Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Shares Sold by Acuta Capital Partners LLC

Acuta Capital Partners LLC cut its stake in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 2.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 131,700 shares of the company’s stock after selling 3,441 shares during the quarter. Crinetics Pharmaceuticals comprises approximately 5.5% of Acuta Capital Partners LLC’s investment portfolio, making the stock its 6th biggest holding. Acuta Capital Partners LLC owned 0.16% of Crinetics Pharmaceuticals worth $6,730,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. BNP Paribas Financial Markets lifted its position in Crinetics Pharmaceuticals by 134.2% during the 3rd quarter. BNP Paribas Financial Markets now owns 20,942 shares of the company’s stock worth $1,070,000 after acquiring an additional 12,000 shares during the period. Advantage Alpha Capital Partners LP purchased a new position in shares of Crinetics Pharmaceuticals in the third quarter worth about $442,000. FMR LLC lifted its holdings in shares of Crinetics Pharmaceuticals by 8.8% during the third quarter. FMR LLC now owns 4,455,770 shares of the company’s stock worth $227,690,000 after purchasing an additional 358,975 shares during the period. The Manufacturers Life Insurance Company boosted its position in Crinetics Pharmaceuticals by 2.3% in the third quarter. The Manufacturers Life Insurance Company now owns 134,087 shares of the company’s stock valued at $6,852,000 after buying an additional 3,024 shares during the last quarter. Finally, Fisher Asset Management LLC increased its holdings in Crinetics Pharmaceuticals by 8.4% in the 3rd quarter. Fisher Asset Management LLC now owns 482,099 shares of the company’s stock worth $24,635,000 after buying an additional 37,429 shares during the period. 98.51% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Stephen F. Betz sold 1,035 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $51.50, for a total value of $53,302.50. Following the transaction, the insider now directly owns 68,576 shares of the company’s stock, valued at approximately $3,531,664. This trade represents a 1.49 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Dana Pizzuti sold 14,375 shares of the business’s stock in a transaction that occurred on Thursday, October 3rd. The stock was sold at an average price of $54.63, for a total value of $785,306.25. Following the sale, the insider now owns 28,507 shares of the company’s stock, valued at approximately $1,557,337.41. This trade represents a 33.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 40,911 shares of company stock worth $2,144,675 over the last 90 days. 6.00% of the stock is currently owned by company insiders.

Crinetics Pharmaceuticals Trading Up 1.6 %

Shares of CRNX opened at $57.67 on Thursday. The firm has a market cap of $5.35 billion, a P/E ratio of -15.46 and a beta of 0.62. Crinetics Pharmaceuticals, Inc. has a 12 month low of $30.87 and a 12 month high of $62.53. The stock’s 50 day moving average is $55.48 and its two-hundred day moving average is $51.71.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.96) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.91) by ($0.05). During the same quarter in the previous year, the business earned ($1.01) EPS. Equities research analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.75 EPS for the current year.

Analysts Set New Price Targets

Several brokerages have commented on CRNX. Oppenheimer restated an “outperform” rating and set a $73.00 price objective (down from $74.00) on shares of Crinetics Pharmaceuticals in a research note on Friday, August 9th. JMP Securities restated a “market outperform” rating and set a $80.00 target price on shares of Crinetics Pharmaceuticals in a research report on Friday, September 27th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $90.00 price target on shares of Crinetics Pharmaceuticals in a research report on Monday, September 16th. HC Wainwright upped their target price on Crinetics Pharmaceuticals from $69.00 to $81.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Finally, Citigroup raised their target price on Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $70.18.

About Crinetics Pharmaceuticals

Crinetics Pharmaceuticals, Inc, a clinical-stage pharmaceutical company, focuses on the discovery, development, and commercialization of novel therapeutics for rare endocrine diseases and endocrine-related tumors. The company's lead product candidate is paltusotine, an oral selective nonpeptide somatostatin receptor type 2 agonist, which is in Phase 3 trial for the treatment of acromegaly; and Phase 2 trial for treating carcinoid syndrome associated with neuroendocrine tumors.