Bryce Point Capital LLC Makes New Investment in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Bryce Point Capital LLC acquired a new stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 22,686 shares of the company’s stock, valued at approximately $1,160,000.

A number of other hedge funds have also made changes to their positions in CRNX. Vanguard Group Inc. boosted its stake in Crinetics Pharmaceuticals by 44.6% during the 4th quarter. Vanguard Group Inc. now owns 9,089,391 shares of the company’s stock valued at $464,741,000 after purchasing an additional 2,801,736 shares in the last quarter. Wellington Management Group LLP lifted its holdings in shares of Crinetics Pharmaceuticals by 55.9% in the fourth quarter. Wellington Management Group LLP now owns 6,950,567 shares of the company’s stock valued at $355,382,000 after buying an additional 2,490,876 shares during the period. SG Americas Securities LLC boosted its stake in Crinetics Pharmaceuticals by 4,084.6% during the fourth quarter. SG Americas Securities LLC now owns 542,446 shares of the company’s stock valued at $27,735,000 after buying an additional 529,483 shares in the last quarter. Franklin Resources Inc. grew its holdings in Crinetics Pharmaceuticals by 61.4% during the third quarter. Franklin Resources Inc. now owns 1,390,110 shares of the company’s stock worth $73,815,000 after acquiring an additional 528,688 shares during the period. Finally, Geode Capital Management LLC grew its holdings in Crinetics Pharmaceuticals by 13.6% during the fourth quarter. Geode Capital Management LLC now owns 2,098,841 shares of the company’s stock worth $107,339,000 after acquiring an additional 250,708 shares during the period. Institutional investors and hedge funds own 98.51% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. HC Wainwright restated a “buy” rating and set a $81.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Monday, January 13th. Wolfe Research initiated coverage on shares of Crinetics Pharmaceuticals in a report on Tuesday, February 4th. They set a “peer perform” rating for the company. Stifel Nicolaus initiated coverage on Crinetics Pharmaceuticals in a report on Tuesday, March 25th. They issued a “buy” rating and a $60.00 price target on the stock. TD Cowen started coverage on Crinetics Pharmaceuticals in a research note on Tuesday, February 11th. They set a “buy” rating for the company. Finally, JMP Securities restated a “market outperform” rating and issued a $87.00 target price on shares of Crinetics Pharmaceuticals in a report on Monday, December 16th. One investment analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, Crinetics Pharmaceuticals presently has an average rating of “Moderate Buy” and a consensus price target of $73.00.

Crinetics Pharmaceuticals Trading Up 2.5 %

Shares of CRNX stock opened at $31.39 on Thursday. The company has a market capitalization of $2.92 billion, a price-to-earnings ratio of -8.42 and a beta of 0.58. Crinetics Pharmaceuticals, Inc. has a 1-year low of $29.18 and a 1-year high of $62.53. The stock’s fifty day simple moving average is $35.64 and its 200-day simple moving average is $47.11.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its earnings results on Thursday, February 27th. The company reported ($0.88) earnings per share for the quarter, beating the consensus estimate of ($0.92) by $0.04. On average, sell-side analysts predict that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS for the current year.

Insider Activity at Crinetics Pharmaceuticals

In other news, insider Dana Pizzuti sold 5,000 shares of the firm’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $39.07, for a total transaction of $195,350.00. Following the completion of the sale, the insider now directly owns 31,748 shares of the company’s stock, valued at $1,240,394.36. This trade represents a 13.61 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Richard Scott Struthers sold 17,338 shares of the business’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 value of $592,959.60. Following the completion of the sale, the chief executive officer now directly owns 329,147 shares of the company’s stock, valued at approximately $11,256,827.40. The trade was a 5.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 32,015 shares of company stock valued at $1,119,263. Corporate insiders own 6.00% of the company’s stock.

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.