Odyssean LLC Takes $3.16 Million Position in Crinetics Pharmaceuticals, Inc. $CRNX

Odyssean LLC acquired a new position in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) in the 2nd quarter, Holdings Channel reports. The fund acquired 84,456 shares of the company’s stock, valued at approximately $3,160,000.

Other hedge funds have also modified their holdings of the company. Smartleaf Asset Management LLC raised its position in Crinetics Pharmaceuticals by 107.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 639 shares of the company’s stock valued at $30,000 after buying an additional 331 shares during the last quarter. Headlands Technologies LLC acquired a new position in Crinetics Pharmaceuticals during the 2nd quarter worth approximately $30,000. Raymond James Financial Inc. bought a new position in shares of Crinetics Pharmaceuticals during the 2nd quarter worth approximately $45,000. Parallel Advisors LLC grew its stake in shares of Crinetics Pharmaceuticals by 34.6% during the 4th quarter. Parallel Advisors LLC now owns 1,225 shares of the company’s stock worth $57,000 after acquiring an additional 315 shares in the last quarter. Finally, Arax Advisory Partners raised its holdings in shares of Crinetics Pharmaceuticals by 131.2% in the fourth quarter. Arax Advisory Partners now owns 1,498 shares of the company’s stock valued at $70,000 after purchasing an additional 850 shares during the last quarter. 98.51% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Crinetics Pharmaceuticals news, Director Stephanie Okey sold 6,900 shares of the company’s stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $35.67, for a total transaction of $246,123.00. Following the sale, the director directly owned 6,400 shares of the company’s stock, valued at approximately $228,288. This represents a 51.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Coelho Vivaldi sold 3,000 shares of the stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $40.00, for a total transaction of $120,000.00. Following the completion of the sale, the director owned 19,225 shares of the company’s stock, valued at approximately $769,000. This represents a 13.50% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.80% of the stock is currently owned by insiders.

Analysts Set New Price Targets

CRNX has been the topic of a number of research reports. Wall Street Zen raised shares of Crinetics Pharmaceuticals to a “hold” rating in a research report on Saturday. Oppenheimer reaffirmed a “market perform” rating on shares of Crinetics Pharmaceuticals in a research report on Tuesday, July 7th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a research note on Friday, July 17th. Cantor Fitzgerald reissued a “neutral” rating on shares of Crinetics Pharmaceuticals in a research report on Wednesday. Finally, Citizens Jmp downgraded shares of Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 7th. Five research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $81.00.

Crinetics Pharmaceuticals Price Performance

NASDAQ:CRNX opened at $84.95 on Friday. The firm has a market capitalization of $9.01 billion, a price-to-earnings ratio of -16.86 and a beta of 0.08. Crinetics Pharmaceuticals, Inc. has a twelve month low of $30.25 and a twelve month high of $85.01. The stock’s 50 day moving average price is $78.89 and its two-hundred day moving average price is $52.11.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings data on Monday, August 3rd. The company reported ($1.14) EPS for the quarter, beating the consensus estimate of ($1.18) by $0.04. The company had revenue of $25.12 million during the quarter, compared to the consensus estimate of $14.84 million. Crinetics Pharmaceuticals had a negative return on equity of 44.22% and a negative net margin of 1,189.88%.The firm’s revenue for the quarter was up 2336.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($1.23) EPS. As a group, analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -4.83 earnings per share for the current 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.