Rice Hall James & Associates LLC Has $7.11 Million Stock Position in Crinetics Pharmaceuticals, Inc. $CRNX

Rice Hall James & Associates LLC grew its stake in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 13.9% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 195,701 shares of the company’s stock after buying an additional 23,871 shares during the quarter. Rice Hall James & Associates LLC owned approximately 0.19% of Crinetics Pharmaceuticals worth $7,108,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Crinetics Pharmaceuticals by 11.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 59,311 shares of the company’s stock valued at $1,995,000 after acquiring an additional 6,148 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Crinetics Pharmaceuticals by 6.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 347,581 shares of the company’s stock worth $11,658,000 after purchasing an additional 22,305 shares in the last quarter. Strs Ohio bought a new position in Crinetics Pharmaceuticals in the first quarter valued at about $124,000. Invesco Ltd. raised its position in Crinetics Pharmaceuticals by 11.7% in the second quarter. Invesco Ltd. now owns 78,140 shares of the company’s stock valued at $2,247,000 after purchasing an additional 8,181 shares during the last quarter. Finally, Sei Investments Co. raised its position in Crinetics Pharmaceuticals by 20.6% in the second quarter. Sei Investments Co. now owns 60,180 shares of the company’s stock valued at $1,731,000 after purchasing an additional 10,269 shares during the last quarter. 98.51% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. JonesTrading cut Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating and set a $85.00 price target on the stock. in a report on Tuesday, July 7th. Oppenheimer reiterated a “market perform” rating on shares of Crinetics Pharmaceuticals in a report on Tuesday, July 7th. Robert W. Baird lifted their target price on shares of Crinetics Pharmaceuticals from $62.00 to $85.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 7th. Piper Sandler lowered shares of Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 7th. Finally, HC Wainwright cut shares of Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating and upped their price target for the company from $81.00 to $85.00 in a research report on Tuesday, July 7th. Six investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Crinetics Pharmaceuticals currently has an average rating of “Hold” and a consensus target price of $78.27.

Insiders Place Their Bets

In other Crinetics Pharmaceuticals news, Director Coelho Rogerio Vivaldi sold 3,000 shares of the stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $40.00, for a total transaction of $120,000.00. Following the completion of the sale, the director directly owned 19,225 shares in the company, valued at approximately $769,000. This trade represents a 13.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephanie Okey sold 6,900 shares of Crinetics Pharmaceuticals stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $35.67, for a total value of $246,123.00. Following the completion of the transaction, the director directly owned 6,400 shares of the company’s stock, valued at approximately $228,288. This trade represents a 51.88% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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 Stock Performance

NASDAQ:CRNX opened at $83.73 on Friday. Crinetics Pharmaceuticals, Inc. has a fifty-two week low of $25.83 and a fifty-two week high of $84.00. The company has a 50 day simple moving average of $49.37 and a two-hundred day simple moving average of $45.09. The company has a market capitalization of $8.83 billion, a PE ratio of -16.32 and a beta of 0.23.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings results 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 return on equity of 43.96% and a negative net margin of 2,747.18%.The firm had revenue of $10.73 million during the quarter, compared to analyst estimates of $8.51 million. During the same quarter last year, the firm posted ($1.04) EPS. The firm’s revenue for the quarter was up 2873.4% on a year-over-year basis. Research analysts predict that Crinetics Pharmaceuticals, Inc. will post -4.86 EPS for the current year.

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.