Fisher Asset Management LLC Grows Holdings in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Posted by Defense World Staff on Apr 29th, 2023

Fisher Asset Management LLC increased its position in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX – Get Rating) by 44.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 76,924 shares of the company’s stock after purchasing an additional 23,568 shares during the quarter. Fisher Asset Management LLC owned approximately 0.14% of Crinetics Pharmaceuticals worth $1,408,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CRNX. Novo Holdings A S purchased a new position in Crinetics Pharmaceuticals in the first quarter valued at about $9,326,000. State Street Corp boosted its stake in Crinetics Pharmaceuticals by 30.8% in the first quarter. State Street Corp now owns 1,700,679 shares of the company’s stock valued at $37,330,000 after acquiring an additional 400,305 shares during the last quarter. First Light Asset Management LLC boosted its stake in Crinetics Pharmaceuticals by 113.6% in the first quarter. First Light Asset Management LLC now owns 582,767 shares of the company’s stock valued at $12,792,000 after acquiring an additional 309,971 shares during the last quarter. Millennium Management LLC boosted its stake in Crinetics Pharmaceuticals by 115.7% in the second quarter. Millennium Management LLC now owns 509,330 shares of the company’s stock valued at $9,499,000 after acquiring an additional 273,170 shares during the last quarter. Finally, First Manhattan Co. purchased a new position in Crinetics Pharmaceuticals in the first quarter valued at about $3,340,000. 95.64% of the stock is currently owned by hedge funds and other institutional investors.

Crinetics Pharmaceuticals Trading Up 4.5 %

Crinetics Pharmaceuticals stock opened at $19.54 on Friday. The firm’s 50 day simple moving average is $17.50 and its 200 day simple moving average is $17.93. The firm has a market capitalization of $1.05 billion, a PE ratio of -6.18 and a beta of 0.94. Crinetics Pharmaceuticals, Inc. has a 1-year low of $15.23 and a 1-year high of $22.85.

Crinetics Pharmaceuticals (NASDAQ:CRNX – Get Rating) last posted its earnings results on Tuesday, February 28th. The company reported ($0.84) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.82) by ($0.02). The firm had revenue of $0.71 million for the quarter, compared to the consensus estimate of $0.75 million. Crinetics Pharmaceuticals had a negative return on equity of 48.32% and a negative net margin of 3,460.38%. Research analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.38 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Lifesci Capital reiterated an “outperform” rating on shares of Crinetics Pharmaceuticals in a research note on Monday, March 27th. JMP Securities dropped their price target on shares of Crinetics Pharmaceuticals from $50.00 to $41.00 and set a “market outperform” rating on the stock in a research note on Wednesday, March 1st. Robert W. Baird assumed coverage on shares of Crinetics Pharmaceuticals in a research note on Wednesday, March 29th. They set an “outperform” rating and a $48.00 price target on the stock. HC Wainwright restated a “buy” rating and set a $35.00 price target on shares of Crinetics Pharmaceuticals in a research note on Wednesday, March 1st. Finally, Piper Sandler assumed coverage on shares of Crinetics Pharmaceuticals in a research note on Monday, April 24th. They set an “overweight” rating and a $56.00 price target on the stock. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $43.80.

Insider Transactions at Crinetics Pharmaceuticals

In other news, insider Dana Pizzuti sold 8,212 shares of the firm’s stock in a transaction on Wednesday, April 5th. The shares were sold at an average price of $16.15, for a total transaction of $132,623.80. Following the sale, the insider now owns 4,500 shares in the company, valued at approximately $72,675. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 5.90% of the company’s stock.

Crinetics Pharmaceuticals Profile

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Crinetics Pharmaceuticals, Inc operates as a clinical stage pharmaceutical company focused on the discovery, development, and commercialization of novel therapeutics for rare endocrine diseases and endocrine-related tumors. Its product candidate, CRN00808, is an oral nonpeptide somatostatin agonist for the treatment of acromegaly.