Rhumbline Advisers Grows Stock Position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Rhumbline Advisers boosted its stake in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 3.3% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 112,319 shares of the company’s stock after acquiring an additional 3,626 shares during the quarter. Rhumbline Advisers owned 0.14% of Crinetics Pharmaceuticals worth $5,031,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of CRNX. Russell Investments Group Ltd. boosted its stake in shares of Crinetics Pharmaceuticals by 366,571.4% during the first quarter. Russell Investments Group Ltd. now owns 51,334 shares of the company’s stock valued at $2,403,000 after purchasing an additional 51,320 shares during the period. Swiss National Bank grew its holdings in Crinetics Pharmaceuticals by 21.4% in the 1st quarter. Swiss National Bank now owns 126,500 shares of the company’s stock worth $5,921,000 after acquiring an additional 22,300 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Crinetics Pharmaceuticals by 2.1% in the first quarter. Vanguard Group Inc. now owns 3,575,076 shares of the company’s stock valued at $167,349,000 after acquiring an additional 72,624 shares during the period. First Light Asset Management LLC raised its stake in shares of Crinetics Pharmaceuticals by 25.5% during the fourth quarter. First Light Asset Management LLC now owns 1,987,772 shares of the company’s stock valued at $70,725,000 after acquiring an additional 404,443 shares during the last quarter. Finally, SG Americas Securities LLC boosted its holdings in shares of Crinetics Pharmaceuticals by 1,224.8% during the second quarter. SG Americas Securities LLC now owns 79,051 shares of the company’s stock worth $3,541,000 after purchasing an additional 73,084 shares during the period. 98.51% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

CRNX has been the subject of a number of recent analyst reports. HC Wainwright upped their price target on Crinetics Pharmaceuticals from $60.00 to $69.00 and gave the company a “buy” rating in a research report on Friday, August 9th. Morgan Stanley lifted their price target on shares of Crinetics Pharmaceuticals from $50.00 to $70.00 and gave the company an “overweight” rating in a report on Thursday, May 23rd. Robert W. Baird upped their price objective on shares of Crinetics Pharmaceuticals from $52.00 to $62.00 and gave the stock an “outperform” rating in a report on Thursday, May 23rd. Piper Sandler reaffirmed an “overweight” rating and set a $97.00 target price on shares of Crinetics Pharmaceuticals in a research note on Tuesday, July 2nd. Finally, JPMorgan Chase & Co. increased their price target on shares of Crinetics Pharmaceuticals from $47.00 to $54.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 9th. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $66.27.

Insider Buying and Selling

In other Crinetics Pharmaceuticals news, COO Jeff E. Knight sold 956 shares of the firm’s stock in a transaction dated Wednesday, June 26th. The stock was sold at an average price of $44.38, for a total value of $42,427.28. Following the transaction, the chief operating officer now directly owns 52,580 shares of the company’s stock, valued at $2,333,500.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider James Hassard sold 15,000 shares of the company’s stock in a transaction on Friday, June 21st. The stock was sold at an average price of $44.66, for a total value of $669,900.00. Following the completion of the sale, the insider now directly owns 29,259 shares in the company, valued at approximately $1,306,706.94. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Jeff E. Knight sold 956 shares of Crinetics Pharmaceuticals stock in a transaction on Wednesday, June 26th. The shares were sold at an average price of $44.38, for a total value of $42,427.28. Following the transaction, the chief operating officer now owns 52,580 shares in the company, valued at $2,333,500.40. The disclosure for this sale can be found here. Insiders sold 168,051 shares of company stock valued at $8,259,664 over the last 90 days. Company insiders own 6.00% of the company’s stock.

Crinetics Pharmaceuticals Stock Up 5.0 %

Shares of CRNX stock opened at $53.80 on Monday. The firm has a market capitalization of $4.31 billion, a PE ratio of -14.23 and a beta of 0.63. The company has a 50 day moving average price of $52.09 and a 200-day moving average price of $47.70. Crinetics Pharmaceuticals, Inc. has a 52 week low of $25.35 and a 52 week high of $55.78.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its earnings results on Thursday, August 8th. The company reported ($0.94) EPS for the quarter, missing analysts’ consensus estimates of ($0.86) by ($0.08). The business had revenue of $0.40 million for the quarter, compared to analyst estimates of $0.47 million. The company’s revenue for the quarter was down 59.6% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.94) earnings per share. Analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -3.72 earnings per share for the current 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.