Paradigm Biocapital Advisors LP Has $97.70 Million Stock Holdings in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Paradigm Biocapital Advisors LP decreased its position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 24.1% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 1,910,761 shares of the company's stock after selling 605,925 shares during the quarter. Crinetics Pharmaceuticals accounts for approximately 3.4% of Paradigm Biocapital Advisors LP's holdings, making the stock its 10th biggest holding. Paradigm Biocapital Advisors LP owned approximately 2.06% of Crinetics Pharmaceuticals worth $97,697,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. Martingale Asset Management L P grew its holdings in shares of Crinetics Pharmaceuticals by 1.9% in the 4th quarter. Martingale Asset Management L P now owns 22,484 shares of the company's stock worth $1,150,000 after purchasing an additional 410 shares during the last quarter. NEOS Investment Management LLC grew its holdings in shares of Crinetics Pharmaceuticals by 0.9% in the 4th quarter. NEOS Investment Management LLC now owns 57,933 shares of the company's stock worth $2,962,000 after purchasing an additional 544 shares during the last quarter. Janney Montgomery Scott LLC grew its holdings in shares of Crinetics Pharmaceuticals by 13.7% in the 4th quarter. Janney Montgomery Scott LLC now owns 4,975 shares of the company's stock worth $254,000 after purchasing an additional 600 shares during the last quarter. State of New Jersey Common Pension Fund D grew its holdings in shares of Crinetics Pharmaceuticals by 1.9% in the 4th quarter. State of New Jersey Common Pension Fund D now owns 38,049 shares of the company's stock worth $1,945,000 after purchasing an additional 708 shares during the last quarter. Finally, Venturi Wealth Management LLC bought a new stake in shares of Crinetics Pharmaceuticals in the 4th quarter worth about $41,000. Institutional investors own 98.51% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on CRNX. TD Cowen began coverage on shares of Crinetics Pharmaceuticals in a report on Tuesday, February 11th. They issued a "buy" rating on the stock. Jefferies Financial Group raised shares of Crinetics Pharmaceuticals from a "hold" rating to a "buy" rating and set a $55.00 price objective on the stock in a report on Wednesday, January 22nd. Stifel Nicolaus started coverage on shares of Crinetics Pharmaceuticals in a report on Tuesday, March 25th. They set a "buy" rating and a $60.00 price objective on the stock. Finally, Wolfe Research started coverage on shares of Crinetics Pharmaceuticals in a report on Tuesday, February 4th. They set a "peer perform" rating on the stock. One research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, Crinetics Pharmaceuticals has a consensus rating of "Moderate Buy" and a consensus target price of $73.00.

Insider Buying and Selling at Crinetics Pharmaceuticals

In related news, COO Jeff E. Knight sold 7,162 shares of the stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $34.20, for a total value of $244,940.40. Following the sale, the chief operating officer now directly owns 87,491 shares in the company, valued at $2,992,192.20. This trade represents a 7.57% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Richard Scott Struthers sold 17,338 shares of the stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $34.20, for a total transaction of $592,959.60. Following the completion of the sale, the chief executive officer now owns 329,147 shares in the company, valued at $11,256,827.40. This represents a 5.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 27,015 shares of company stock worth $923,913. Company insiders own 6.00% of the company's stock.

Crinetics Pharmaceuticals Stock Performance

Crinetics Pharmaceuticals stock traded up $0.03 during trading hours on Friday, reaching $31.24. 530,635 shares of the company's stock traded hands, compared to its average volume of 861,724. Crinetics Pharmaceuticals, Inc. has a fifty-two week low of $24.10 and a fifty-two week high of $62.53. The firm has a market capitalization of $2.92 billion, a price-to-earnings ratio of -8.38 and a beta of 0.31. The firm's 50 day moving average is $31.73 and its 200-day moving average is $41.56.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last released 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 business had revenue of $0.36 million for the quarter, compared to the consensus estimate of $0.10 million. During the same quarter in the previous year, the firm posted ($0.93) EPS. The company's revenue for the quarter was down 43.6% on a year-over-year basis. Analysts predict 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.