First Light Asset Management LLC Increases Stock Holdings in Crinetics Pharmaceuticals, Inc. $CRNX

First Light Asset Management LLC boosted its stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 24.9% in the second quarter, Holdings Channel.com reports. The fund owned 1,360,866 shares of the company’s stock after buying an additional 271,196 shares during the quarter. Crinetics Pharmaceuticals comprises about 3.1% of First Light Asset Management LLC’s portfolio, making the stock its 14th largest holding. First Light Asset Management LLC’s holdings in Crinetics Pharmaceuticals were worth $50,924,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. BlackRock Inc. purchased a new position in Crinetics Pharmaceuticals during the 2nd quarter worth $365,179,000. Jupiter Topco LLC acquired a new position in Crinetics Pharmaceuticals in the 2nd quarter valued at $170,509,000. California State Teachers Retirement System increased its stake in shares of Crinetics Pharmaceuticals by 3,523.8% during the second quarter. California State Teachers Retirement System now owns 3,825,409 shares of the company’s stock worth $143,147,000 after acquiring an additional 3,719,846 shares during the period. Wellington Management Group LLP raised its stake in shares of Crinetics Pharmaceuticals by 44.3% during the 3rd quarter. Wellington Management Group LLP now owns 8,381,991 shares of the company’s stock worth $349,110,000 after buying an additional 2,574,683 shares in the last quarter. Finally, Baker BROS. Advisors LP raised its position in Crinetics Pharmaceuticals by 488.9% in the fourth quarter. Baker BROS. Advisors LP now owns 1,648,869 shares of the company’s stock worth $76,755,000 after acquiring an additional 1,368,869 shares in the last quarter. 98.51% of the stock is currently owned by hedge funds and other institutional investors.

Crinetics Pharmaceuticals Stock Performance

Shares of Crinetics Pharmaceuticals stock opened at $84.95 on Thursday. The business’s 50 day simple moving average is $81.73 and its 200-day simple moving average is $53.04. The stock has a market capitalization of $9.01 billion, a price-to-earnings ratio of -16.86 and a beta of 0.08. Crinetics Pharmaceuticals, Inc. has a twelve month low of $30.25 and a twelve month high of $85.01.

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

Insider Activity

In other Crinetics Pharmaceuticals news, Director Coelho Vivaldi sold 3,000 shares of the company’s stock in a transaction dated Thursday, July 2nd. The shares were 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 of the company’s stock, valued at approximately $769,000. This represents a 13.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephanie Okey sold 6,900 shares of the stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $35.67, for a total value of $246,123.00. Following the completion of the sale, the director owned 6,400 shares of the company’s stock, valued at $228,288. The trade was a 51.88% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 3.80% of the company’s stock.

Wall Street Analysts Forecast Growth

CRNX has been the subject of a number of research analyst reports. Evercore cut shares of Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 7th. Robert W. Baird boosted their price objective on shares of Crinetics Pharmaceuticals from $62.00 to $85.00 and gave the company an “outperform” rating in a research report on Tuesday, July 7th. Piper Sandler downgraded Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 7th. HC Wainwright cut Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating and boosted their target price for the stock from $81.00 to $85.00 in a report on Tuesday, July 7th. Finally, UBS Group reissued a “neutral” rating and set a $85.00 target price (up from $55.00) on shares of Crinetics Pharmaceuticals in a research report on Tuesday, July 28th. Five research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Crinetics Pharmaceuticals has a consensus rating of “Hold” and an average target price of $81.00.

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.