Farallon Capital Management LLC Increases Stake in Crinetics Pharmaceuticals, Inc. $CRNX

Farallon Capital Management LLC increased its stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 24.2% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 5,770,098 shares of the company’s stock after acquiring an additional 1,124,000 shares during the period. Farallon Capital Management LLC owned approximately 0.06% of Crinetics Pharmaceuticals worth $240,325,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of CRNX. Headlands Technologies LLC purchased a new position in Crinetics Pharmaceuticals during the second quarter worth approximately $30,000. Farther Finance Advisors LLC boosted its holdings in shares of Crinetics Pharmaceuticals by 523.7% in the 3rd quarter. Farther Finance Advisors LLC now owns 842 shares of the company’s stock valued at $35,000 after purchasing an additional 707 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Crinetics Pharmaceuticals during the 2nd quarter valued at $45,000. Covestor Ltd increased its holdings in shares of Crinetics Pharmaceuticals by 23,983.3% during the 3rd quarter. Covestor Ltd now owns 1,445 shares of the company’s stock worth $60,000 after buying an additional 1,439 shares during the last quarter. Finally, Abich Financial Wealth Management LLC acquired a new stake in shares of Crinetics Pharmaceuticals during the 3rd quarter worth $68,000. Institutional investors and hedge funds own 98.51% of the company’s stock.

Crinetics Pharmaceuticals Trading Up 2.7%

Shares of Crinetics Pharmaceuticals stock opened at $37.49 on Monday. Crinetics Pharmaceuticals, Inc. has a twelve month low of $24.10 and a twelve month high of $57.99. The stock has a market cap of $3.93 billion, a price-to-earnings ratio of -7.59 and a beta of 0.23. The company has a fifty day moving average price of $46.96 and a 200 day moving average price of $43.89.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings data on Thursday, February 26th. The company reported ($1.29) EPS for the quarter, topping analysts’ consensus estimates of ($1.37) by $0.08. Crinetics Pharmaceuticals had a negative return on equity of 41.46% and a negative net margin of 6,046.22%.During the same quarter in the previous year, the firm earned ($0.88) EPS. The business’s revenue was up NaN% on a year-over-year basis. Analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current year.

Analyst Upgrades and Downgrades

CRNX has been the topic of a number of research analyst reports. Citizens Jmp reduced their target price on Crinetics Pharmaceuticals from $105.00 to $96.00 and set a “market outperform” rating on the stock in a report on Monday, March 2nd. Lifesci Capital upgraded Crinetics Pharmaceuticals to a “strong-buy” rating in a research note on Friday, February 13th. The Goldman Sachs Group upgraded Crinetics Pharmaceuticals from a “neutral” rating to a “buy” rating and set a $67.00 price objective on the stock in a report on Monday, January 12th. Morgan Stanley lifted their price objective on Crinetics Pharmaceuticals from $77.00 to $80.00 and gave the company an “overweight” rating in a research note on Tuesday, January 6th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a report on Wednesday, January 21st. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $74.78.

Insider Buying and Selling

In other Crinetics Pharmaceuticals news, insider Isabel Kalofonos sold 2,500 shares of the stock in a transaction that occurred on Monday, January 5th. The shares were 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 trade represents a 74.99% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Tobin Schilke sold 6,713 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $39.67, for a total transaction of $266,304.71. Following the sale, the chief financial officer owned 78,121 shares in the company, valued at $3,099,060.07. This represents a 7.91% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 17,213 shares of company stock worth $703,565 in the last 90 days. 6.00% of the stock is owned by insiders.

Crinetics Pharmaceuticals Company 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.