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

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

Several other hedge funds have also made changes to their positions in the company. Comerica Bank acquired a new stake in Crinetics Pharmaceuticals during the 1st quarter valued at $33,000. Quest Partners LLC acquired a new position in Crinetics Pharmaceuticals during the second quarter valued at $42,000. Values First Advisors Inc. purchased a new stake in Crinetics Pharmaceuticals in the 3rd quarter worth about $84,000. Allspring Global Investments Holdings LLC purchased a new stake in Crinetics Pharmaceuticals in the 3rd quarter worth about $91,000. Finally, KBC Group NV boosted its position in Crinetics Pharmaceuticals by 22.8% during the 3rd quarter. KBC Group NV now owns 2,193 shares of the company’s stock worth $112,000 after acquiring an additional 407 shares during the period. Hedge funds and other institutional investors own 98.51% of the company’s stock.

Crinetics Pharmaceuticals Trading Up 1.2 %

Shares of NASDAQ:CRNX opened at $56.77 on Wednesday. The stock has a market capitalization of $5.26 billion, a PE ratio of -15.22 and a beta of 0.62. Crinetics Pharmaceuticals, Inc. has a 1 year low of $30.87 and a 1 year high of $62.53. The firm has a fifty day moving average price of $55.40 and a 200 day moving average price of $51.64.

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

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling at Crinetics Pharmaceuticals

In related news, CFO Marc Wilson sold 25,000 shares of the business’s stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $51.11, for a total transaction of $1,277,750.00. Following the completion of the transaction, the chief financial officer now owns 111,092 shares of the company’s stock, valued at approximately $5,677,912.12. The trade was a 18.37 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 value of $53,302.50. Following the completion of the sale, the insider now directly owns 68,576 shares of the company’s stock, valued at $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 have sold a total of 40,911 shares of company stock worth $2,144,675 over the last 90 days. 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.