First Light Asset Management LLC Sells 489,669 Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

First Light Asset Management LLC trimmed its position in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 29.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,200,508 shares of the company's stock after selling 489,669 shares during the period. Crinetics Pharmaceuticals makes up 4.7% of First Light Asset Management LLC's portfolio, making the stock its 3rd biggest position. First Light Asset Management LLC owned 1.52% of Crinetics Pharmaceuticals worth $53,771,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Janus Henderson Group PLC boosted its stake in shares of Crinetics Pharmaceuticals by 264.1% during the 1st quarter. Janus Henderson Group PLC now owns 1,978,172 shares of the company's stock valued at $92,526,000 after buying an additional 1,434,909 shares during the last quarter. Artal Group S.A. bought a new position in Crinetics Pharmaceuticals during the 1st quarter valued at $65,088,000. Price T Rowe Associates Inc. MD grew its holdings 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 acquiring an additional 814,360 shares in the last quarter. Farallon Capital Management LLC increased its position in shares of Crinetics Pharmaceuticals by 9,840.0% in the 2nd quarter. Farallon Capital Management LLC now owns 497,000 shares of the company's stock worth $22,261,000 after purchasing an additional 492,000 shares during the last quarter. Finally, Vestal Point Capital LP acquired a new stake in shares of Crinetics Pharmaceuticals in the 4th quarter valued at about $16,011,000. Hedge funds and other institutional investors own 98.51% of the company's stock.

Insider Activity

In other Crinetics Pharmaceuticals news, COO Jeff E. Knight sold 956 shares of the business's 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 sale, the chief operating officer now directly owns 52,580 shares in the company, valued at approximately $2,333,500.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Stephen F. Betz sold 1,035 shares of the firm's stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $51.50, for a total transaction of $53,302.50. Following the completion of the transaction, the insider now owns 68,576 shares of the company's stock, valued at $3,531,664. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Jeff E. Knight sold 956 shares of the business's 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 completion of the sale, the chief operating officer now owns 52,580 shares in the company, valued at $2,333,500.40. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 143,551 shares of company stock valued at $7,155,329. Company insiders own 6.00% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently commented on CRNX. HC Wainwright lifted their price target on 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 reiterated a "market outperform" rating and issued a $80.00 price target on shares of Crinetics Pharmaceuticals in a report on Tuesday, June 4th. Cantor Fitzgerald reissued an "overweight" rating and set a $90.00 price target on shares of Crinetics Pharmaceuticals in a research report on Monday, September 16th. JPMorgan Chase & Co. lifted their price objective 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. Finally, Piper Sandler reissued an "overweight" rating and set a $97.00 target price on shares of Crinetics Pharmaceuticals in a report on Tuesday, July 2nd. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $68.55.

Crinetics Pharmaceuticals Trading Down 1.2 %

NASDAQ:CRNX traded down $0.60 during mid-day trading on Tuesday, hitting $49.82. The stock had a trading volume of 703,975 shares, compared to its average volume of 789,597. The company has a 50 day simple moving average of $52.23 and a 200-day simple moving average of $48.16. The stock has a market capitalization of $3.93 billion, a price-to-earnings ratio of -13.18 and a beta of 0.63. Crinetics Pharmaceuticals, Inc. has a 52 week low of $25.35 and a 52 week high of $55.78.

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