First Light Asset Management LLC Acquires 77,380 Shares of Crinetics Pharmaceuticals, Inc. $CRNX

First Light Asset Management LLC increased its holdings in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 9.0% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 941,516 shares of the company’s stock after purchasing an additional 77,380 shares during the period. Crinetics Pharmaceuticals makes up approximately 3.7% of First Light Asset Management LLC’s holdings, making the stock its 6th largest position. First Light Asset Management LLC owned 0.99% of Crinetics Pharmaceuticals worth $39,214,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Headlands Technologies LLC bought a new position in Crinetics Pharmaceuticals in the 2nd quarter worth approximately $30,000. Farther Finance Advisors LLC increased its position in Crinetics Pharmaceuticals by 523.7% during the third quarter. Farther Finance Advisors LLC now owns 842 shares of the company’s stock worth $35,000 after acquiring an additional 707 shares during the period. Raymond James Financial Inc. acquired a new position in Crinetics Pharmaceuticals during the 2nd quarter valued at $45,000. Covestor Ltd raised its stake in Crinetics Pharmaceuticals by 23,983.3% during the 3rd quarter. Covestor Ltd now owns 1,445 shares of the company’s stock valued at $60,000 after purchasing an additional 1,439 shares during the last quarter. Finally, Abich Financial Wealth Management LLC bought a new stake in Crinetics Pharmaceuticals in the 3rd quarter valued at $68,000. Institutional investors own 98.51% of the company’s stock.

Wall Street Analyst Weigh In

CRNX has been the topic of several research analyst reports. Morgan Stanley raised their price target on shares of Crinetics Pharmaceuticals from $77.00 to $80.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 6th. Lifesci Capital upgraded Crinetics Pharmaceuticals to a “strong-buy” rating in a research note on Friday, February 13th. Citizens Jmp cut their price target on Crinetics Pharmaceuticals from $105.00 to $96.00 and set a “market outperform” rating for the company in a report on Monday, March 2nd. The Goldman Sachs Group upgraded Crinetics Pharmaceuticals from a “neutral” rating to a “buy” rating and set a $67.00 price objective for the company in a research report on Monday, January 12th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a report on Wednesday, January 21st. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $74.78.

Insider Buying and Selling

In other news, Director Coelho Rogerio Vivaldi sold 5,000 shares of the stock in a transaction that occurred on Thursday, March 12th. The stock was sold at an average price of $36.15, for a total value of $180,750.00. Following the completion of the transaction, the director directly owned 16,300 shares of the company’s stock, valued at approximately $589,245. This represents a 23.47% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Isabel Kalofonos sold 2,500 shares of the firm’s stock in a transaction that occurred on Monday, January 5th. The stock was sold at an average price of $55.00, for a total value of $137,500.00. Following the transaction, the insider owned 834 shares of the company’s stock, valued at $45,870. This trade represents a 74.99% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 17,213 shares of company stock valued at $703,565. 6.00% of the stock is currently owned by company insiders.

Crinetics Pharmaceuticals Stock Performance

Shares of Crinetics Pharmaceuticals stock opened at $37.49 on Monday. The firm has a market cap of $3.93 billion, a P/E ratio of -7.59 and a beta of 0.23. The firm’s 50-day simple moving average is $46.96 and its 200-day simple moving average is $43.89. Crinetics Pharmaceuticals, Inc. has a twelve month low of $24.10 and a twelve month high of $57.99.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its quarterly earnings results on Thursday, February 26th. The company reported ($1.29) earnings per share (EPS) for the quarter, topping the consensus estimate 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%. Crinetics Pharmaceuticals’s revenue for the quarter was up NaN% on a year-over-year basis. During the same period last year, the firm earned ($0.88) earnings per share. On average, equities analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current fiscal year.

Crinetics Pharmaceuticals 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.