Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Shares Sold by Wellington Management Group LLP

Wellington Management Group LLP lessened its holdings in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 10.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 3,245,105 shares of the company’s stock after selling 395,130 shares during the quarter. Wellington Management Group LLP owned 4.66% of Crinetics Pharmaceuticals worth $115,461,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in Crinetics Pharmaceuticals by 24.7% in the third quarter. Vanguard Group Inc. now owns 3,407,035 shares of the company’s stock worth $101,325,000 after acquiring an additional 674,301 shares in the last quarter. Jennison Associates LLC raised its stake in shares of Crinetics Pharmaceuticals by 77.7% in the fourth quarter. Jennison Associates LLC now owns 2,547,683 shares of the company’s stock worth $90,647,000 after purchasing an additional 1,113,992 shares during the last quarter. FMR LLC raised its stake in shares of Crinetics Pharmaceuticals by 97.7% in the third quarter. FMR LLC now owns 2,140,861 shares of the company’s stock worth $63,669,000 after purchasing an additional 1,057,947 shares during the last quarter. First Light Asset Management LLC raised its stake in shares of Crinetics Pharmaceuticals by 25.5% in the fourth quarter. First Light Asset Management LLC now owns 1,987,772 shares of the company’s stock worth $70,725,000 after purchasing an additional 404,443 shares during the last quarter. Finally, Eventide Asset Management LLC raised its stake in shares of Crinetics Pharmaceuticals by 4.0% in the fourth quarter. Eventide Asset Management LLC now owns 1,059,633 shares of the company’s stock worth $37,702,000 after purchasing an additional 40,851 shares during the last quarter. Institutional investors and hedge funds own 98.51% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on CRNX shares. Robert W. Baird raised their price objective on Crinetics Pharmaceuticals from $52.00 to $62.00 and gave the stock an “outperform” rating in a research note on Thursday, May 23rd. Citigroup started coverage on Crinetics Pharmaceuticals in a research note on Wednesday, March 6th. They issued a “buy” rating and a $68.00 price objective for the company. JMP Securities reiterated a “market outperform” rating and set a $80.00 price target on shares of Crinetics Pharmaceuticals in a research report on Tuesday, June 4th. Cantor Fitzgerald reiterated an “overweight” rating and set a $65.00 price target on shares of Crinetics Pharmaceuticals in a research report on Tuesday, May 14th. Finally, Oppenheimer lifted their price target on Crinetics Pharmaceuticals from $55.00 to $74.00 and gave the company an “outperform” rating in a research report on Tuesday, June 4th. One research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $62.50.

Crinetics Pharmaceuticals Trading Down 0.2 %

Shares of CRNX opened at $44.21 on Friday. Crinetics Pharmaceuticals, Inc. has a 12 month low of $15.76 and a 12 month high of $53.70. The stock’s 50 day moving average is $46.26 and its two-hundred day moving average is $41.47. The firm has a market cap of $3.49 billion, a P/E ratio of -11.70 and a beta of 0.64.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings data on Thursday, May 9th. The company reported ($0.93) EPS for the quarter, missing the consensus estimate of ($0.84) by ($0.09). The business had revenue of $0.64 million during the quarter, compared to analyst estimates of $0.20 million. Crinetics Pharmaceuticals had a negative net margin of 4,223.27% and a negative return on equity of 42.50%. The firm’s revenue for the quarter was down 76.1% on a year-over-year basis. During the same period in the previous year, the business posted ($0.85) earnings per share. Equities research analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.53 EPS for the current year.

Insider Transactions at Crinetics Pharmaceuticals

In other news, insider Dana Pizzuti sold 14,375 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $44.47, for a total value of $639,256.25. Following the sale, the insider now directly owns 27,786 shares of the company’s stock, valued at $1,235,643.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Crinetics Pharmaceuticals news, insider Stephen F. Betz sold 3,000 shares of the business’s stock in a transaction on Friday, May 10th. The stock was sold at an average price of $49.43, for a total transaction of $148,290.00. Following the transaction, the insider now owns 89,643 shares of the company’s stock, valued at $4,431,053.49. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Dana Pizzuti sold 14,375 shares of the business’s stock in a transaction on Monday, April 15th. The stock was sold at an average price of $44.47, for a total value of $639,256.25. Following the transaction, the insider now directly owns 27,786 shares in the company, valued at approximately $1,235,643.42. The disclosure for this sale can be found here. Insiders have sold 189,274 shares of company stock valued at $9,194,738 over the last ninety 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.