Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Shares Bought by Mirae Asset Global Investments Co. Ltd.

Posted by Defense World Staff on Jun 3rd, 2023

Mirae Asset Global Investments Co. Ltd. raised its stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX – Get Rating) by 7.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 25,269 shares of the company’s stock after acquiring an additional 1,833 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Crinetics Pharmaceuticals were worth $462,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of CRNX. Saturn V Capital Management LLC acquired a new position in Crinetics Pharmaceuticals in the fourth quarter valued at $11,337,000. Novo Holdings A S acquired a new position in Crinetics Pharmaceuticals in the first quarter valued at $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 in 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 in the last quarter. Finally, Millennium Management LLC raised its holdings in shares of 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 buying an additional 273,170 shares during the last quarter. Institutional investors and hedge funds own 95.64% of the company’s stock.

Insider Buying and Selling

In related news, insider Dana Pizzuti sold 8,212 shares of the stock in a transaction dated Wednesday, April 5th. The shares were sold at an average price of $16.15, for a total transaction of $132,623.80. Following the completion of the transaction, the insider now directly owns 4,500 shares of the company’s stock, valued at $72,675. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 5.90% of the stock is currently owned by corporate insiders.

Crinetics Pharmaceuticals Stock Up 0.7 %

NASDAQ CRNX opened at $22.01 on Friday. The stock has a market capitalization of $1.19 billion, a P/E ratio of -6.71 and a beta of 0.94. Crinetics Pharmaceuticals, Inc. has a 52-week low of $15.23 and a 52-week high of $24.58. The firm has a 50-day moving average price of $19.45 and a 200 day moving average price of $18.66.

Crinetics Pharmaceuticals (NASDAQ:CRNX – Get Rating) last posted its quarterly earnings results on Tuesday, February 28th. The company reported ($0.84) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.82) by ($0.02). The firm had revenue of $0.71 million for the quarter, compared to analysts’ expectations of $0.75 million. Crinetics Pharmaceuticals had a negative return on equity of 52.55% and a negative net margin of 4,090.69%. On average, equities research analysts expect that Crinetics Pharmaceuticals, Inc. will post -3.41 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on CRNX. HC Wainwright reaffirmed a “buy” rating and issued a $35.00 target price on shares of Crinetics Pharmaceuticals in a report on Wednesday, March 1st. JMP Securities upped their target price on shares of Crinetics Pharmaceuticals from $41.00 to $43.00 in a report on Friday, May 5th. Robert W. Baird began coverage on shares of Crinetics Pharmaceuticals in a report on Wednesday, March 29th. They issued an “outperform” rating and a $48.00 target price for the company. Lifesci Capital reaffirmed an “outperform” rating on shares of Crinetics Pharmaceuticals in a report on Monday, March 27th. Finally, Piper Sandler began coverage on shares of Crinetics Pharmaceuticals in a report on Monday, April 24th. They issued an “overweight” rating and a $56.00 target price for the company. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Crinetics Pharmaceuticals currently has a consensus rating of “Buy” and an average target price of $45.50.

Crinetics Pharmaceuticals Company 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.