in Crinetics Pharmaceuticals by 25.4% in the 1st quarter. PNC Financial Services Group Inc. now owns 3,395 shares of the company's stock worth $114,000 after purchasing an additional 688 shares during the period. Finally, KBC Group NV boosted its stake in Crinetics Pharmaceuticals by 10.0% in the 1st quarter. KBC Group NV now owns 4,082 shares of the company's stock worth $137,000 after purchasing an additional 370 shares during the period. 98.51% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Crinetics Pharmaceuticals

In related news, insider Stephen F. Betz sold 97,483 shares of the stock in a transaction on 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 sale, the insider owned 99,713 shares in the company, valued at approximately $3,213,749.99. This represents a 49.43% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Dana Pizzuti sold 6,492 shares of the stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $29.18, for a total value of $189,436.56. Following the sale, the insider owned 66,270 shares in the company, valued at $1,933,758.60. The trade was a 8.92% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 6.00% of the company's stock.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. The Goldman Sachs Group assumed coverage on Crinetics Pharmaceuticals in a research note on Thursday, July 10th. They issued a "neutral" rating and a $36.00 price target for the company. HC Wainwright restated a "buy" rating and issued a $81.00 price target on shares of Crinetics Pharmaceuticals in a research note on Friday, June 27th. Finally, JMP Securities dropped their price target on Crinetics Pharmaceuticals from $90.00 to $86.00 and set a "market outperform" rating for the company in a research note on Monday, August 11th. Seven 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 company presently has a consensus rating of "Moderate Buy" and a consensus target price of $68.86.

Crinetics Pharmaceuticals Stock Performance

Shares of CRNX traded down $0.6290 during mid-day trading on Monday, hitting $30.2910. 153,122 shares of the stock were exchanged, compared to its average volume of 941,814. The company has a market cap of $2.85 billion, a PE ratio of -7.39 and a beta of 0.33. Crinetics Pharmaceuticals, Inc. has a 52-week low of $24.10 and a 52-week high of $62.53. The firm has a 50-day moving average of $30.02 and a two-hundred day moving average of $31.57.

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 company had revenue of $1.03 million during the quarter, compared to the consensus estimate of $0.52 million. During the same quarter in the previous year, the firm earned ($0.94) EPS. The business's revenue for the quarter was up 158.4% compared to the same quarter last year. On average, sell-side analysts predict that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS for the current year.

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.