Point72 Asset Management L.P. Sells 2,168,630 Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Point72 Asset Management L.P. trimmed its position in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 43.8% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,780,856 shares of the company's stock after selling 2,168,630 shares during the quarter. Point72 Asset Management L.P. owned 3.47% of Crinetics Pharmaceuticals worth $124,555,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Comerica Bank bought a new position in Crinetics Pharmaceuticals in the 1st quarter valued at $33,000. Quarry LP bought a new position in Crinetics Pharmaceuticals in the 4th quarter valued at $36,000. Quest Partners LLC bought a new position in Crinetics Pharmaceuticals in the 2nd quarter valued at $42,000. Amalgamated Bank grew its stake 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 during the period. Finally, Oppenheimer Asset Management Inc. bought a new position in Crinetics Pharmaceuticals in the 1st quarter valued at $200,000. 98.51% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have issued reports on CRNX shares. JMP Securities restated a "market outperform" rating and issued a $80.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Tuesday, June 4th. HC Wainwright upped their price target on Crinetics Pharmaceuticals from $60.00 to $69.00 and gave the company a "buy" rating in a research report on Friday, August 9th. JPMorgan Chase & Co. upped their price target on Crinetics Pharmaceuticals from $47.00 to $54.00 and gave the company an "overweight" rating in a research report on Tuesday, July 9th. Piper Sandler reaffirmed an "overweight" rating and set a $97.00 price target on shares of Crinetics Pharmaceuticals in a research report on Tuesday, July 2nd. Finally, Oppenheimer reaffirmed an "outperform" rating and set a $73.00 price target (down previously from $74.00) on shares of Crinetics Pharmaceuticals in a research report on Friday, August 9th. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $68.55.

Crinetics Pharmaceuticals Price Performance

Shares of CRNX stock traded up $0.67 during trading hours on Wednesday, reaching $50.49. The company's stock had a trading volume of 286,948 shares, compared to its average volume of 786,880. Crinetics Pharmaceuticals, Inc. has a one year low of $25.35 and a one year high of $55.78. The firm's fifty day simple moving average is $52.23 and its 200 day simple moving average is $48.16.

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

Insider Buying and Selling at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, CFO Marc Wilson sold 32,129 shares of Crinetics Pharmaceuticals stock in a transaction on Friday, June 28th. The stock was sold at an average price of $43.61, for a total transaction 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CFO Marc Wilson sold 32,129 shares of Crinetics Pharmaceuticals 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 in the company, valued at $4,844,722.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Stephen F. Betz sold 1,035 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on 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 sale, the insider now owns 68,576 shares of the company's stock, valued at $3,531,664. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 142,595 shares of company stock worth $7,112,902. 6.00% of the stock is owned by insiders.

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.