GW&K Investment Management LLC Grows Stock Holdings in Crinetics Pharmaceuticals, Inc. $CRNX

GW&K Investment Management LLC grew its holdings in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 73.6% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 1,476,325 shares of the company’s stock after purchasing an additional 625,779 shares during the period. GW&K Investment Management LLC’s holdings in Crinetics Pharmaceuticals were worth $68,723,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of CRNX. Wellington Management Group LLP grew its stake in Crinetics Pharmaceuticals by 44.3% during the third quarter. Wellington Management Group LLP now owns 8,381,991 shares of the company’s stock worth $349,110,000 after buying an additional 2,574,683 shares during the period. Farallon Capital Management LLC grew its stake in Crinetics Pharmaceuticals by 24.2% during the third quarter. Farallon Capital Management LLC now owns 5,770,098 shares of the company’s stock worth $240,325,000 after buying an additional 1,124,000 shares during the period. JPMorgan Chase & Co. grew its stake in Crinetics Pharmaceuticals by 279.2% during the third quarter. JPMorgan Chase & Co. now owns 1,258,722 shares of the company’s stock worth $52,426,000 after buying an additional 926,765 shares during the period. UBS Group AG grew its stake in Crinetics Pharmaceuticals by 122.7% during the fourth quarter. UBS Group AG now owns 908,192 shares of the company’s stock worth $42,276,000 after buying an additional 500,470 shares during the period. Finally, Ameriprise Financial Inc. grew its stake in Crinetics Pharmaceuticals by 157.7% during the third quarter. Ameriprise Financial Inc. now owns 614,816 shares of the company’s stock worth $25,607,000 after buying an additional 376,206 shares during the period. 98.51% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Wall Street Zen upgraded shares of Crinetics Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 17th. Weiss Ratings restated a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a research note on Monday, April 20th. Citizens Jmp decreased their target price on shares of Crinetics Pharmaceuticals from $97.00 to $95.00 and set a “market outperform” rating for the company in a research note on Friday, May 8th. Oppenheimer decreased their target price on shares of Crinetics Pharmaceuticals from $87.00 to $84.00 and set an “outperform” rating for the company in a research note on Monday, May 11th. Finally, Lifesci Capital upgraded shares of Crinetics Pharmaceuticals to a “strong-buy” rating in a research note on Friday, February 13th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $76.13.

Crinetics Pharmaceuticals Trading Up 4.5%

Shares of CRNX stock opened at $34.97 on Wednesday. The company has a market capitalization of $3.69 billion, a PE ratio of -6.82 and a beta of 0.24. The firm has a fifty day simple moving average of $37.43 and a 200-day simple moving average of $42.81. Crinetics Pharmaceuticals, Inc. has a twelve month low of $25.83 and a twelve month high of $57.99.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its earnings results on Thursday, May 7th. The company reported ($1.23) earnings per share for the quarter, missing the consensus estimate of ($1.22) by ($0.01). The firm had revenue of $10.73 million during the quarter, compared to analysts’ expectations of $8.51 million. Crinetics Pharmaceuticals had a negative net margin of 2,747.18% and a negative return on equity of 43.96%. Crinetics Pharmaceuticals’s revenue for the quarter was up 2873.4% compared to the same quarter last year. During the same quarter last year, the company posted ($1.04) earnings per share. Equities research analysts predict that Crinetics Pharmaceuticals, Inc. will post -4.85 EPS for the current year.

Insider Activity at Crinetics Pharmaceuticals

In related news, CEO Richard Scott Struthers sold 21,981 shares of the company’s stock in a transaction on Monday, March 16th. The shares were sold at an average price of $37.37, for a total value of $821,429.97. Following the sale, the chief executive officer directly owned 404,778 shares of the company’s stock, valued at $15,126,553.86. This represents a 5.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Stephen F. Betz sold 10,612 shares of the company’s stock in a transaction on Monday, March 16th. The shares were sold at an average price of $37.37, for a total transaction of $396,570.44. Following the completion of the sale, the insider directly owned 137,101 shares in the company, valued at $5,123,464.37. This represents a 7.18% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 132,667 shares of company stock valued at $5,184,161. Insiders own 3.80% of the company’s stock.

Crinetics Pharmaceuticals Company 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.