Legal & General Group Plc Makes New Investment in Crinetics Pharmaceuticals, Inc. $CRNX

Legal & General Group Plc bought a new position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 77,569 shares of the company’s stock, valued at approximately $2,903,000. Legal & General Group Plc owned approximately 0.07% of Crinetics Pharmaceuticals at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. BlackRock Inc. bought a new stake in Crinetics Pharmaceuticals in the 2nd quarter worth about $365,179,000. Wellington Management Group LLP lifted its position in shares of Crinetics Pharmaceuticals by 44.3% during the 3rd quarter. Wellington Management Group LLP now owns 8,381,991 shares of the company’s stock worth $349,110,000 after buying an additional 2,574,683 shares in the last quarter. Baker BROS. Advisors LP boosted its stake in shares of Crinetics Pharmaceuticals by 488.9% in the 4th quarter. Baker BROS. Advisors LP now owns 1,648,869 shares of the company’s stock worth $76,755,000 after buying an additional 1,368,869 shares during the last quarter. Farallon Capital Management LLC boosted its stake in shares of Crinetics Pharmaceuticals by 20.2% in the 4th quarter. Farallon Capital Management LLC now owns 6,933,098 shares of the company’s stock worth $322,736,000 after buying an additional 1,163,000 shares during the last quarter. Finally, ADAR1 Capital Management LLC grew its holdings in shares of Crinetics Pharmaceuticals by 268.3% in the first quarter. ADAR1 Capital Management LLC now owns 1,139,331 shares of the company’s stock valued at $41,381,000 after acquiring an additional 829,963 shares in the last quarter. 98.51% of the stock is owned by institutional investors.

Insiders Place Their Bets

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

Crinetics Pharmaceuticals Stock Performance

NASDAQ:CRNX opened at $84.95 on Friday. Crinetics Pharmaceuticals, Inc. has a 12 month low of $30.25 and a 12 month high of $85.01. The firm’s 50 day moving average is $78.89 and its 200 day moving average is $52.11. The stock has a market capitalization of $9.01 billion, a PE ratio of -16.86 and a beta of 0.08.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its quarterly earnings data on Monday, August 3rd. The company reported ($1.14) earnings per share for the quarter, beating the consensus estimate of ($1.18) by $0.04. The business had revenue of $25.12 million during the quarter, compared to analyst estimates of $14.84 million. Crinetics Pharmaceuticals had a negative return on equity of 44.22% and a negative net margin of 1,189.88%.Crinetics Pharmaceuticals’s revenue was up 2336.9% compared to the same quarter last year. During the same period in the prior year, the company earned ($1.23) earnings per share. Research analysts predict that Crinetics Pharmaceuticals, Inc. will post -4.83 earnings per share for the current year.

Analyst Upgrades and Downgrades

CRNX has been the topic of a number of recent analyst reports. UBS Group reiterated a “neutral” rating and set a $85.00 price target (up from $55.00) on shares of Crinetics Pharmaceuticals in a report on Tuesday, July 28th. Jefferies Financial Group downgraded Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating and upped their price objective for the company from $55.00 to $85.00 in a research note on Tuesday, July 7th. Lifesci Capital lowered Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 7th. TD Cowen cut Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Wednesday, July 8th. Finally, Piper Sandler downgraded shares of Crinetics Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 7th. Five research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $81.00.

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.