Calamos Advisors LLC Trims Stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Calamos Advisors LLC lowered its stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 65.3% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 14,402 shares of the company’s stock after selling 27,156 shares during the quarter. Calamos Advisors LLC’s holdings in Crinetics Pharmaceuticals were worth $736,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. FMR LLC lifted its stake in shares of Crinetics Pharmaceuticals by 8.8% during the third quarter. FMR LLC now owns 4,455,770 shares of the company’s stock valued at $227,690,000 after buying an additional 358,975 shares during the period. State Street Corp lifted its stake in shares of Crinetics Pharmaceuticals by 0.9% during the 3rd quarter. State Street Corp now owns 2,838,484 shares of the company’s stock worth $145,047,000 after purchasing an additional 25,561 shares during the period. Jennison Associates LLC lifted its stake in shares of Crinetics Pharmaceuticals by 0.5% during the 3rd quarter. Jennison Associates LLC now owns 2,793,614 shares of the company’s stock worth $142,754,000 after purchasing an additional 13,470 shares during the period. Geode Capital Management LLC lifted its stake in shares of Crinetics Pharmaceuticals by 10.1% during the 3rd quarter. Geode Capital Management LLC now owns 1,848,133 shares of the company’s stock worth $94,458,000 after purchasing an additional 169,746 shares during the period. Finally, Franklin Resources Inc. lifted its position in Crinetics Pharmaceuticals by 61.4% during the third quarter. Franklin Resources Inc. now owns 1,390,110 shares of the company’s stock worth $73,815,000 after buying an additional 528,688 shares during the period. 98.51% of the stock is currently owned by hedge funds and other institutional investors.

Crinetics Pharmaceuticals Price Performance

NASDAQ:CRNX opened at $39.30 on Thursday. The business’s 50-day moving average is $48.19 and its two-hundred day moving average is $51.98. Crinetics Pharmaceuticals, Inc. has a 12 month low of $35.51 and a 12 month high of $62.53. The firm has a market capitalization of $3.64 billion, a PE ratio of -10.54 and a beta of 0.56.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its earnings results on Tuesday, November 12th. The company reported ($0.96) EPS for the quarter, missing the consensus estimate of ($0.91) by ($0.05). During the same quarter last year, the firm posted ($1.01) earnings per share. Equities analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS for the current year.

Wall Street Analyst Weigh In

CRNX has been the topic of several recent analyst reports. JMP Securities reiterated a “market outperform” rating and set a $87.00 target price on shares of Crinetics Pharmaceuticals in a research report on Monday, December 16th. Jefferies Financial Group upgraded shares of Crinetics Pharmaceuticals from a “hold” rating to a “buy” rating and set a $55.00 price objective on the stock in a report on Wednesday, January 22nd. Wolfe Research initiated coverage on shares of Crinetics Pharmaceuticals in a research note on Tuesday. They set a “peer perform” rating on the stock. HC Wainwright reaffirmed a “buy” rating and set a $81.00 price target on shares of Crinetics Pharmaceuticals in a research note on Monday, January 13th. Finally, Citigroup increased their price target on shares of Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. One equities research analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $72.64.

Insider Activity

In related news, insider Dana Pizzuti sold 5,000 shares of the stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $39.07, for a total value of $195,350.00. Following the completion of the transaction, the insider now owns 31,748 shares of the company’s stock, valued at approximately $1,240,394.36. This represents a 13.61 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, COO Jeff E. Knight sold 501 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $56.52, for a total value of $28,316.52. Following the sale, the chief operating officer now owns 51,653 shares in the company, valued at $2,919,427.56. This represents a 0.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 6.00% of the company’s stock.

About Crinetics Pharmaceuticals

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.