Cinctive Capital Management LP Makes New Investment in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Cinctive Capital Management LP acquired a new stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 49,445 shares of the company's stock, valued at approximately $2,527,000. Cinctive Capital Management LP owned approximately 0.05% of Crinetics Pharmaceuticals as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. AQR Capital Management LLC grew its stake in shares of Crinetics Pharmaceuticals by 3.3% in the second quarter. AQR Capital Management LLC now owns 7,126 shares of the company's stock worth $319,000 after acquiring an additional 227 shares in the last quarter. US Bancorp DE grew its stake in Crinetics Pharmaceuticals by 3.4% during the 3rd quarter. US Bancorp DE now owns 11,488 shares of the company's stock worth $587,000 after purchasing an additional 373 shares in the last quarter. KBC Group NV increased its holdings in Crinetics Pharmaceuticals by 22.8% during the 3rd quarter. KBC Group NV now owns 2,193 shares of the company's stock worth $112,000 after purchasing an additional 407 shares during the period. Amalgamated Bank raised its position in Crinetics Pharmaceuticals by 20.8% in the 2nd quarter. Amalgamated Bank now owns 2,692 shares of the company's stock valued at $121,000 after purchasing an additional 464 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of Crinetics Pharmaceuticals by 2.5% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 20,633 shares of the company's stock valued at $1,054,000 after buying an additional 505 shares during the period. 98.51% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on CRNX. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $90.00 target price on shares of Crinetics Pharmaceuticals in a report on Monday, September 16th. HC Wainwright lifted their price objective on shares of Crinetics Pharmaceuticals from $69.00 to $81.00 and gave the stock a "buy" rating in a research report on Wednesday, November 13th. Citigroup boosted 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. 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. Finally, Oppenheimer reaffirmed an "outperform" rating and set a $73.00 price objective (down from $74.00) on shares of Crinetics Pharmaceuticals in a research report on Friday, August 9th. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, Crinetics Pharmaceuticals presently has a consensus rating of "Moderate Buy" and a consensus price target of $70.18.

Insider Transactions at Crinetics Pharmaceuticals

In other news, insider Stephen F. Betz sold 1,035 shares of the business's stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $51.50, for a total transaction of $53,302.50. Following the transaction, the insider now directly owns 68,576 shares in the company, valued at $3,531,664. The trade was a 1.49 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Jeff E. Knight sold 501 shares of the firm's stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $56.52, for a total transaction of $28,316.52. Following the completion of the sale, the chief operating officer now owns 51,653 shares of the company's stock, valued at approximately $2,919,427.56. The trade was a 0.96 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 40,911 shares of company stock worth $2,144,675. Company insiders own 6.00% of the company's stock.

Crinetics Pharmaceuticals Stock Performance

NASDAQ CRNX traded down $1.48 on Tuesday, reaching $55.91. The stock had a trading volume of 141,134 shares, compared to its average volume of 773,414. The stock has a market cap of $5.19 billion, a P/E ratio of -15.39 and a beta of 0.60. The business's 50-day moving average price is $55.87 and its 200 day moving average price is $51.92. Crinetics Pharmaceuticals, Inc. has a 12-month low of $32.22 and a 12-month high of $62.53.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.96) EPS for the quarter, missing the consensus estimate of ($0.91) by ($0.05). During the same quarter in the previous year, the firm posted ($1.01) EPS. On average, sell-side analysts predict 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.