Pier Capital LLC Sells 67,611 Shares of Crinetics Pharmaceuticals, Inc. $CRNX

Pier Capital LLC trimmed its position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 47.4% in the third quarter, Holdings Channel.com reports. The institutional investor owned 75,000 shares of the company’s stock after selling 67,611 shares during the period. Pier Capital LLC’s holdings in Crinetics Pharmaceuticals were worth $3,124,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Walleye Capital LLC lifted its position in Crinetics Pharmaceuticals by 53.5% during the 2nd quarter. Walleye Capital LLC now owns 190,373 shares of the company’s stock worth $5,475,000 after acquiring an additional 66,391 shares during the last quarter. Segall Bryant & Hamill LLC grew its position in shares of Crinetics Pharmaceuticals by 20.7% in the second quarter. Segall Bryant & Hamill LLC now owns 176,517 shares of the company’s stock valued at $5,077,000 after purchasing an additional 30,243 shares during the last quarter. Lisanti Capital Growth LLC acquired a new stake in shares of Crinetics Pharmaceuticals in the third quarter valued at about $953,000. Assenagon Asset Management S.A. bought a new position in shares of Crinetics Pharmaceuticals in the third quarter worth about $514,000. Finally, AXQ Capital LP acquired a new position in shares of Crinetics Pharmaceuticals during the 2nd quarter worth about $230,000. 98.51% of the stock is currently owned by institutional investors and hedge funds.

Crinetics Pharmaceuticals Price Performance

CRNX opened at $36.51 on Friday. The company has a market capitalization of $3.82 billion, a P/E ratio of -7.39 and a beta of 0.23. The firm’s fifty day moving average price is $47.14 and its two-hundred day moving average price is $43.65. Crinetics Pharmaceuticals, Inc. has a fifty-two week low of $24.10 and a fifty-two week high of $57.99.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its quarterly earnings data on Thursday, February 26th. The company reported ($1.29) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.37) by $0.08. Crinetics Pharmaceuticals had a negative net margin of 6,046.22% and a negative return on equity of 41.46%. The company’s quarterly revenue was up NaN% on a year-over-year basis. During the same period in the previous year, the business posted ($0.88) earnings per share. On average, equities research analysts expect that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Weiss Ratings restated a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a research note on Wednesday, January 21st. Lifesci Capital upgraded shares of Crinetics Pharmaceuticals to a “strong-buy” rating in a research report on Friday, February 13th. Citizens Jmp cut their price objective on shares of Crinetics Pharmaceuticals from $105.00 to $96.00 and set a “market outperform” rating for the company in a research report on Monday, March 2nd. Morgan Stanley lifted their target price on Crinetics Pharmaceuticals from $77.00 to $80.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 6th. Finally, Wall Street Zen upgraded Crinetics Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Saturday, February 28th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $74.78.

Insider Activity at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, CFO Tobin Schilke sold 6,713 shares of the firm’s stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $39.67, for a total transaction of $266,304.71. Following the completion of the transaction, the chief financial officer owned 78,121 shares in the company, valued at $3,099,060.07. This trade represents a 7.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Isabel Kalofonos sold 2,500 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Monday, January 5th. The shares were sold at an average price of $55.00, for a total value of $137,500.00. Following the sale, the insider directly owned 834 shares in the company, valued at $45,870. The trade was a 74.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 12,213 shares of company stock valued at $522,815 over the last quarter. 4.60% 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.