KBC Group NV Grows Stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

KBC Group NV grew its holdings in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 69.3% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,712 shares of the company’s stock after buying an additional 1,519 shares during the period. KBC Group NV’s holdings in Crinetics Pharmaceuticals were worth $190,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Barclays PLC lifted its position in shares of Crinetics Pharmaceuticals by 75.5% in the 3rd quarter. Barclays PLC now owns 207,712 shares of the company’s stock worth $10,614,000 after purchasing an additional 89,358 shares during the period. 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 valued at $73,815,000 after buying an additional 528,688 shares during the period. Geode Capital Management LLC boosted its holdings 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 valued at $94,458,000 after buying an additional 169,746 shares in the last quarter. Jennison Associates LLC grew its position in shares of Crinetics Pharmaceuticals by 0.5% in the 3rd quarter. Jennison Associates LLC now owns 2,793,614 shares of the company’s stock worth $142,754,000 after buying an additional 13,470 shares during the period. Finally, Fisher Asset Management LLC lifted its position in Crinetics Pharmaceuticals by 8.4% during the 3rd quarter. Fisher Asset Management LLC now owns 482,099 shares of the company’s stock valued at $24,635,000 after acquiring an additional 37,429 shares during the period. 98.51% of the stock is owned by hedge funds and other institutional investors.

Crinetics Pharmaceuticals Stock Performance

Shares of NASDAQ:CRNX opened at $40.40 on Wednesday. The business has a 50-day simple moving average of $48.56 and a two-hundred day simple moving average of $52.07. Crinetics Pharmaceuticals, Inc. has a fifty-two week low of $35.51 and a fifty-two week high of $62.53. The firm has a market cap of $3.75 billion, a price-to-earnings ratio of -10.83 and a beta of 0.56.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.96) EPS for the quarter, missing analysts’ consensus estimates of ($0.91) by ($0.05). During the same quarter in the prior year, the firm posted ($1.01) earnings per share. As a group, research analysts predict that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current year.

Insider Transactions at Crinetics Pharmaceuticals

In other news, COO Jeff E. Knight sold 501 shares of the business’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $56.52, for a total value of $28,316.52. Following the transaction, the chief operating officer now directly owns 51,653 shares in the company, valued at $2,919,427.56. The trade was a 0.96 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 6.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on CRNX. HC Wainwright restated a “buy” rating and issued a $81.00 price objective on shares of Crinetics Pharmaceuticals in a report on Monday, January 13th. Wolfe Research started coverage on Crinetics Pharmaceuticals in a research note on Tuesday. They issued a “peer perform” rating on the stock. JMP Securities reiterated a “market outperform” rating and set a $87.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Monday, December 16th. Citigroup increased their target price on Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Finally, Jefferies Financial Group raised Crinetics Pharmaceuticals from a “hold” rating to a “buy” rating and set a $55.00 price target for the company in a research report on Wednesday, January 22nd. One research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, Crinetics Pharmaceuticals currently has an average rating of “Moderate Buy” and an average price target of $72.64.

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.