Vestal Point Capital LP Takes $10.48 Million Position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Vestal Point Capital LP bought a new position in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 205,000 shares of the company’s stock, valued at approximately $10,476,000. Vestal Point Capital LP owned about 0.26% of Crinetics Pharmaceuticals as of its most recent SEC filing.

Several other large investors have also modified their holdings of CRNX. Driehaus Capital Management LLC boosted its stake in Crinetics Pharmaceuticals by 17.0% during the second quarter. Driehaus Capital Management LLC now owns 6,112,173 shares of the company’s stock worth $273,764,000 after buying an additional 885,876 shares during the period. FMR LLC increased its holdings in Crinetics Pharmaceuticals by 8.8% in the 3rd quarter. FMR LLC now owns 4,455,770 shares of the company’s stock valued at $227,690,000 after purchasing an additional 358,975 shares during the last quarter. Vanguard Group Inc. lifted its stake in Crinetics Pharmaceuticals by 2.1% during the first quarter. Vanguard Group Inc. now owns 3,575,076 shares of the company’s stock worth $167,349,000 after purchasing an additional 72,624 shares in the last quarter. Jennison Associates LLC boosted its position in shares of Crinetics Pharmaceuticals by 0.5% during the third quarter. Jennison Associates LLC now owns 2,793,614 shares of the company’s stock worth $142,754,000 after buying an additional 13,470 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Crinetics Pharmaceuticals by 9.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 655,418 shares of the company’s stock valued at $33,492,000 after buying an additional 58,369 shares in the last quarter. Institutional investors and hedge funds own 98.51% of the company’s stock.

Crinetics Pharmaceuticals Stock Up 1.6 %

Shares of Crinetics Pharmaceuticals stock opened at $57.67 on Friday. Crinetics Pharmaceuticals, Inc. has a 52 week low of $30.87 and a 52 week high of $62.53. The firm’s 50 day moving average is $55.65 and its two-hundred day moving average is $51.79. The firm has a market capitalization of $5.35 billion, a P/E ratio of -15.46 and a beta of 0.62.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its earnings results on Tuesday, November 12th. The company reported ($0.96) EPS for the quarter, missing analysts’ consensus estimates of ($0.91) by ($0.05). During the same quarter in the previous year, the firm earned ($1.01) EPS. As a group, research analysts expect that Crinetics Pharmaceuticals, Inc. will post -3.75 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, COO Jeff E. Knight sold 501 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $56.52, for a total transaction of $28,316.52. Following the transaction, the chief operating officer now directly owns 51,653 shares in the company, valued at approximately $2,919,427.56. This trade represents a 0.96 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Dana Pizzuti sold 14,375 shares of Crinetics Pharmaceuticals stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $54.63, for a total transaction of $785,306.25. Following the completion of the transaction, the insider now directly owns 28,507 shares in the company, valued at $1,557,337.41. The trade was a 33.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 40,911 shares of company stock worth $2,144,675 in the last quarter. 6.00% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

CRNX has been the topic of a number of recent research reports. Oppenheimer reiterated an “outperform” rating and set a $73.00 price target (down from $74.00) on shares of Crinetics Pharmaceuticals in a research note on Friday, August 9th. Citigroup increased their target price on shares of Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. JMP Securities restated a “market outperform” rating and issued a $80.00 price target on shares of Crinetics Pharmaceuticals in a research note on Friday, September 27th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $90.00 target price on shares of Crinetics Pharmaceuticals in a report on Monday, September 16th. Finally, HC Wainwright upped their price target on Crinetics Pharmaceuticals from $69.00 to $81.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. One analyst has rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $70.18.

About Crinetics Pharmaceuticals

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.