Advantage Alpha Capital Partners LP Invests $442,000 in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Advantage Alpha Capital Partners LP bought a new stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 8,640 shares of the company’s stock, valued at approximately $442,000.

A number of other hedge funds have also bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in Crinetics Pharmaceuticals by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 3,575,076 shares of the company’s stock worth $167,349,000 after buying an additional 72,624 shares during the last quarter. SG Americas Securities LLC boosted its holdings in Crinetics Pharmaceuticals by 1,224.8% in the second quarter. SG Americas Securities LLC now owns 79,051 shares of the company’s stock worth $3,541,000 after purchasing an additional 73,084 shares during the period. Driehaus Capital Management LLC boosted its holdings in Crinetics Pharmaceuticals by 17.0% in the second quarter. Driehaus Capital Management LLC now owns 6,112,173 shares of the company’s stock worth $273,764,000 after purchasing an additional 885,876 shares during the period. Jennison Associates LLC increased its stake in Crinetics Pharmaceuticals by 0.5% during the third quarter. Jennison Associates LLC now owns 2,793,614 shares of the company’s stock valued at $142,754,000 after purchasing an additional 13,470 shares during the last quarter. Finally, First Turn Management LLC bought a new stake in Crinetics Pharmaceuticals during the second quarter valued at $16,541,000. 98.51% of the stock is currently owned by institutional investors and hedge funds.

Crinetics Pharmaceuticals Stock Up 1.2 %

Shares of NASDAQ CRNX opened at $56.77 on Wednesday. The firm’s 50-day simple moving average is $55.40 and its 200 day simple moving average is $51.64. The stock has a market cap of $5.26 billion, a P/E ratio of -15.22 and a beta of 0.62. Crinetics Pharmaceuticals, Inc. has a fifty-two week low of $30.87 and a fifty-two week high of $62.53.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.96) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.91) by ($0.05). During the same period in the prior year, the business earned ($1.01) EPS. On average, sell-side analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -3.75 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Oppenheimer reaffirmed an “outperform” rating and set a $73.00 price objective (down previously from $74.00) on shares of Crinetics Pharmaceuticals in a research report on Friday, August 9th. Cantor Fitzgerald restated an “overweight” rating and issued a $90.00 target price on shares of Crinetics Pharmaceuticals in a research note on Monday, September 16th. HC Wainwright increased their price target on Crinetics Pharmaceuticals from $69.00 to $81.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Citigroup raised their price target on Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $80.00 target price on shares of Crinetics Pharmaceuticals in a research report on Friday, September 27th. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $70.18.

Insiders Place Their Bets

In other news, COO Jeff E. Knight sold 501 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $56.52, for a total value of $28,316.52. Following the transaction, the chief operating officer now owns 51,653 shares of the company’s stock, valued at $2,919,427.56. The trade was a 0.96 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Stephen F. Betz sold 1,035 shares of the stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $51.50, for a total transaction of $53,302.50. Following the sale, the insider now directly owns 68,576 shares of the company’s stock, valued at approximately $3,531,664. This represents a 1.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 40,911 shares of company stock worth $2,144,675 over the last ninety days. Company 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.