Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Shares Sold by Cinctive Capital Management LP

Cinctive Capital Management LP trimmed its position in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 25.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 36,988 shares of the company’s stock after selling 12,457 shares during the period. Cinctive Capital Management LP’s holdings in Crinetics Pharmaceuticals were worth $1,891,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Venturi Wealth Management LLC purchased a new position in shares of Crinetics Pharmaceuticals in the 4th quarter valued at $41,000. Headlands Technologies LLC acquired a new position in Crinetics Pharmaceuticals during the 4th quarter worth approximately $52,000. Harvest Fund Management Co. Ltd purchased a new position in Crinetics Pharmaceuticals in the 4th quarter worth approximately $66,000. KBC Group NV grew its position in Crinetics Pharmaceuticals by 69.3% in the fourth quarter. KBC Group NV now owns 3,712 shares of the company’s stock valued at $190,000 after acquiring an additional 1,519 shares in the last quarter. Finally, Janney Montgomery Scott LLC raised its stake in shares of Crinetics Pharmaceuticals by 13.7% during the fourth quarter. Janney Montgomery Scott LLC now owns 4,975 shares of the company’s stock valued at $254,000 after purchasing an additional 600 shares during the period. 98.51% of the stock is currently owned by institutional investors and hedge funds.

Crinetics Pharmaceuticals Price Performance

CRNX opened at $31.39 on Thursday. Crinetics Pharmaceuticals, Inc. has a 12 month low of $29.18 and a 12 month high of $62.53. The stock’s 50 day moving average price is $35.64 and its 200 day moving average price is $47.11. The stock has a market cap of $2.92 billion, a P/E ratio of -8.42 and a beta of 0.58.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its earnings results on Thursday, February 27th. The company reported ($0.88) EPS for the quarter, topping the consensus estimate of ($0.92) by $0.04. Equities analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS for the current year.

Insider Activity at Crinetics Pharmaceuticals

In related news, insider Dana Pizzuti sold 2,515 shares of the firm’s stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $34.20, for a total transaction of $86,013.00. Following the completion of the sale, the insider now directly owns 72,233 shares in the company, valued at approximately $2,470,368.60. This trade represents a 3.36 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Richard Scott Struthers sold 17,338 shares of the company’s stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $34.20, for a total value of $592,959.60. Following the completion of the transaction, the chief executive officer now directly owns 329,147 shares in the company, valued at $11,256,827.40. This represents a 5.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 32,015 shares of company stock valued at $1,119,263 over the last 90 days. 6.00% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

CRNX has been the subject of several analyst reports. JMP Securities restated a “market outperform” rating and issued a $87.00 target price on shares of Crinetics Pharmaceuticals in a research note on Monday, December 16th. Wolfe Research began coverage on Crinetics Pharmaceuticals in a research report on Tuesday, February 4th. They set a “peer perform” rating on the stock. HC Wainwright reiterated a “buy” rating and issued a $81.00 price target on shares of Crinetics Pharmaceuticals in a research note on Monday, January 13th. Jefferies Financial Group upgraded Crinetics Pharmaceuticals from a “hold” rating to a “buy” rating and set a $55.00 price objective for the company in a research note on Wednesday, January 22nd. Finally, TD Cowen initiated coverage on shares of Crinetics Pharmaceuticals in a research report on Tuesday, February 11th. They set a “buy” rating for the company. One investment analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, Crinetics Pharmaceuticals presently has an average rating of “Moderate Buy” and a consensus price target of $73.00.

Crinetics Pharmaceuticals Profile

Crinetics Pharmaceuticals, Inc, a clinical-stage pharmaceutical company, focuses on the discovery, development, and commercialization of novel therapeutics for rare endocrine diseases and endocrine-related tumors. The company's lead product candidate is paltusotine, an oral selective nonpeptide somatostatin receptor type 2 agonist, which is in Phase 3 trial for the treatment of acromegaly; and Phase 2 trial for treating carcinoid syndrome associated with neuroendocrine tumors.