Principal Financial Group Inc. Boosts Stock Holdings in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Principal Financial Group Inc. increased its position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 4.4% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 81,156 shares of the company’s stock after acquiring an additional 3,447 shares during the period. Principal Financial Group Inc. owned about 0.09% of Crinetics Pharmaceuticals worth $4,150,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the company. State of New Jersey Common Pension Fund D increased its holdings in shares of Crinetics Pharmaceuticals by 1.9% in the 4th quarter. State of New Jersey Common Pension Fund D now owns 38,049 shares of the company’s stock worth $1,945,000 after purchasing an additional 708 shares in the last quarter. Rhumbline Advisers boosted its holdings in shares of Crinetics Pharmaceuticals by 14.1% during the 4th quarter. Rhumbline Advisers now owns 124,078 shares of the company’s stock valued at $6,344,000 after acquiring an additional 15,359 shares during the last quarter. Legato Capital Management LLC grew its stake in shares of Crinetics Pharmaceuticals by 15.9% in the fourth quarter. Legato Capital Management LLC now owns 29,554 shares of the company’s stock worth $1,511,000 after acquiring an additional 4,057 shares during the period. abrdn plc raised its holdings in shares of Crinetics Pharmaceuticals by 22.3% during the fourth quarter. abrdn plc now owns 43,389 shares of the company’s stock valued at $2,218,000 after purchasing an additional 7,922 shares during the last quarter. Finally, China Universal Asset Management Co. Ltd. lifted its position in Crinetics Pharmaceuticals by 27.7% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 19,664 shares of the company’s stock valued at $1,005,000 after purchasing an additional 4,271 shares during the period. 98.51% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have commented on CRNX shares. JMP Securities reaffirmed a “market outperform” rating and issued a $87.00 target price on shares of Crinetics Pharmaceuticals in a research report on Monday, December 16th. Wolfe Research started coverage on Crinetics Pharmaceuticals in a report on Tuesday, February 4th. They issued a “peer perform” rating for the company. Jefferies Financial Group upgraded Crinetics Pharmaceuticals from a “hold” rating to a “buy” rating and set a $55.00 price objective for the company in a research report on Wednesday, January 22nd. TD Cowen started coverage on Crinetics Pharmaceuticals in a research report on Tuesday, February 11th. They issued a “buy” rating on the stock. Finally, Citigroup upped their price target on shares of Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. One equities research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $72.64.

Insiders Place Their Bets

In other news, insider Dana Pizzuti sold 5,000 shares of the company’s 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 $1,240,394.36. This represents a 13.61 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 6.00% of the stock is currently owned by company insiders.

Crinetics Pharmaceuticals Trading Down 4.6 %

Shares of NASDAQ:CRNX opened at $34.14 on Tuesday. Crinetics Pharmaceuticals, Inc. has a 12-month low of $31.84 and a 12-month high of $62.53. The company has a market cap of $3.17 billion, a PE ratio of -9.15 and a beta of 0.56. The stock has a 50 day moving average of $41.17 and a 200 day moving average of $50.06.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last announced its quarterly earnings data on Thursday, February 27th. The company reported ($0.88) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.92) by $0.04. Equities research analysts predict that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current fiscal year.

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.