Baker BROS. Advisors LP Has $76.76 Million Stock Position in Crinetics Pharmaceuticals, Inc. $CRNX

Baker BROS. Advisors LP grew its holdings in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 488.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,648,869 shares of the company’s stock after buying an additional 1,368,869 shares during the quarter. Baker BROS. Advisors LP’s holdings in Crinetics Pharmaceuticals were worth $76,755,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in CRNX. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Crinetics Pharmaceuticals by 11.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 59,311 shares of the company’s stock valued at $1,995,000 after buying an additional 6,148 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Crinetics Pharmaceuticals by 6.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 347,581 shares of the company’s stock worth $11,658,000 after purchasing an additional 22,305 shares during the last quarter. Strs Ohio purchased a new position in Crinetics Pharmaceuticals during the first quarter worth about $124,000. Invesco Ltd. boosted its holdings in Crinetics Pharmaceuticals by 11.7% during the second quarter. Invesco Ltd. now owns 78,140 shares of the company’s stock worth $2,247,000 after purchasing an additional 8,181 shares during the last quarter. Finally, Sei Investments Co. boosted its holdings in Crinetics Pharmaceuticals by 20.6% during the second quarter. Sei Investments Co. now owns 60,180 shares of the company’s stock worth $1,731,000 after purchasing an additional 10,269 shares during the last quarter. 98.51% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently weighed in on CRNX. Citizens Jmp restated a “market outperform” rating and set a $95.00 price target on shares of Crinetics Pharmaceuticals in a report on Thursday, June 11th. HC Wainwright restated a “buy” rating and set a $81.00 price target on shares of Crinetics Pharmaceuticals in a report on Monday. Wall Street Zen upgraded shares of Crinetics Pharmaceuticals from a “strong sell” rating to a “sell” rating in a report on Sunday, May 17th. Oppenheimer cut their price target on shares of Crinetics Pharmaceuticals from $87.00 to $84.00 and set an “outperform” rating on the stock in a report on Monday, May 11th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a report on Monday, April 20th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $76.13.

Insiders Place Their Bets

In related news, insider Jeff E. Knight sold 85,163 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Wednesday, April 8th. The shares were sold at an average price of $40.10, for a total value of $3,415,036.30. Following the completion of the transaction, the insider directly owned 105,289 shares in the company, valued at approximately $4,222,088.90. The trade was a 44.72% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 3.80% of the company’s stock.

Crinetics Pharmaceuticals Price Performance

Shares of NASDAQ CRNX opened at $35.75 on Thursday. Crinetics Pharmaceuticals, Inc. has a one year low of $25.83 and a one year high of $57.99. The business’s fifty day moving average price is $37.21 and its 200-day moving average price is $42.41. The stock has a market capitalization of $3.77 billion, a PE ratio of -6.97 and a beta of 0.24.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings data on Thursday, May 7th. The company reported ($1.23) EPS for the quarter, missing the consensus estimate of ($1.22) by ($0.01). The business had revenue of $10.73 million for 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 period last year, the company earned ($1.04) earnings per share. As a group, equities analysts expect that Crinetics Pharmaceuticals, Inc. will post -4.85 EPS for the current fiscal year.

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.