Resolute Capital Asset Partners LLC Boosts Stock Position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Resolute Capital Asset Partners LLC raised its position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 50.0% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 30,000 shares of the company's stock after acquiring an additional 10,000 shares during the quarter. Resolute Capital Asset Partners LLC's holdings in Crinetics Pharmaceuticals were worth $1,344,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Comerica Bank purchased a new position in shares of Crinetics Pharmaceuticals in the first quarter worth approximately $33,000. Quarry LP purchased a new position in shares of Crinetics Pharmaceuticals during the 4th quarter worth $36,000. Quest Partners LLC purchased a new position in shares of Crinetics Pharmaceuticals during the 2nd quarter worth $42,000. Amalgamated Bank grew its position in shares of Crinetics Pharmaceuticals by 20.8% during the 2nd quarter. Amalgamated Bank now owns 2,692 shares of the company's stock valued at $121,000 after acquiring an additional 464 shares during the period. Finally, Oppenheimer Asset Management Inc. purchased a new stake in shares of Crinetics Pharmaceuticals in the 1st quarter worth $200,000. 98.51% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Cantor Fitzgerald reiterated an "overweight" rating and set a $90.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Monday. Oppenheimer reiterated an "outperform" rating and issued a $73.00 price target (down from $74.00) on shares of Crinetics Pharmaceuticals in a research report on Friday, August 9th. Robert W. Baird raised their price objective on shares of Crinetics Pharmaceuticals from $52.00 to $62.00 and gave the company an "outperform" rating in a research report on Thursday, May 23rd. Morgan Stanley upped their target price on shares of Crinetics Pharmaceuticals from $50.00 to $70.00 and gave the stock an "overweight" rating in a report on Thursday, May 23rd. Finally, JPMorgan Chase & Co. raised their price target on Crinetics Pharmaceuticals from $47.00 to $54.00 and gave the company an "overweight" rating in a report on Tuesday, July 9th. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $68.55.

Crinetics Pharmaceuticals Price Performance

Shares of CRNX stock traded up $1.11 during trading hours on Thursday, hitting $53.88. The stock had a trading volume of 933,922 shares, compared to its average volume of 783,960. The stock has a market capitalization of $4.25 billion, a price-to-earnings ratio of -13.96 and a beta of 0.63. Crinetics Pharmaceuticals, Inc. has a one year low of $25.35 and a one year high of $55.78. The stock's 50-day moving average price is $52.39 and its two-hundred day moving average price is $47.87.

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 (EPS) for the quarter, missing analysts' consensus estimates of ($0.86) by ($0.08). The business had revenue of $0.40 million during the quarter, compared to analyst estimates of $0.47 million. Crinetics Pharmaceuticals's revenue was down 59.6% on a year-over-year basis. During the same quarter last year, the firm posted ($0.94) earnings per share. As a group, equities research analysts predict that Crinetics Pharmaceuticals, Inc. will post -3.72 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Crinetics Pharmaceuticals news, insider Dana Pizzuti sold 9,500 shares of the stock in a transaction on Monday, June 24th. The shares were sold at an average price of $45.73, for a total transaction of $434,435.00. Following the completion of the transaction, the insider now owns 27,786 shares in the company, valued at $1,270,653.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Crinetics Pharmaceuticals news, insider Dana Pizzuti sold 9,500 shares of the business's stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of $45.73, for a total transaction of $434,435.00. Following the sale, the insider now directly owns 27,786 shares of the company's stock, valued at $1,270,653.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Marc Wilson sold 32,129 shares of the firm's stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $43.61, for a total value of $1,401,145.69. Following the completion of the sale, the chief financial officer now directly owns 111,092 shares of the company's stock, valued at $4,844,722.12. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 168,051 shares of company stock worth $8,259,664. Insiders own 6.00% of the company's stock.

Crinetics Pharmaceuticals Company 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.