Cinctive Capital Management LP Makes New Investment in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Cinctive Capital Management LP acquired a new stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 49,445 shares of the company’s stock, valued at approximately $2,527,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. AQR Capital Management LLC boosted its stake in Crinetics Pharmaceuticals by 3.3% during the 2nd quarter. AQR Capital Management LLC now owns 7,126 shares of the company’s stock valued at $319,000 after purchasing an additional 227 shares in the last quarter. US Bancorp DE lifted its holdings in shares of Crinetics Pharmaceuticals by 3.4% in the third quarter. US Bancorp DE now owns 11,488 shares of the company’s stock valued at $587,000 after buying an additional 373 shares during the period. KBC Group NV boosted its stake in Crinetics Pharmaceuticals by 22.8% during the third quarter. KBC Group NV now owns 2,193 shares of the company’s stock valued at $112,000 after buying an additional 407 shares in the last quarter. Amalgamated Bank grew its holdings in Crinetics Pharmaceuticals by 20.8% during the second quarter. Amalgamated Bank now owns 2,692 shares of the company’s stock worth $121,000 after acquiring an additional 464 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. raised its position in Crinetics Pharmaceuticals by 2.5% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 20,633 shares of the company’s stock worth $1,054,000 after acquiring an additional 505 shares in the last quarter. 98.51% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Oppenheimer restated an “outperform” rating and set a $73.00 price objective (down previously from $74.00) on shares of Crinetics Pharmaceuticals in a research report on Friday, August 9th. JMP Securities reissued a “market outperform” rating and set a $80.00 target price on shares of Crinetics Pharmaceuticals in a research note on Friday, September 27th. Cantor Fitzgerald restated an “overweight” rating and issued a $90.00 price target on shares of Crinetics Pharmaceuticals in a research report on Monday, September 16th. Citigroup increased their price objective on Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Finally, HC Wainwright lifted their target price on Crinetics Pharmaceuticals from $69.00 to $81.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. One analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $70.18.

Crinetics Pharmaceuticals Trading Up 0.3 %

NASDAQ:CRNX opened at $57.39 on Tuesday. The firm has a market capitalization of $5.32 billion, a price-to-earnings ratio of -15.39 and a beta of 0.62. Crinetics Pharmaceuticals, Inc. has a 1-year low of $32.22 and a 1-year high of $62.53. The business’s fifty day moving average price is $55.73 and its 200 day moving average price is $51.88.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its earnings results on Tuesday, November 12th. The company reported ($0.96) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.91) by ($0.05). During the same period in the prior year, the firm posted ($1.01) EPS. Equities analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.75 earnings per share for the current year.

Insider Buying and Selling

In other Crinetics Pharmaceuticals news, COO Jeff E. Knight sold 501 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $56.52, for a total value of $28,316.52. Following the completion of the sale, the chief operating officer now directly owns 51,653 shares in the company, valued at $2,919,427.56. The trade was a 0.96 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Dana Pizzuti sold 14,375 shares of the company’s stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $54.63, for a total transaction of $785,306.25. Following the completion of the sale, the insider now owns 28,507 shares of the company’s stock, valued at $1,557,337.41. This represents a 33.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 40,911 shares of company stock worth $2,144,675. Corporate insiders own 6.00% of the company’s stock.

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.