Point72 Asset Management L.P. Sells 480,213 Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Point72 Asset Management L.P. trimmed its holdings in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 17.3% in the third quarter, Holdings Channel reports. The institutional investor owned 2,300,643 shares of the company’s stock after selling 480,213 shares during the quarter. Point72 Asset Management L.P.’s holdings in Crinetics Pharmaceuticals were worth $117,563,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Comerica Bank purchased a new position in shares of Crinetics Pharmaceuticals in the first quarter valued at $33,000. Quest Partners LLC bought a new position in Crinetics Pharmaceuticals in the 2nd quarter worth about $42,000. Values First Advisors Inc. purchased a new position in Crinetics Pharmaceuticals during the 3rd quarter valued at about $84,000. Allspring Global Investments Holdings LLC purchased a new stake in shares of Crinetics Pharmaceuticals in the third quarter worth about $91,000. Finally, KBC Group NV lifted its holdings in shares of Crinetics Pharmaceuticals by 22.8% in the third quarter. KBC Group NV now owns 2,193 shares of the company’s stock worth $112,000 after buying an additional 407 shares in the last quarter. Institutional investors own 98.51% of the company’s stock.

Insiders Place Their Bets

In other news, insider Stephen F. Betz sold 1,035 shares of the firm’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $51.50, for a total value of $53,302.50. Following the transaction, the insider now owns 68,576 shares in the company, valued at approximately $3,531,664. This trade represents a 1.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Marc Wilson sold 25,000 shares of Crinetics Pharmaceuticals stock in a transaction on Thursday, September 26th. The stock was sold at an average price of $51.11, for a total transaction of $1,277,750.00. Following the completion of the transaction, the chief financial officer now directly owns 111,092 shares in the company, valued at approximately $5,677,912.12. The trade was a 18.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 40,911 shares of company stock valued at $2,144,675 over the last three months. Insiders own 6.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. 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 research note on Thursday, November 14th. HC Wainwright lifted their price objective on Crinetics Pharmaceuticals from $69.00 to $81.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Oppenheimer restated an “outperform” rating and issued a $73.00 target price (down from $74.00) on shares of Crinetics Pharmaceuticals in a research note on Friday, August 9th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $90.00 price target on shares of Crinetics Pharmaceuticals in a report on Monday, September 16th. Finally, JMP Securities reissued a “market outperform” rating and set a $80.00 price objective on shares of Crinetics Pharmaceuticals in a report on Friday, September 27th. One research 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, Crinetics Pharmaceuticals presently has a consensus rating of “Moderate Buy” and an average price target of $70.18.

Crinetics Pharmaceuticals Price Performance

NASDAQ:CRNX opened at $56.59 on Wednesday. The company has a market capitalization of $5.25 billion, a price-to-earnings ratio of -15.17 and a beta of 0.60. The business has a 50 day moving average of $56.01 and a 200 day moving average of $51.95. Crinetics Pharmaceuticals, Inc. has a 1-year low of $32.22 and a 1-year high of $62.53.

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

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.