Cormorant Asset Management LP Sells 100,000 Shares of Crinetics Pharmaceuticals, Inc. $CRNX

Cormorant Asset Management LP trimmed its position in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 25.0% in the 4th quarter, Holdings Channel.com reports. The firm owned 300,000 shares of the company’s stock after selling 100,000 shares during the quarter. Crinetics Pharmaceuticals comprises 0.6% of Cormorant Asset Management LP’s holdings, making the stock its 25th biggest holding. Cormorant Asset Management LP’s holdings in Crinetics Pharmaceuticals were worth $13,965,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the business. Parkman Healthcare Partners LLC grew its stake in Crinetics Pharmaceuticals by 0.4% in the 3rd quarter. Parkman Healthcare Partners LLC now owns 73,725 shares of the company’s stock valued at $3,071,000 after buying an additional 313 shares in the last quarter. Parallel Advisors LLC raised its stake in Crinetics Pharmaceuticals by 34.6% in the fourth quarter. Parallel Advisors LLC now owns 1,225 shares of the company’s stock valued at $57,000 after purchasing an additional 315 shares in the last quarter. PNC Financial Services Group Inc. increased its stake in Crinetics Pharmaceuticals by 5.8% in the third quarter. PNC Financial Services Group Inc. now owns 5,952 shares of the company’s stock valued at $248,000 after acquiring an additional 327 shares during the last quarter. Smartleaf Asset Management LLC increased its position in shares of Crinetics Pharmaceuticals by 107.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 639 shares of the company’s stock valued at $30,000 after purchasing an additional 331 shares during the last quarter. Finally, Brooklyn Investment Group raised its stake in shares of Crinetics Pharmaceuticals by 6.3% during the fourth quarter. Brooklyn Investment Group now owns 5,890 shares of the company’s stock worth $280,000 after acquiring an additional 348 shares in the last quarter. Hedge funds and other institutional investors own 98.51% of the company’s stock.

Crinetics Pharmaceuticals Price Performance

CRNX opened at $35.75 on Thursday. Crinetics Pharmaceuticals, Inc. has a 1-year low of $25.83 and a 1-year high of $57.99. The firm has a market cap of $3.77 billion, a P/E ratio of -6.97 and a beta of 0.24. The company has a 50 day simple moving average of $37.21 and a two-hundred day simple moving average of $42.41.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($1.23) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.22) by ($0.01). Crinetics Pharmaceuticals had a negative net margin of 2,747.18% and a negative return on equity of 43.96%. The company had revenue of $10.73 million for the quarter, compared to analysts’ expectations of $8.51 million. During the same period last year, the business earned ($1.04) earnings per share. The company’s quarterly revenue was up 2873.4% compared to the same quarter last year. Equities analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -4.85 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Wall Street Zen upgraded Crinetics Pharmaceuticals from a “strong sell” rating to a “sell” rating in a report on Sunday, May 17th. Citizens Jmp reiterated a “market outperform” rating and set a $95.00 price target on shares of Crinetics Pharmaceuticals in a research report on Thursday, June 11th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a report on Monday, April 20th. Oppenheimer lowered their target price on shares of Crinetics Pharmaceuticals from $87.00 to $84.00 and set an “outperform” rating for the company in a report on Monday, May 11th. Finally, HC Wainwright reiterated a “buy” rating and issued a $81.00 target price on shares of Crinetics Pharmaceuticals in a research note on Monday. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $76.13.

Insiders Place Their Bets

In related news, insider Jeff E. Knight sold 85,163 shares of Crinetics Pharmaceuticals stock in a transaction dated Wednesday, April 8th. The shares were sold at an average price of $40.10, for a total transaction of $3,415,036.30. Following the completion of the transaction, the insider directly owned 105,289 shares of the company’s stock, valued at approximately $4,222,088.90. The trade was a 44.72% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.80% of the stock is owned by company insiders.

Crinetics Pharmaceuticals Company Profile

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.