JPMorgan Chase & Co. Acquires 926,765 Shares of Crinetics Pharmaceuticals, Inc. $CRNX
by Jessica Moore · The Cerbat GemJPMorgan Chase & Co. lifted its holdings in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX – Free Report) by 279.2% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 1,258,722 shares of the company’s stock after acquiring an additional 926,765 shares during the quarter. JPMorgan Chase & Co. owned 1.33% of Crinetics Pharmaceuticals worth $52,426,000 at the end of the most recent quarter.
A number of other institutional investors also recently made changes to their positions in CRNX. Wellington Management Group LLP grew its holdings in shares of Crinetics Pharmaceuticals by 44.3% during the 3rd quarter. Wellington Management Group LLP now owns 8,381,991 shares of the company’s stock valued at $349,110,000 after purchasing an additional 2,574,683 shares during the last quarter. Farallon Capital Management LLC lifted its stake in Crinetics Pharmaceuticals by 24.2% in the third quarter. Farallon Capital Management LLC now owns 5,770,098 shares of the company’s stock worth $240,325,000 after purchasing an additional 1,124,000 shares during the last quarter. Ameriprise Financial Inc. lifted its stake in Crinetics Pharmaceuticals by 157.7% in the third quarter. Ameriprise Financial Inc. now owns 614,816 shares of the company’s stock worth $25,607,000 after purchasing an additional 376,206 shares during the last quarter. American Century Companies Inc. boosted its position in Crinetics Pharmaceuticals by 33.6% during the third quarter. American Century Companies Inc. now owns 1,133,535 shares of the company’s stock valued at $47,212,000 after buying an additional 284,897 shares during the period. Finally, Bank of America Corp DE grew its stake in shares of Crinetics Pharmaceuticals by 88.0% during the second quarter. Bank of America Corp DE now owns 573,282 shares of the company’s stock valued at $16,488,000 after buying an additional 268,356 shares during the last quarter. Hedge funds and other institutional investors own 98.51% of the company’s stock.
Insiders Place Their Bets
In related news, COO Jeff E. Knight sold 9,911 shares of Crinetics Pharmaceuticals stock in a transaction on Monday, March 16th. The shares were sold at an average price of $37.37, for a total value of $370,374.07. Following the sale, the chief operating officer owned 112,018 shares in the company, valued at $4,186,112.66. The trade was a 8.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Richard Scott Struthers sold 21,981 shares of Crinetics Pharmaceuticals stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $37.37, for a total transaction of $821,429.97. Following the sale, the chief executive officer directly owned 404,778 shares in the company, valued at $15,126,553.86. The trade was a 5.15% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 59,717 shares of company stock valued at $2,291,939 over the last quarter. 4.60% of the stock is owned by company insiders.
Crinetics Pharmaceuticals Price Performance
CRNX opened at $35.57 on Friday. Crinetics Pharmaceuticals, Inc. has a one year low of $24.10 and a one year high of $57.99. The business has a 50 day simple moving average of $45.53 and a two-hundred day simple moving average of $43.91. The firm has a market capitalization of $3.72 billion, a price-to-earnings ratio of -7.20 and a beta of 0.23.
Crinetics Pharmaceuticals (NASDAQ:CRNX – Get Free Report) last issued its quarterly earnings data on Thursday, February 26th. The company reported ($1.29) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.37) by $0.08. Crinetics Pharmaceuticals had a negative return on equity of 41.46% and a negative net margin of 6,046.22%.During the same period last year, the company posted ($0.88) EPS. The company’s quarterly revenue was up NaN% compared to the same quarter last year. As a group, sell-side analysts expect that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS for the current fiscal year.
Analyst Upgrades and Downgrades
Several research analysts have recently commented on CRNX shares. The Goldman Sachs Group upgraded Crinetics Pharmaceuticals from a “neutral” rating to a “buy” rating and set a $67.00 price objective on the stock in a report on Monday, January 12th. Citizens Jmp reduced their price target on Crinetics Pharmaceuticals from $105.00 to $96.00 and set a “market outperform” rating on the stock in a research report on Monday, March 2nd. Wall Street Zen raised Crinetics Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Saturday, February 28th. Lifesci Capital upgraded Crinetics Pharmaceuticals to a “strong-buy” rating in a research report on Friday, February 13th. Finally, Morgan Stanley raised their target price on shares of Crinetics Pharmaceuticals from $77.00 to $80.00 and gave the stock an “overweight” rating in a report on Tuesday, January 6th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Crinetics Pharmaceuticals currently has an average rating of “Moderate Buy” and a consensus target price of $74.78.
Get Our Latest Research Report on Crinetics Pharmaceuticals
Crinetics Pharmaceuticals Profile
Crinetics Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of novel therapeutics for rare endocrine diseases. The company’s proprietary platform leverages insights into hormone receptor signaling to design small-molecule candidates that address conditions driven by dysregulated hormone activity. Crinetics’ research efforts center on targeting somatostatin, vasopressin and other GPCR-mediated pathways with orally bioavailable molecules intended to improve patient convenience and adherence.
The company’s lead product candidate, paltusotine (formerly CRN04777), is a selective, non-peptide somatostatin receptor type 2 agonist being evaluated for the treatment of acromegaly and carcinoid syndrome diarrhea.