Point72 Asset Management L.P. Has $117.56 Million Stock Holdings in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Point72 Asset Management L.P. reduced its stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 17.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,300,643 shares of the company’s stock after selling 480,213 shares during the quarter. Point72 Asset Management L.P. owned about 2.48% of Crinetics Pharmaceuticals worth $117,563,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in CRNX. Driehaus Capital Management LLC lifted its position in shares of Crinetics Pharmaceuticals by 17.0% in the 2nd quarter. Driehaus Capital Management LLC now owns 6,112,173 shares of the company’s stock worth $273,764,000 after purchasing an additional 885,876 shares during the period. Farallon Capital Management LLC raised its stake in Crinetics Pharmaceuticals by 9,840.0% during the second quarter. Farallon Capital Management LLC now owns 497,000 shares of the company’s stock worth $22,261,000 after buying an additional 492,000 shares during the last quarter. Hood River Capital Management LLC acquired a new position in Crinetics Pharmaceuticals in the second quarter valued at $18,379,000. First Turn Management LLC bought a new stake in Crinetics Pharmaceuticals during the second quarter valued at $16,541,000. Finally, FMR LLC grew its holdings in Crinetics Pharmaceuticals by 8.8% during the 3rd quarter. FMR LLC now owns 4,455,770 shares of the company’s stock worth $227,690,000 after acquiring an additional 358,975 shares during the period. 98.51% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

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

Insider Transactions at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, insider Dana Pizzuti sold 14,375 shares of the business’s stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $54.63, for a total value of $785,306.25. Following the sale, 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 sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Jeff E. Knight sold 501 shares of the stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $56.52, for a total value of $28,316.52. Following the transaction, the chief operating officer now owns 51,653 shares of the company’s stock, valued at $2,919,427.56. The trade was a 0.96 % decrease in their position. 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 ninety days. Company insiders own 6.00% of the company’s stock.

Crinetics Pharmaceuticals Stock Performance

NASDAQ:CRNX opened at $56.59 on Wednesday. Crinetics Pharmaceuticals, Inc. has a 52 week low of $32.22 and a 52 week high of $62.53. The firm has a 50-day moving average price of $56.01 and a two-hundred day moving average price of $51.95. The firm has a market cap of $5.25 billion, a price-to-earnings ratio of -15.17 and a beta of 0.60.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly 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 prior year, the firm earned ($1.01) earnings per share. As a group, sell-side analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.75 earnings per share for the current year.

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.