Nicholas Investment Partners LP Makes New Investment in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Nicholas Investment Partners LP acquired a new stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 53,012 shares of the company’s stock, valued at approximately $2,374,000. Nicholas Investment Partners LP owned 0.07% of Crinetics Pharmaceuticals as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently made changes to their positions in CRNX. Comerica Bank bought a new stake in shares of Crinetics Pharmaceuticals in the first quarter valued at approximately $33,000. Quest Partners LLC bought a new stake in shares of Crinetics Pharmaceuticals during the 2nd quarter valued at $42,000. Quarry LP acquired a new stake in shares of Crinetics Pharmaceuticals during the 4th quarter worth $36,000. Oppenheimer Asset Management Inc. acquired a new position in Crinetics Pharmaceuticals in the first quarter valued at about $200,000. Finally, Oppenheimer & Co. Inc. bought a new stake in Crinetics Pharmaceuticals during the first quarter worth about $219,000. Institutional investors and hedge funds own 98.51% of the company’s stock.

Insider Activity

In related news, CFO Marc Wilson sold 32,129 shares of the stock in a transaction on Friday, June 28th. The shares were sold at an average price of $43.61, for a total transaction of $1,401,145.69. Following the transaction, the chief financial officer now directly owns 111,092 shares of the company’s stock, valued at $4,844,722.12. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, CFO Marc Wilson sold 32,129 shares of the company’s stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $43.61, for a total transaction of $1,401,145.69. Following the transaction, the chief financial officer now owns 111,092 shares in the company, valued at $4,844,722.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Jeff E. Knight sold 956 shares of the firm’s stock in a transaction dated Wednesday, June 26th. The shares were sold at an average price of $44.38, for a total value of $42,427.28. Following the completion of the sale, the chief operating officer now owns 52,580 shares of the company’s stock, valued at $2,333,500.40. The disclosure for this sale can be found here. Insiders sold 167,016 shares of company stock worth $8,206,362 in the last quarter. 6.00% of the stock is owned by corporate insiders.

Crinetics Pharmaceuticals Trading Up 0.7 %

Shares of Crinetics Pharmaceuticals stock opened at $50.74 on Thursday. The company has a market cap of $4.06 billion, a P/E ratio of -13.42 and a beta of 0.63. The business has a 50-day moving average price of $51.75 and a two-hundred day moving average price of $47.48. Crinetics Pharmaceuticals, Inc. has a 1-year low of $25.35 and a 1-year high of $55.78.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its earnings results on Thursday, August 8th. The company reported ($0.94) EPS for the quarter, missing the consensus estimate of ($0.86) by ($0.08). The company had revenue of $0.40 million during the quarter, compared to analyst estimates of $0.47 million. Crinetics Pharmaceuticals’s revenue for the quarter was down 59.6% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.94) earnings per share. Equities research analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.72 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Piper Sandler restated an “overweight” rating and issued a $97.00 target price on shares of Crinetics Pharmaceuticals in a research report on Tuesday, July 2nd. JMP Securities restated a “market outperform” rating and set a $80.00 target price on shares of Crinetics Pharmaceuticals in a research note on Tuesday, June 4th. HC Wainwright boosted their price target on Crinetics Pharmaceuticals from $60.00 to $69.00 and gave the stock a “buy” rating in a report on Friday, August 9th. JPMorgan Chase & Co. lifted their price target on shares of Crinetics Pharmaceuticals from $47.00 to $54.00 and gave the company an “overweight” rating in a report on Tuesday, July 9th. Finally, Robert W. Baird upped their price target on shares of Crinetics Pharmaceuticals from $52.00 to $62.00 and gave the stock an “outperform” rating in a report on Thursday, May 23rd. One analyst has rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $66.27.

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.