Crinetics Pharmaceuticals, Inc. $CRNX Position Reduced by Wellington Management Group LLP

Wellington Management Group LLP trimmed its position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 12.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,131,084 shares of the company’s stock after selling 1,026,120 shares during the quarter. Wellington Management Group LLP owned approximately 0.07% of Crinetics Pharmaceuticals worth $266,845,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in CRNX. GW&K Investment Management LLC lifted its position in shares of Crinetics Pharmaceuticals by 73.6% in the 4th quarter. GW&K Investment Management LLC now owns 1,476,325 shares of the company’s stock valued at $68,723,000 after acquiring an additional 625,779 shares in the last quarter. Glenmede Trust Co. NA grew its position in Crinetics Pharmaceuticals by 72.6% during the 1st quarter. Glenmede Trust Co. NA now owns 29,245 shares of the company’s stock worth $1,062,000 after purchasing an additional 12,301 shares in the last quarter. Sector Gamma AS purchased a new position in Crinetics Pharmaceuticals during the 4th quarter worth approximately $5,353,000. UBS Group AG raised its stake in Crinetics Pharmaceuticals by 122.7% during the 4th quarter. UBS Group AG now owns 908,192 shares of the company’s stock valued at $42,276,000 after purchasing an additional 500,470 shares during the period. Finally, Rice Hall James & Associates LLC acquired a new stake in Crinetics Pharmaceuticals during the 2nd quarter valued at $7,346,000. 98.51% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Crinetics Pharmaceuticals news, Director Coelho Rogerio Vivaldi sold 3,000 shares of the business’s stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $40.00, for a total value of $120,000.00. Following the transaction, the director owned 19,225 shares in the company, valued at $769,000. The trade was a 13.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephanie Okey sold 6,900 shares of the company’s stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $35.67, for a total value of $246,123.00. Following the completion of the transaction, the director directly owned 6,400 shares in the company, valued at approximately $228,288. The trade was a 51.88% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.80% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

CRNX has been the subject of several recent analyst reports. JonesTrading cut Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating and set a $85.00 target price for the company. in a research report on Tuesday, July 7th. TD Cowen lowered Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Wednesday, July 8th. Citizens Jmp downgraded Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 7th. Robert W. Baird increased their price objective on Crinetics Pharmaceuticals from $62.00 to $85.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 7th. Finally, Wall Street Zen upgraded Crinetics Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research report on Sunday, July 12th. Five equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $81.00.

Crinetics Pharmaceuticals Price Performance

Shares of NASDAQ:CRNX opened at $84.84 on Monday. The firm has a fifty day moving average of $73.98 and a two-hundred day moving average of $50.76. The firm has a market capitalization of $9.00 billion, a P/E ratio of -16.83 and a beta of 0.12. Crinetics Pharmaceuticals, Inc. has a 12-month low of $30.25 and a 12-month high of $84.89.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its quarterly earnings results on Monday, August 3rd. The company reported ($1.14) EPS for the quarter, beating the consensus estimate of ($1.18) by $0.04. Crinetics Pharmaceuticals had a negative net margin of 1,189.88% and a negative return on equity of 44.22%. The business had revenue of $25.12 million for the quarter, compared to analysts’ expectations of $14.84 million. During the same period in the previous year, the company posted ($1.23) EPS. Crinetics Pharmaceuticals’s revenue was up 2336.9% on a year-over-year basis. Equities research analysts expect that Crinetics Pharmaceuticals, Inc. will post -4.83 earnings per share for the current fiscal year.

Crinetics Pharmaceuticals 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.