Farallon Capital Management LLC Increases Position in Crinetics Pharmaceuticals, Inc. $CRNX

Farallon Capital Management LLC increased its stake in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 24.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,770,098 shares of the company’s stock after buying an additional 1,124,000 shares during the period. Farallon Capital Management LLC owned about 6.08% of Crinetics Pharmaceuticals worth $240,325,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CRNX. PNC Financial Services Group Inc. increased its holdings in Crinetics Pharmaceuticals by 5.8% in the third quarter. PNC Financial Services Group Inc. now owns 5,952 shares of the company’s stock valued at $248,000 after buying an additional 327 shares in the last quarter. California State Teachers Retirement System boosted its stake in shares of Crinetics Pharmaceuticals by 0.6% during the 2nd quarter. California State Teachers Retirement System now owns 75,484 shares of the company’s stock worth $2,171,000 after acquiring an additional 487 shares in the last quarter. Arizona State Retirement System grew its holdings in shares of Crinetics Pharmaceuticals by 2.0% in the 3rd quarter. Arizona State Retirement System now owns 26,300 shares of the company’s stock worth $1,095,000 after acquiring an additional 504 shares during the period. E Fund Management Co. Ltd. grew its holdings in shares of Crinetics Pharmaceuticals by 6.1% in the 2nd quarter. E Fund Management Co. Ltd. now owns 10,131 shares of the company’s stock worth $291,000 after acquiring an additional 586 shares during the period. Finally, Farther Finance Advisors LLC increased its stake in Crinetics Pharmaceuticals by 523.7% in the 3rd quarter. Farther Finance Advisors LLC now owns 842 shares of the company’s stock valued at $35,000 after purchasing an additional 707 shares in the last quarter. 98.51% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, insider Isabel Kalofonos sold 2,500 shares of the company’s stock in a transaction on Monday, January 5th. The stock was sold at an average price of $55.00, for a total value of $137,500.00. Following the completion of the transaction, the insider directly owned 834 shares in the company, valued at approximately $45,870. This represents a 74.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Coelho Rogerio Vivaldi sold 5,000 shares of the stock in a transaction dated Thursday, March 12th. The stock was sold at an average price of $36.15, for a total value of $180,750.00. Following the transaction, the director owned 16,300 shares in the company, valued at $589,245. This trade represents a 23.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 17,213 shares of company stock worth $703,565 over the last ninety days. Company insiders own 6.00% of the company’s stock.

Crinetics Pharmaceuticals Price Performance

NASDAQ:CRNX opened at $37.49 on Monday. The firm has a market cap of $3.93 billion, a PE ratio of -7.59 and a beta of 0.23. The firm has a 50 day simple moving average of $46.96 and a 200-day simple moving average of $43.89. Crinetics Pharmaceuticals, Inc. has a 1-year low of $24.10 and a 1-year high of $57.99.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its earnings results on Thursday, February 26th. The company reported ($1.29) earnings per share (EPS) for the quarter, topping 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%. The business’s revenue for the quarter was up NaN% compared to the same quarter last year. During the same quarter last year, the company earned ($0.88) EPS. As a group, sell-side analysts expect that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on CRNX. Wall Street Zen raised Crinetics Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Saturday, February 28th. Weiss Ratings restated a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a research report on Wednesday, January 21st. Morgan Stanley lifted their price target on Crinetics Pharmaceuticals from $77.00 to $80.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 6th. Citizens Jmp decreased their price objective on shares of 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. Finally, Lifesci Capital raised shares of Crinetics Pharmaceuticals to a “strong-buy” rating in a research note on Friday, February 13th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Crinetics Pharmaceuticals has an average rating of “Moderate Buy” and a consensus target price 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.