Gabelli Funds LLC Invests $218,000 in Crinetics Pharmaceuticals, Inc. $CRNX

Gabelli Funds LLC bought a new position in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 6,000 shares of the company’s stock, valued at approximately $218,000.

Several other hedge funds have also modified their holdings of the stock. Aberdeen Group plc lifted its stake in Crinetics Pharmaceuticals by 98.4% in the fourth quarter. Aberdeen Group plc now owns 674,533 shares of the company’s stock valued at $31,400,000 after buying an additional 334,584 shares during the period. GW&K Investment Management LLC grew its position in shares of Crinetics Pharmaceuticals by 73.6% during the 4th quarter. GW&K Investment Management LLC now owns 1,476,325 shares of the company’s stock worth $68,723,000 after buying an additional 625,779 shares during the period. Sector Gamma AS acquired a new stake in shares of Crinetics Pharmaceuticals during the 4th quarter worth approximately $5,353,000. UBS Group AG increased its stake in shares of Crinetics Pharmaceuticals by 122.7% in the 4th quarter. UBS Group AG now owns 908,192 shares of the company’s stock valued at $42,276,000 after acquiring an additional 500,470 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH increased its stake in shares of Crinetics Pharmaceuticals by 5.3% in the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 408,312 shares of the company’s stock valued at $19,007,000 after acquiring an additional 20,387 shares in the last quarter. 98.51% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on CRNX shares. Oppenheimer reiterated a “market perform” rating on shares of Crinetics Pharmaceuticals in a research report on Tuesday, July 7th. UBS Group reaffirmed a “neutral” rating and issued a $85.00 price target (up from $55.00) on shares of Crinetics Pharmaceuticals in a research note on Tuesday. Lifesci Capital lowered shares of Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 7th. Robert W. Baird increased their price objective on shares of Crinetics Pharmaceuticals from $62.00 to $85.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 7th. Finally, Evercore downgraded Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 7th. Five investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Crinetics Pharmaceuticals presently has a consensus rating of “Hold” and an average target price of $81.00.

Insider Activity

In other Crinetics Pharmaceuticals news, Director Stephanie Okey sold 6,900 shares of Crinetics Pharmaceuticals stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $35.67, for a total transaction of $246,123.00. Following the completion of the transaction, the director owned 6,400 shares of the company’s stock, valued at $228,288. The trade was a 51.88% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Coelho Rogerio Vivaldi sold 3,000 shares of the company’s stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $40.00, for a total value of $120,000.00. Following the sale, the director owned 19,225 shares in the company, valued at approximately $769,000. This represents a 13.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 3.80% of the company’s stock.

Crinetics Pharmaceuticals Stock Down 0.1%

Shares of Crinetics Pharmaceuticals stock opened at $83.52 on Friday. The business has a 50 day moving average price of $54.15 and a 200-day moving average price of $46.24. The company has a market cap of $8.81 billion, a PE ratio of -16.28 and a beta of 0.23. Crinetics Pharmaceuticals, Inc. has a 52 week low of $25.83 and a 52 week high of $84.00.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings results on Thursday, May 7th. The company reported ($1.23) earnings per share for the quarter, missing the consensus estimate of ($1.22) by ($0.01). Crinetics Pharmaceuticals had a negative return on equity of 43.96% and a negative net margin of 2,747.18%.The firm had revenue of $10.73 million for the quarter, compared to analysts’ expectations of $8.51 million. During the same quarter last year, the firm posted ($1.04) earnings per share. The firm’s revenue for the quarter was up 2873.4% compared to the same quarter last year. As a group, research analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -4.86 EPS for the current year.

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.