First Light Asset Management LLC Boosts Holdings in Crinetics Pharmaceuticals, Inc. $CRNX

First Light Asset Management LLC increased its position in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 9.0% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 941,516 shares of the company’s stock after purchasing an additional 77,380 shares during the quarter. Crinetics Pharmaceuticals makes up approximately 3.7% of First Light Asset Management LLC’s holdings, making the stock its 6th biggest holding. First Light Asset Management LLC’s holdings in Crinetics Pharmaceuticals were worth $39,214,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Headlands Technologies LLC acquired a new position in Crinetics Pharmaceuticals in the second quarter valued at about $30,000. Farther Finance Advisors LLC increased its holdings in shares of Crinetics Pharmaceuticals by 523.7% during the third quarter. Farther Finance Advisors LLC now owns 842 shares of the company’s stock worth $35,000 after buying an additional 707 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Crinetics Pharmaceuticals during the second quarter worth approximately $45,000. Covestor Ltd raised its stake in shares of Crinetics Pharmaceuticals by 23,983.3% in the third quarter. Covestor Ltd now owns 1,445 shares of the company’s stock valued at $60,000 after acquiring an additional 1,439 shares during the last quarter. Finally, Abich Financial Wealth Management LLC bought a new position in shares of Crinetics Pharmaceuticals in the third quarter valued at approximately $68,000. 98.51% of the stock is owned by institutional investors.

Crinetics Pharmaceuticals Price Performance

CRNX opened at $37.49 on Monday. Crinetics Pharmaceuticals, Inc. has a one year low of $24.10 and a one year high of $57.99. The company’s 50 day simple moving average is $46.96 and its 200-day simple moving average is $43.89. The stock has a market capitalization of $3.93 billion, a P/E ratio of -7.59 and a beta of 0.23.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings results on Thursday, February 26th. The company reported ($1.29) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.37) by $0.08. Crinetics Pharmaceuticals had a negative net margin of 6,046.22% and a negative return on equity of 41.46%. During the same period last year, the company earned ($0.88) earnings per share. The company’s revenue for the quarter was up NaN% on a year-over-year basis. As a group, analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS for the current year.

Insider Transactions at Crinetics Pharmaceuticals

In other news, Director Stephanie Okey sold 3,000 shares of the company’s stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $39.67, for a total transaction of $119,010.00. Following the transaction, the director owned 13,300 shares of the company’s stock, valued at $527,611. This represents a 18.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Isabel Kalofonos sold 2,500 shares of the firm’s stock in a transaction dated Monday, January 5th. The shares were sold at an average price of $55.00, for a total value of $137,500.00. Following the completion of the transaction, the insider owned 834 shares in the company, valued at approximately $45,870. This represents a 74.99% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 17,213 shares of company stock valued at $703,565 over the last quarter. Corporate insiders own 6.00% of the company’s stock.

Wall Street Analyst Weigh In

CRNX has been the topic of a number of research analyst reports. Morgan Stanley increased their price target on Crinetics Pharmaceuticals from $77.00 to $80.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 6th. Lifesci Capital upgraded Crinetics Pharmaceuticals to a “strong-buy” rating in a research report on Friday, February 13th. Weiss Ratings reissued a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a research note on Wednesday, January 21st. Wall Street Zen upgraded Crinetics Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Saturday, February 28th. Finally, Citizens Jmp lowered their target price on Crinetics Pharmaceuticals from $105.00 to $96.00 and set a “market outperform” rating for the company in a research note on Monday, March 2nd. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, Crinetics Pharmaceuticals has an average rating of “Moderate Buy” and a consensus price target of $74.78.

About Crinetics Pharmaceuticals

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.