Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Position Cut by HighVista Strategies LLC

HighVista Strategies LLC trimmed its holdings in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 18.0% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,911 shares of the company’s stock after selling 6,326 shares during the quarter. HighVista Strategies LLC’s holdings in Crinetics Pharmaceuticals were worth $1,477,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Cinctive Capital Management LP bought a new position in Crinetics Pharmaceuticals in the 3rd quarter worth approximately $2,527,000. Vestal Point Capital LP bought a new position in Crinetics Pharmaceuticals in the 3rd quarter worth approximately $10,476,000. Martingale Asset Management L P bought a new position in Crinetics Pharmaceuticals in the 3rd quarter worth approximately $1,128,000. PEAK6 Investments LLC lifted its position in Crinetics Pharmaceuticals by 25.0% in the third quarter. PEAK6 Investments LLC now owns 10,000 shares of the company’s stock worth $511,000 after purchasing an additional 2,000 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Crinetics Pharmaceuticals by 4.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 271,747 shares of the company’s stock worth $13,886,000 after purchasing an additional 10,767 shares during the period. 98.51% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, insider Dana Pizzuti sold 14,375 shares of the business’s stock in a transaction that occurred on Thursday, October 3rd. The shares were sold at an average price of $54.63, for a total transaction of $785,306.25. Following the transaction, the insider now directly owns 28,507 shares of the company’s stock, valued at approximately $1,557,337.41. The trade was a 33.52 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Jeff E. Knight sold 501 shares of Crinetics Pharmaceuticals stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $56.52, for a total transaction of $28,316.52. Following the sale, the chief operating officer now directly owns 51,653 shares of the company’s stock, valued at $2,919,427.56. This trade represents a 0.96 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 40,911 shares of company stock worth $2,144,675. 6.00% of the stock is currently owned by company insiders.

Crinetics Pharmaceuticals Stock Performance

Shares of NASDAQ:CRNX opened at $57.39 on Tuesday. Crinetics Pharmaceuticals, Inc. has a one year low of $32.22 and a one year high of $62.53. The company has a market capitalization of $5.32 billion, a PE ratio of -15.39 and a beta of 0.60. The stock has a fifty day moving average of $55.87 and a 200-day moving average of $51.92.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its earnings results on Tuesday, November 12th. The company reported ($0.96) EPS for the quarter, missing the consensus estimate of ($0.91) by ($0.05). During the same period last year, the business earned ($1.01) earnings per share. As a group, research analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.75 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

CRNX has been the subject of a number of research analyst reports. Cantor Fitzgerald restated an “overweight” rating and issued a $90.00 target price on shares of Crinetics Pharmaceuticals in a research report on Monday, September 16th. JMP Securities restated a “market outperform” rating and issued a $80.00 target price on shares of Crinetics Pharmaceuticals in a research report on Friday, September 27th. 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 report on Wednesday, November 13th. Citigroup upped their target price on Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Finally, Oppenheimer restated an “outperform” rating and issued a $73.00 target price (down from $74.00) on shares of Crinetics Pharmaceuticals in a research report on Friday, August 9th. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $70.18.

Crinetics Pharmaceuticals Company Profile

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.