Orbimed Advisors LLC Has $51.08 Million Holdings in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Orbimed Advisors LLC decreased its holdings in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 4.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 999,000 shares of the company’s stock after selling 51,055 shares during the period. Crinetics Pharmaceuticals comprises 1.1% of Orbimed Advisors LLC’s portfolio, making the stock its 29th largest holding. Orbimed Advisors LLC’s holdings in Crinetics Pharmaceuticals were worth $51,079,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Venturi Wealth Management LLC acquired a new position in Crinetics Pharmaceuticals in the 4th quarter valued at approximately $41,000. Headlands Technologies LLC purchased a new position in shares of Crinetics Pharmaceuticals during the 4th quarter valued at $52,000. Harvest Fund Management Co. Ltd acquired a new position in shares of Crinetics Pharmaceuticals in the fourth quarter worth $66,000. KBC Group NV raised its holdings in shares of Crinetics Pharmaceuticals by 69.3% during the fourth quarter. KBC Group NV now owns 3,712 shares of the company’s stock worth $190,000 after acquiring an additional 1,519 shares in the last quarter. Finally, Janney Montgomery Scott LLC raised its holdings in shares of Crinetics Pharmaceuticals by 13.7% during the fourth quarter. Janney Montgomery Scott LLC now owns 4,975 shares of the company’s stock worth $254,000 after acquiring an additional 600 shares in the last quarter. Institutional investors and hedge funds own 98.51% of the company’s stock.

Insiders Place Their Bets

In other Crinetics Pharmaceuticals news, CEO Richard Scott Struthers sold 17,338 shares of the stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $34.20, for a total value of $592,959.60. Following the completion of the sale, the chief executive officer now directly owns 329,147 shares of the company’s stock, valued at $11,256,827.40. This represents a 5.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Jeff E. Knight sold 7,162 shares of the company’s 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 transaction, the chief operating officer now directly owns 87,491 shares of the company’s stock, valued at $2,992,192.20. This represents a 7.57% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 27,015 shares of company stock valued at $923,913 in the last three months. Company insiders own 4.60% of the company’s stock.

Crinetics Pharmaceuticals Trading Up 8.6%

NASDAQ:CRNX opened at $33.32 on Tuesday. The firm has a market capitalization of $3.12 billion, a PE ratio of -8.93 and a beta of 0.31. Crinetics Pharmaceuticals, Inc. has a 1 year low of $24.10 and a 1 year high of $62.53. The firm’s fifty day simple moving average is $31.94 and its 200 day simple moving average is $42.16.

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

Analysts Set New Price Targets

CRNX has been the subject of several recent research reports. Stifel Nicolaus started coverage on Crinetics Pharmaceuticals in a research note on Tuesday, March 25th. They issued a “buy” rating and a $60.00 price target for the company. Wolfe Research assumed coverage on shares of Crinetics Pharmaceuticals in a research note on Tuesday, February 4th. They issued a “peer perform” rating for the company. Jefferies Financial Group raised 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. HC Wainwright restated a “buy” rating and set a $81.00 price target on shares of Crinetics Pharmaceuticals in a report on Monday, January 13th. Finally, TD Cowen initiated coverage on shares of Crinetics Pharmaceuticals in a research note on Tuesday, February 11th. They issued a “buy” rating for the company. One equities research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $73.00.

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.