Maplelane Capital LLC Acquires New Shares in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Maplelane Capital LLC acquired a new stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 160,000 shares of the company's stock, valued at approximately $7,166,000. Maplelane Capital LLC owned about 0.20% of Crinetics Pharmaceuticals at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in CRNX. Comerica Bank bought a new position in Crinetics Pharmaceuticals during the first quarter worth about $33,000. Quest Partners LLC acquired a new position in shares of Crinetics Pharmaceuticals during the 2nd quarter worth approximately $42,000. Quarry LP acquired a new position in shares of Crinetics Pharmaceuticals during the 4th quarter worth approximately $36,000. Amalgamated Bank raised 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 acquiring an additional 464 shares during the period. Finally, Oppenheimer Asset Management Inc. acquired a new stake in Crinetics Pharmaceuticals during the 1st quarter valued at $200,000. 98.51% of the stock is owned by institutional investors.

Analysts Set New Price Targets

CRNX has been the topic of several research analyst reports. Oppenheimer reissued an "outperform" rating and issued a $73.00 price objective (down from $74.00) on shares of Crinetics Pharmaceuticals in a research report on Friday, August 9th. HC Wainwright boosted their price objective on Crinetics Pharmaceuticals from $60.00 to $69.00 and gave the stock a "buy" rating in a report on Friday, August 9th. JMP Securities reiterated a "market outperform" rating and set a $80.00 target price on shares of Crinetics Pharmaceuticals in a research note on Friday. Piper Sandler reissued an "overweight" rating and set a $97.00 price target on shares of Crinetics Pharmaceuticals in a report on Tuesday, July 2nd. Finally, JPMorgan Chase & Co. upped their price objective 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. Based on data from MarketBeat, Crinetics Pharmaceuticals currently has a consensus rating of "Moderate Buy" and an average target price of $68.55.

Insider Activity

In related news, insider James Hassard sold 15,000 shares of the stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $44.08, for a total transaction of $661,200.00. Following the sale, the insider now owns 29,259 shares in the company, valued at approximately $1,289,736.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider James Hassard sold 15,000 shares of the company's stock in a transaction on Friday, July 5th. The stock was sold at an average price of $44.08, for a total transaction of $661,200.00. Following the completion of the sale, the insider now directly owns 29,259 shares in the company, valued at approximately $1,289,736.72. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Dana Pizzuti sold 14,375 shares of Crinetics Pharmaceuticals stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $44.87, for a total value of $645,006.25. Following the completion of the transaction, the insider now owns 28,507 shares in the company, valued at approximately $1,279,109.09. The disclosure for this sale can be found here. In the last ninety days, insiders sold 110,466 shares of company stock worth $5,711,756. 6.00% of the stock is currently owned by corporate insiders.

Crinetics Pharmaceuticals Trading Up 0.3 %

NASDAQ CRNX traded up $0.17 during midday trading on Friday, hitting $50.75. The company had a trading volume of 370,615 shares, compared to its average volume of 785,117. The firm has a 50-day moving average price of $52.08 and a 200-day moving average price of $48.26. The company has a market capitalization of $4.00 billion, a PE ratio of -13.43 and a beta of 0.63. Crinetics Pharmaceuticals, Inc. has a twelve month low of $25.35 and a twelve month high of $55.78.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last posted its quarterly 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 company had revenue of $0.40 million during the quarter, compared to analyst estimates 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 previous year, the business posted ($0.94) earnings per share. On average, equities analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -3.72 EPS 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.