Novo Holdings A S Sells 98,600 Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Novo Holdings A S trimmed its position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 9.0% in the second quarter, according to its most recent filing with the SEC. The fund owned 1,000,000 shares of the company's stock after selling 98,600 shares during the period. Crinetics Pharmaceuticals accounts for approximately 2.2% of Novo Holdings A S's investment portfolio, making the stock its 13th biggest position. Novo Holdings A S owned 1.27% of Crinetics Pharmaceuticals worth $44,790,000 at the end of the most recent reporting period.

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

Insider Activity

In other news, insider Dana Pizzuti sold 14,375 shares of the firm's stock in a transaction dated Wednesday, July 3rd. The stock was sold at an average price of $44.87, for a total value of $645,006.25. Following the completion of the sale, the insider now directly owns 28,507 shares in the company, valued at approximately $1,279,109.09. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, insider James Hassard sold 15,000 shares of the firm's stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $44.08, for a total value of $661,200.00. Following the transaction, the insider now owns 29,259 shares of the company's stock, valued at approximately $1,289,736.72. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Dana Pizzuti sold 14,375 shares of the firm's stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $44.87, for a total transaction of $645,006.25. Following the completion of the transaction, the insider now directly owns 28,507 shares in the company, valued at approximately $1,279,109.09. The disclosure for this sale can be found here. Insiders sold a total of 135,466 shares of company stock worth $6,989,506 in the last three months. Company insiders own 6.00% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently commented on CRNX shares. JPMorgan Chase & Co. increased their price target on Crinetics Pharmaceuticals from $47.00 to $54.00 and gave the company an "overweight" rating in a research note on Tuesday, July 9th. Oppenheimer reaffirmed an "outperform" rating and set a $73.00 target price (down from $74.00) on shares of Crinetics Pharmaceuticals in a research report on Friday, August 9th. HC Wainwright raised their target price on Crinetics Pharmaceuticals from $60.00 to $69.00 and gave the stock a "buy" rating in a research report on Friday, August 9th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $90.00 target price on shares of Crinetics Pharmaceuticals in a research report on Monday, September 16th. Finally, Piper Sandler reaffirmed an "overweight" rating and set a $97.00 target price on shares of Crinetics Pharmaceuticals in a research report on Tuesday, July 2nd. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the company's stock. According to MarketBeat.com, Crinetics Pharmaceuticals currently has a consensus rating of "Moderate Buy" and an average target price of $68.55.

Crinetics Pharmaceuticals Stock Up 0.7 %

Crinetics Pharmaceuticals stock traded up $0.35 during trading hours on Monday, reaching $51.10. 490,850 shares of the company's stock were exchanged, compared to its average volume of 783,551. The firm's 50 day simple moving average is $52.03 and its 200 day simple moving average is $48.45. Crinetics Pharmaceuticals, Inc. has a twelve month low of $25.35 and a twelve month high of $55.78. The firm has a market capitalization of $4.03 billion, a PE ratio of -13.52 and a beta of 0.63.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last issued its earnings results on Thursday, August 8th. The company reported ($0.94) 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 the consensus estimate of $0.47 million. Crinetics Pharmaceuticals'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 company posted ($0.94) EPS. Analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -3.72 EPS for the current year.

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.