Montanova Capital LLC Purchases 142,400 Shares of Crinetics Pharmaceuticals, Inc. $CRNX

Montanova Capital LLC raised its position in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 13.6% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,186,279 shares of the company’s stock after acquiring an additional 142,400 shares during the period. Montanova Capital LLC’s holdings in Crinetics Pharmaceuticals were worth $44,391,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. BlackRock Inc. bought a new position in shares of Crinetics Pharmaceuticals in the second quarter worth about $365,179,000. Wellington Management Group LLP boosted its stake in Crinetics Pharmaceuticals by 44.3% during the 3rd quarter. Wellington Management Group LLP now owns 8,381,991 shares of the company’s stock valued at $349,110,000 after purchasing an additional 2,574,683 shares during the period. Farallon Capital Management LLC boosted its stake in Crinetics Pharmaceuticals by 20.2% during the 4th quarter. Farallon Capital Management LLC now owns 6,933,098 shares of the company’s stock valued at $322,736,000 after purchasing an additional 1,163,000 shares during the period. Jupiter Topco LLC acquired a new stake in Crinetics Pharmaceuticals in the 2nd quarter valued at approximately $170,509,000. Finally, Janus Henderson Group PLC grew its holdings in Crinetics Pharmaceuticals by 1.8% in the 1st quarter. Janus Henderson Group PLC now owns 4,520,251 shares of the company’s stock valued at $164,227,000 after buying an additional 79,560 shares during the last quarter. 98.51% of the stock is owned by institutional investors and hedge funds.

Crinetics Pharmaceuticals Stock Up 0.1%

NASDAQ:CRNX opened at $84.95 on Tuesday. The firm has a market capitalization of $9.01 billion, a PE ratio of -16.86 and a beta of 0.12. Crinetics Pharmaceuticals, Inc. has a 12-month low of $30.25 and a 12-month high of $85.01. The firm has a 50-day moving average price of $74.97 and a 200 day moving average price of $51.03.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings data on Monday, August 3rd. The company reported ($1.14) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.18) by $0.04. Crinetics Pharmaceuticals had a negative return on equity of 44.22% and a negative net margin of 1,189.88%.The company had revenue of $25.12 million for the quarter, compared to the consensus estimate of $14.84 million. During the same period in the previous year, the business earned ($1.23) earnings per share. The company’s quarterly revenue was up 2336.9% on a year-over-year basis. On average, research analysts expect that Crinetics Pharmaceuticals, Inc. will post -4.83 EPS for the current year.

Insider Activity at Crinetics Pharmaceuticals

In related news, Director Coelho Rogerio Vivaldi sold 3,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $40.00, for a total transaction of $120,000.00. Following the completion of the transaction, the director owned 19,225 shares in the company, valued at $769,000. This trade represents a 13.50% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephanie Okey sold 6,900 shares of the business’s stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $35.67, for a total value of $246,123.00. Following the completion of the sale, the director directly owned 6,400 shares in the company, valued at approximately $228,288. This represents a 51.88% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.80% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on CRNX shares. HC Wainwright lowered Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating and upped their price target for the stock from $81.00 to $85.00 in a report on Tuesday, July 7th. Jefferies Financial Group lowered shares of Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating and boosted their target price for the stock from $55.00 to $85.00 in a research report on Tuesday, July 7th. Oppenheimer reiterated a “market perform” rating on shares of Crinetics Pharmaceuticals in a research note on Tuesday, July 7th. Weiss Ratings reissued a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a report on Friday, July 17th. Finally, Evercore lowered shares of Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 7th. Five equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $81.00.

About Crinetics Pharmaceuticals

Crinetics Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of novel therapeutics for rare endocrine diseases. The company’s proprietary platform leverages insights into hormone receptor signaling to design small-molecule candidates that address conditions driven by dysregulated hormone activity. Crinetics’ research efforts center on targeting somatostatin, vasopressin and other GPCR-mediated pathways with orally bioavailable molecules intended to improve patient convenience and adherence.

The company’s lead product candidate, paltusotine (formerly CRN04777), is a selective, non-peptide somatostatin receptor type 2 agonist being evaluated for the treatment of acromegaly and carcinoid syndrome diarrhea.