Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) is MPM Bioimpact LLC's 2nd Largest Position

MPM Bioimpact LLC lifted its position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 17.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 617,035 shares of the company's stock after acquiring an additional 91,190 shares during the quarter. Crinetics Pharmaceuticals makes up approximately 4.5% of MPM Bioimpact LLC's portfolio, making the stock its 2nd largest position. MPM Bioimpact LLC owned about 0.67% of Crinetics Pharmaceuticals worth $31,549,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Venturi Wealth Management LLC bought a new stake in Crinetics Pharmaceuticals in the 4th quarter valued at about $41,000. Headlands Technologies LLC bought a new stake in Crinetics Pharmaceuticals in the 4th quarter valued at about $52,000. Harvest Fund Management Co. Ltd bought a new stake in Crinetics Pharmaceuticals in the 4th quarter valued at about $66,000. KBC Group NV raised its stake in Crinetics Pharmaceuticals by 69.3% in the 4th quarter. KBC Group NV now owns 3,712 shares of the company's stock valued at $190,000 after acquiring an additional 1,519 shares during the period. Finally, Janney Montgomery Scott LLC raised its stake in Crinetics Pharmaceuticals by 13.7% in the 4th quarter. Janney Montgomery Scott LLC now owns 4,975 shares of the company's stock valued at $254,000 after acquiring an additional 600 shares during the period. Institutional investors own 98.51% of the company's stock.

Insider Activity at Crinetics Pharmaceuticals

In related news, insider Dana Pizzuti sold 2,515 shares of Crinetics Pharmaceuticals stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $34.20, for a total transaction of $86,013.00. Following the completion of the sale, the insider now owns 72,233 shares in the company, valued at $2,470,368.60. This trade represents a 3.36% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Jeff E. Knight sold 7,162 shares of Crinetics Pharmaceuticals stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $34.20, for a total transaction of $244,940.40. Following the sale, the chief operating officer now owns 87,491 shares of the company's stock, valued at $2,992,192.20. The trade was a 7.57% decrease in their position. The disclosure for this sale can be found here. Insiders sold 27,015 shares of company stock worth $923,913 in the last 90 days. 4.60% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CRNX. Wolfe Research assumed coverage on shares of Crinetics Pharmaceuticals in a report on Tuesday, February 4th. They set a "peer perform" rating on the stock. Jefferies Financial Group upgraded shares of Crinetics Pharmaceuticals from a "hold" rating to a "buy" rating and set a $55.00 target price for the company in a research report on Wednesday, January 22nd. TD Cowen initiated coverage on shares of Crinetics Pharmaceuticals in a research report on Tuesday, February 11th. They set a "buy" rating on the stock. Finally, Stifel Nicolaus assumed coverage on shares of Crinetics Pharmaceuticals in a report on Tuesday, March 25th. They issued a "buy" rating and a $60.00 price target on the stock. One analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $73.00.

Crinetics Pharmaceuticals Stock Performance

NASDAQ CRNX traded down $0.22 on Monday, hitting $31.03. 187,769 shares of the stock were exchanged, compared to its average volume of 859,113. The stock has a fifty day moving average price of $31.73 and a two-hundred day moving average price of $41.46. The firm has a market capitalization of $2.90 billion, a P/E ratio of -8.33 and a beta of 0.31. Crinetics Pharmaceuticals, Inc. has a 52-week low of $24.10 and a 52-week high of $62.53.

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