First Turn Management LLC Makes New Investment in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

First Turn Management LLC purchased a new stake in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund purchased 369,302 shares of the company's stock, valued at approximately $16,541,000. Crinetics Pharmaceuticals comprises about 2.7% of First Turn Management LLC's investment portfolio, making the stock its 19th biggest position. First Turn Management LLC owned 0.47% of Crinetics Pharmaceuticals as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. Comerica Bank bought a new stake in shares of Crinetics Pharmaceuticals during the first quarter worth $33,000. Quarry LP bought a new stake in Crinetics Pharmaceuticals during the 4th quarter worth $36,000. Quest Partners LLC acquired a new position in Crinetics Pharmaceuticals in the 2nd quarter worth about $42,000. Oppenheimer Asset Management Inc. bought a new position in Crinetics Pharmaceuticals in the first quarter valued at about $200,000. Finally, Oppenheimer & Co. Inc. acquired a new stake in shares of Crinetics Pharmaceuticals during the first quarter valued at about $219,000. 98.51% of the stock is currently owned by institutional investors and hedge funds.

Crinetics Pharmaceuticals Trading Up 5.0 %

CRNX stock traded up $2.57 during mid-day trading on Friday, reaching $53.80. The company's stock had a trading volume of 515,227 shares, compared to its average volume of 785,432. Crinetics Pharmaceuticals, Inc. has a 12 month low of $25.35 and a 12 month high of $55.78. The business's 50 day moving average price is $52.09 and its 200 day moving average price is $47.62. The company has a market cap of $4.31 billion, a price-to-earnings ratio of -14.23 and a beta of 0.63.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.94) earnings per share for the quarter, missing the consensus estimate of ($0.86) by ($0.08). The firm had revenue of $0.40 million for the quarter, compared to the consensus estimate of $0.47 million. The firm's quarterly revenue was down 59.6% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.94) EPS. As a group, equities analysts expect that Crinetics Pharmaceuticals, Inc. will post -3.72 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on CRNX. Oppenheimer reaffirmed an "outperform" rating and issued a $73.00 price objective (down previously from $74.00) on shares of Crinetics Pharmaceuticals in a research note on Friday, August 9th. Piper Sandler reaffirmed an "overweight" rating and set a $97.00 price target on shares of Crinetics Pharmaceuticals in a research note on Tuesday, July 2nd. JPMorgan Chase & Co. lifted their price target on shares of Crinetics Pharmaceuticals from $47.00 to $54.00 and gave the stock an "overweight" rating in a report on Tuesday, July 9th. HC Wainwright increased their price objective on Crinetics Pharmaceuticals from $60.00 to $69.00 and gave the company a "buy" rating in a report on Friday, August 9th. Finally, JMP Securities reaffirmed a "market outperform" rating and set a $80.00 target price on shares of Crinetics Pharmaceuticals in a report on Tuesday, June 4th. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. According to data from MarketBeat, Crinetics Pharmaceuticals presently has an average rating of "Moderate Buy" and an average price target of $66.27.

Insider Buying and Selling at Crinetics Pharmaceuticals

In other news, insider Stephen F. Betz sold 3,000 shares of the stock in a transaction dated Wednesday, July 10th. The shares were sold at an average price of $48.55, for a total transaction of $145,650.00. Following the transaction, the insider now owns 78,611 shares of the company's stock, valued at approximately $3,816,564.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Stephen F. Betz sold 3,000 shares of the company's stock in a transaction that occurred on Wednesday, July 10th. The stock was sold at an average price of $48.55, for a total transaction of $145,650.00. Following the transaction, the insider now directly owns 78,611 shares of the company's stock, valued at $3,816,564.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Marc Wilson sold 32,129 shares of the stock in a transaction on Friday, June 28th. The stock was sold at an average price of $43.61, for a total value of $1,401,145.69. Following the completion of the transaction, the chief financial officer now owns 111,092 shares in the company, valued at $4,844,722.12. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 168,051 shares of company stock valued at $8,259,664. Corporate insiders own 6.00% of the company's stock.

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.