Victory Capital Management Inc. Lowers Stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Victory Capital Management Inc. trimmed its stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 11.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 226,687 shares of the company's stock after selling 30,458 shares during the period. Victory Capital Management Inc. owned approximately 0.29% of Crinetics Pharmaceuticals worth $10,153,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the stock. Price T Rowe Associates Inc. MD grew its position in Crinetics Pharmaceuticals by 27.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,823,218 shares of the company's stock worth $178,966,000 after purchasing an additional 814,360 shares during the last quarter. Vanguard Group Inc. grew its position in Crinetics Pharmaceuticals by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 3,575,076 shares of the company's stock worth $167,349,000 after purchasing an additional 72,624 shares during the last quarter. Jennison Associates LLC grew its position in Crinetics Pharmaceuticals by 10.6% during the 1st quarter. Jennison Associates LLC now owns 2,817,854 shares of the company's stock worth $131,904,000 after purchasing an additional 270,171 shares during the last quarter. First Light Asset Management LLC grew its position in Crinetics Pharmaceuticals by 25.5% during the 4th quarter. First Light Asset Management LLC now owns 1,987,772 shares of the company's stock worth $70,725,000 after purchasing an additional 404,443 shares during the last quarter. Finally, Janus Henderson Group PLC grew its position in Crinetics Pharmaceuticals by 264.1% during the 1st quarter. Janus Henderson Group PLC now owns 1,978,172 shares of the company's stock worth $92,526,000 after purchasing an additional 1,434,909 shares during the last quarter. 98.51% of the stock is owned by hedge funds and other institutional investors.

Crinetics Pharmaceuticals Stock Up 5.0 %

Shares of NASDAQ CRNX traded up $2.57 during midday trading on Friday, hitting $53.80. The company had a trading volume of 515,227 shares, compared to its average volume of 785,432. Crinetics Pharmaceuticals, Inc. has a twelve month low of $25.35 and a twelve month high of $55.78. The business has a 50-day simple moving average of $52.09 and a two-hundred day simple moving average of $47.70. The firm has a market capitalization 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 announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.94) EPS for the quarter, missing the consensus estimate of ($0.86) by ($0.08). The company had revenue of $0.40 million for the quarter, compared to analysts' expectations of $0.47 million. During the same period last year, the business earned ($0.94) EPS. The firm's revenue for the quarter was down 59.6% on a year-over-year basis. On average, equities analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.72 EPS for the current year.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. Robert W. Baird raised their price objective on shares of Crinetics Pharmaceuticals from $52.00 to $62.00 and gave the stock an "outperform" rating in a research report on Thursday, May 23rd. Piper Sandler restated an "overweight" rating and issued a $97.00 target price on shares of Crinetics Pharmaceuticals in a research note on Tuesday, July 2nd. HC Wainwright raised their target price on shares of Crinetics Pharmaceuticals from $60.00 to $69.00 and gave the stock a "buy" rating in a research note on Friday, August 9th. JMP Securities restated a "market outperform" rating and issued a $80.00 target price on shares of Crinetics Pharmaceuticals in a research note on Tuesday, June 4th. Finally, JPMorgan Chase & Co. raised their target price on shares of Crinetics Pharmaceuticals from $47.00 to $54.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 9th. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $66.27.

Insider Activity at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, COO Jeff E. Knight sold 956 shares of Crinetics Pharmaceuticals stock in a transaction dated Wednesday, June 26th. The shares were sold at an average price of $44.38, for a total transaction of $42,427.28. Following the completion of the transaction, the chief operating officer now owns 52,580 shares in the company, valued at $2,333,500.40. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Crinetics Pharmaceuticals news, insider James Hassard sold 15,000 shares of Crinetics Pharmaceuticals stock in a transaction dated Friday, June 21st. The shares were sold at an average price of $44.66, for a total transaction of $669,900.00. Following the completion of the transaction, the insider now owns 29,259 shares in the company, valued at $1,306,706.94. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Jeff E. Knight sold 956 shares of Crinetics Pharmaceuticals stock in a transaction dated Wednesday, June 26th. The stock was sold at an average price of $44.38, for a total transaction of $42,427.28. Following the transaction, the chief operating officer now owns 52,580 shares of the company's stock, valued at approximately $2,333,500.40. The disclosure for this sale can be found here. Insiders sold 168,051 shares of company stock worth $8,259,664 over the last 90 days. Company 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.