The Manufacturers Life Insurance Company Makes New $4.71 Million Investment in Crinetics Pharmaceuticals, Inc. $CRNX

The Manufacturers Life Insurance Company purchased a new position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 125,948 shares of the company’s stock, valued at approximately $4,713,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Smartleaf Asset Management LLC increased its position in Crinetics Pharmaceuticals by 107.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 639 shares of the company’s stock worth $30,000 after purchasing an additional 331 shares in the last quarter. Headlands Technologies LLC purchased a new position in Crinetics Pharmaceuticals in the 2nd quarter valued at about $30,000. Raymond James Financial Inc. purchased a new position in Crinetics Pharmaceuticals in the 2nd quarter valued at about $45,000. Parallel Advisors LLC lifted its holdings in Crinetics Pharmaceuticals by 34.6% in the 4th 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. Finally, Arax Advisory Partners boosted its stake in shares of Crinetics Pharmaceuticals by 131.2% during the 4th quarter. Arax Advisory Partners now owns 1,498 shares of the company’s stock worth $70,000 after purchasing an additional 850 shares during the last quarter. 98.51% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Cantor Fitzgerald downgraded shares of Crinetics Pharmaceuticals from an “overweight” rating to a “hold” rating in a report on Tuesday, July 7th. JonesTrading lowered shares of Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating and set a $85.00 target price on the stock. in a research report on Tuesday, July 7th. UBS Group reaffirmed a “neutral” rating and issued a $85.00 target price (up from $55.00) on shares of Crinetics Pharmaceuticals in a research note on Tuesday, July 28th. Jefferies Financial Group cut shares of Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating and lifted their target price for the stock from $55.00 to $85.00 in a research note on Tuesday, July 7th. Finally, Piper Sandler downgraded Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 7th. Five analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Crinetics Pharmaceuticals presently has an average rating of “Hold” and a consensus target price of $81.00.

Insider Buying and Selling

In other Crinetics Pharmaceuticals news, Director Stephanie Okey sold 6,900 shares of the stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $35.67, for a total transaction of $246,123.00. Following the transaction, the director owned 6,400 shares of the company’s stock, valued at $228,288. This trade represents a 51.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Coelho Rogerio Vivaldi sold 3,000 shares of the stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $40.00, for a total transaction of $120,000.00. Following the transaction, the director directly owned 19,225 shares in the company, valued at approximately $769,000. This represents a 13.50% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.80% of the stock is currently owned by insiders.

Crinetics Pharmaceuticals Trading Up 0.1%

Shares of NASDAQ:CRNX opened at $84.95 on Tuesday. The firm has a market cap of $9.01 billion, a price-to-earnings ratio of -16.86 and a beta of 0.12. The stock’s 50-day moving average price is $74.97 and its two-hundred day moving average price is $51.03. Crinetics Pharmaceuticals, Inc. has a 12-month low of $30.25 and a 12-month high of $85.01.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its quarterly earnings data on Monday, August 3rd. The company reported ($1.14) EPS for the quarter, beating analysts’ consensus estimates of ($1.18) by $0.04. The company had revenue of $25.12 million during the quarter, compared to the consensus estimate of $14.84 million. Crinetics Pharmaceuticals had a negative net margin of 1,189.88% and a negative return on equity of 44.22%. The company’s quarterly revenue was up 2336.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($1.23) EPS. As a group, research analysts forecast that Crinetics Pharmaceuticals, Inc. will post -4.83 earnings per share for the current fiscal 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.