Decheng Capital LLC Acquires 10,000 Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Decheng Capital LLC raised its holdings in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 6.0% in the 1st quarter, HoldingsChannel.com reports. The fund owned 177,958 shares of the company’s stock after purchasing an additional 10,000 shares during the quarter. Crinetics Pharmaceuticals makes up approximately 1.7% of Decheng Capital LLC’s holdings, making the stock its 14th largest holding. Decheng Capital LLC’s holdings in Crinetics Pharmaceuticals were worth $5,969,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. State of Wyoming bought a new stake in shares of Crinetics Pharmaceuticals during the 4th quarter valued at $50,000. Headlands Technologies LLC bought a new stake in shares of Crinetics Pharmaceuticals during the 4th quarter valued at $52,000. GF Fund Management CO. LTD. raised its position in shares of Crinetics Pharmaceuticals by 22.0% during the 1st quarter. GF Fund Management CO. LTD. now owns 2,375 shares of the company’s stock valued at $80,000 after acquiring an additional 428 shares during the last quarter. Amalgamated Bank raised its position in shares of Crinetics Pharmaceuticals by 17.3% during the 1st quarter. Amalgamated Bank now owns 3,159 shares of the company’s stock valued at $106,000 after acquiring an additional 467 shares during the last quarter. Finally, KBC Group NV grew its holdings in shares of Crinetics Pharmaceuticals by 10.0% in the 1st quarter. KBC Group NV now owns 4,082 shares of the company’s stock valued at $137,000 after buying an additional 370 shares during the period. Institutional investors own 98.51% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CRNX. HC Wainwright reissued a “buy” rating and issued a $81.00 price target on shares of Crinetics Pharmaceuticals in a report on Friday, June 27th. The Goldman Sachs Group began coverage on shares of Crinetics Pharmaceuticals in a report on Thursday, July 10th. They issued a “neutral” rating and a $36.00 price target for the company. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, Crinetics Pharmaceuticals has an average rating of “Moderate Buy” and an average target price of $69.50.

Crinetics Pharmaceuticals Trading Down 3.4%

Shares of NASDAQ CRNX opened at $29.27 on Wednesday. The firm has a market cap of $2.74 billion, a PE ratio of -7.66 and a beta of 0.25. Crinetics Pharmaceuticals, Inc. has a 1-year low of $24.10 and a 1-year high of $62.53. The company has a fifty day moving average price of $30.90 and a 200 day moving average price of $32.84.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($1.04) EPS for the quarter, missing analysts’ consensus estimates of ($0.99) by ($0.05). The firm had revenue of $0.36 million for the quarter, compared to the consensus estimate of $0.10 million. During the same period last year, the company posted ($0.93) EPS. Crinetics Pharmaceuticals’s revenue was down 43.6% on a year-over-year basis. Equities research analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS for the current year.

Insider Activity

In other news, insider Stephen F. Betz sold 97,483 shares of the company’s stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $32.23, for a total value of $3,141,877.09. Following the sale, the insider directly owned 99,713 shares of the company’s stock, valued at approximately $3,213,749.99. This represents a 49.43% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 6.00% of the company’s stock.

Crinetics Pharmaceuticals 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.