MPM Bioimpact LLC Purchases 91,190 Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

MPM Bioimpact LLC lifted its position in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 17.3% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 617,035 shares of the company’s stock after purchasing an additional 91,190 shares during the period. Crinetics Pharmaceuticals comprises about 4.5% of MPM Bioimpact LLC’s holdings, making the stock its 2nd largest position. MPM Bioimpact LLC owned 0.67% of Crinetics Pharmaceuticals worth $31,549,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in CRNX. Venturi Wealth Management LLC acquired a new position in Crinetics Pharmaceuticals in the 4th quarter valued at about $41,000. Headlands Technologies LLC acquired a new position in Crinetics Pharmaceuticals in the 4th quarter valued at about $52,000. Harvest Fund Management Co. Ltd acquired a new position in Crinetics Pharmaceuticals in the 4th quarter valued at about $66,000. KBC Group NV increased its position 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 increased its position 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 and hedge funds own 98.51% of the company’s stock.

Insider Buying and Selling at Crinetics Pharmaceuticals

In other news, insider Dana Pizzuti sold 2,515 shares of the 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 transaction, the insider now owns 72,233 shares of the company’s stock, valued at approximately $2,470,368.60. This trade represents a 3.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Jeff E. Knight sold 7,162 shares of the stock in a transaction dated Wednesday, March 19th. The stock was 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 in the company, 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 a total of 27,015 shares of company stock valued at $923,913 in the last ninety days. Insiders own 6.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Jefferies Financial Group upgraded Crinetics Pharmaceuticals from a “hold” rating to a “buy” rating and set a $55.00 price target on the stock in a research report on Wednesday, January 22nd. TD Cowen began coverage on Crinetics Pharmaceuticals in a report on Tuesday, February 11th. They issued a “buy” rating on the stock. Wolfe Research assumed coverage on Crinetics Pharmaceuticals in a report on Tuesday, February 4th. They issued a “peer perform” rating on the stock. Finally, Stifel Nicolaus assumed coverage on Crinetics Pharmaceuticals in a research note on Tuesday, March 25th. They set a “buy” rating and a $60.00 price target on the stock. One investment analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $73.00.

Crinetics Pharmaceuticals Trading Down 7.1%

Shares of Crinetics Pharmaceuticals stock opened at $30.95 on Wednesday. Crinetics Pharmaceuticals, Inc. has a twelve month low of $24.10 and a twelve month high of $62.53. The stock has a market cap of $2.90 billion, a price-to-earnings ratio of -8.30 and a beta of 0.31. The company has a fifty day moving average price of $31.88 and a 200 day moving average price of $42.08.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced 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 company had revenue of $0.36 million during the quarter, compared to analysts’ expectations of $0.10 million. During the same period in the prior year, the company posted ($0.93) EPS. The company’s quarterly revenue was down 43.6% compared to the same quarter last year. Analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share 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.