NEOS Investment Management LLC Reduces Stock Position in Crinetics Pharmaceuticals, Inc. $CRNX

NEOS Investment Management LLC cut its stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 61.6% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 22,300 shares of the company’s stock after selling 35,801 shares during the quarter. NEOS Investment Management LLC’s holdings in Crinetics Pharmaceuticals were worth $929,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Geode Capital Management LLC lifted its holdings in Crinetics Pharmaceuticals by 1.0% during the 2nd quarter. Geode Capital Management LLC now owns 2,213,325 shares of the company’s stock worth $63,662,000 after purchasing an additional 22,393 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Crinetics Pharmaceuticals by 279.2% during the third quarter. JPMorgan Chase & Co. now owns 1,258,722 shares of the company’s stock valued at $52,426,000 after buying an additional 926,765 shares during the period. Orbimed Advisors LLC lifted its holdings in shares of Crinetics Pharmaceuticals by 15.0% in the second quarter. Orbimed Advisors LLC now owns 1,149,000 shares of the company’s stock worth $33,045,000 after buying an additional 150,000 shares in the last quarter. Hood River Capital Management LLC boosted its position in shares of Crinetics Pharmaceuticals by 1.8% in the second quarter. Hood River Capital Management LLC now owns 888,470 shares of the company’s stock valued at $25,552,000 after acquiring an additional 15,835 shares during the period. Finally, First Light Asset Management LLC boosted its position in shares of Crinetics Pharmaceuticals by 1.0% in the second quarter. First Light Asset Management LLC now owns 864,136 shares of the company’s stock valued at $24,853,000 after acquiring an additional 8,717 shares during the period. 98.51% of the stock is currently owned by institutional investors.

Crinetics Pharmaceuticals Stock Down 1.3%

NASDAQ CRNX opened at $43.44 on Friday. The stock’s 50-day simple moving average is $49.27 and its two-hundred day simple moving average is $42.67. Crinetics Pharmaceuticals, Inc. has a twelve month low of $24.10 and a twelve month high of $57.99. The company has a market capitalization of $4.44 billion, a price-to-earnings ratio of -9.59 and a beta of 0.19.

Analyst Upgrades and Downgrades

Several analysts have issued reports on CRNX shares. Morgan Stanley increased their target price on shares of Crinetics Pharmaceuticals from $77.00 to $80.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 6th. Citizens Jmp lowered their price objective on Crinetics Pharmaceuticals from $108.00 to $105.00 and set a “market outperform” rating on the stock in a research report on Thursday, January 8th. Weiss Ratings reissued a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a research note on Wednesday, January 21st. Wall Street Zen cut Crinetics Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Saturday, February 14th. Finally, The Goldman Sachs Group raised Crinetics Pharmaceuticals from a “neutral” rating to a “buy” rating and set a $67.00 price target on the stock in a report on Monday, January 12th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $75.78.

Insiders Place Their Bets

In other Crinetics Pharmaceuticals news, insider Isabel Kalofonos sold 2,500 shares of the company’s stock in a transaction that occurred on Monday, January 5th. The stock was sold at an average price of $55.00, for a total value of $137,500.00. Following the completion of the sale, the insider owned 834 shares of the company’s stock, valued at $45,870. This represents a 74.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 4.60% of the stock is owned by insiders.

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.