Woodline Partners LP Takes $2.56 Million Position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Woodline Partners LP acquired a new stake in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) during the fourth quarter, according to its most recent disclosure with the SEC. The fund acquired 50,000 shares of the company’s stock, valued at approximately $2,556,000.

A number of other large investors have also recently made changes to their positions in the stock. Martingale Asset Management L P lifted its position in shares of Crinetics Pharmaceuticals by 1.9% during the 4th quarter. Martingale Asset Management L P now owns 22,484 shares of the company’s stock valued at $1,150,000 after buying an additional 410 shares in the last quarter. NEOS Investment Management LLC lifted its position in shares of Crinetics Pharmaceuticals by 0.9% during the 4th quarter. NEOS Investment Management LLC now owns 57,933 shares of the company’s stock valued at $2,962,000 after buying an additional 544 shares in the last quarter. Janney Montgomery Scott LLC lifted its position in shares of Crinetics Pharmaceuticals by 13.7% during the 4th quarter. Janney Montgomery Scott LLC now owns 4,975 shares of the company’s stock valued at $254,000 after buying an additional 600 shares in the last quarter. State of New Jersey Common Pension Fund D lifted its position in shares of Crinetics Pharmaceuticals by 1.9% during the 4th quarter. State of New Jersey Common Pension Fund D now owns 38,049 shares of the company’s stock valued at $1,945,000 after buying an additional 708 shares in the last quarter. Finally, Venturi Wealth Management LLC purchased a new position in shares of Crinetics Pharmaceuticals during the 4th quarter valued at about $41,000. 98.51% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have recently weighed in on CRNX shares. TD Cowen started coverage on Crinetics Pharmaceuticals in a research report on Tuesday, February 11th. They set a “buy” rating on the stock. Stifel Nicolaus initiated coverage on Crinetics Pharmaceuticals in a research note on Tuesday, March 25th. They set a “buy” rating and a $60.00 target price on the stock. Finally, Wolfe Research initiated coverage on Crinetics Pharmaceuticals in a research note on Tuesday, February 4th. They set a “peer perform” rating on the stock. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $74.56.

Insider Transactions at Crinetics Pharmaceuticals

In other news, insider Dana Pizzuti sold 2,515 shares of the company’s stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $34.20, for a total transaction of $86,013.00. Following the sale, the insider now directly owns 72,233 shares of the company’s stock, valued at $2,470,368.60. This represents a 3.36% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Jeff E. Knight sold 7,162 shares of the company’s stock in a transaction that occurred on Wednesday, March 19th. The stock was 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 27,015 shares of company stock valued at $923,913 in the last ninety days. Corporate insiders own 4.60% of the company’s stock.

Crinetics Pharmaceuticals Trading Down 1.2%

Shares of CRNX opened at $29.76 on Friday. The business’s 50 day moving average is $31.29 and its 200 day moving average is $40.62. The company has a market capitalization of $2.79 billion, a PE ratio of -7.98 and a beta of 0.31. Crinetics Pharmaceuticals, Inc. has a 12-month low of $24.10 and a 12-month high of $62.53.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings data 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 analyst estimates of $0.10 million. Crinetics Pharmaceuticals’s quarterly revenue was down 43.6% on a year-over-year basis. During the same quarter last year, the business earned ($0.93) earnings per share. Equities research analysts predict that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share 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.