Connor Clark & Lunn Investment Management Ltd. Sells 13,735 Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Connor Clark & Lunn Investment Management Ltd. cut its stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 66.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,898 shares of the company’s stock after selling 13,735 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Crinetics Pharmaceuticals were worth $353,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of CRNX. Swiss National Bank lifted its position in Crinetics Pharmaceuticals by 0.5% during the third quarter. Swiss National Bank now owns 130,900 shares of the company’s stock worth $6,689,000 after acquiring an additional 600 shares during the last quarter. Janney Montgomery Scott LLC lifted its holdings in Crinetics Pharmaceuticals by 13.7% during the 4th quarter. Janney Montgomery Scott LLC now owns 4,975 shares of the company’s stock worth $254,000 after purchasing an additional 600 shares during the last quarter. State of New Jersey Common Pension Fund D boosted its stake in 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 valued at $1,945,000 after purchasing an additional 708 shares during the period. Venturi Wealth Management LLC bought a new stake in Crinetics Pharmaceuticals in the 4th quarter valued at $41,000. Finally, Oppenheimer Asset Management Inc. grew its holdings in Crinetics Pharmaceuticals by 19.5% in the 4th quarter. Oppenheimer Asset Management Inc. now owns 5,038 shares of the company’s stock valued at $258,000 after buying an additional 822 shares in the last quarter. Institutional investors and hedge funds own 98.51% of the company’s stock.

Crinetics Pharmaceuticals Stock Performance

Shares of CRNX stock opened at $34.42 on Monday. Crinetics Pharmaceuticals, Inc. has a fifty-two week low of $31.84 and a fifty-two week high of $62.53. The stock’s fifty day moving average price is $36.22 and its two-hundred day moving average price is $48.07. The company has a market cap of $3.20 billion, a PE ratio of -9.23 and a beta of 0.58.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings data on Thursday, February 27th. The company reported ($0.88) earnings per share for the quarter, beating the consensus estimate of ($0.92) by $0.04. On average, equities analysts predict that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS for the current fiscal year.

Insider Activity

In other Crinetics Pharmaceuticals news, COO Jeff E. Knight sold 7,162 shares of the stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $34.20, for a total value of $244,940.40. Following the completion of the transaction, the chief operating officer now directly owns 87,491 shares in the company, valued at approximately $2,992,192.20. This trade represents a 7.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Richard Scott Struthers sold 17,338 shares of the business’s stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $34.20, for a total value of $592,959.60. Following the sale, the chief executive officer now owns 329,147 shares in the company, valued at approximately $11,256,827.40. This trade represents a 5.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 32,015 shares of company stock worth $1,119,263. Corporate insiders own 6.00% of the company’s stock.

Wall Street Analysts Forecast Growth

CRNX has been the subject of a number of recent research reports. Wolfe Research initiated coverage on shares of Crinetics Pharmaceuticals in a research report on Tuesday, February 4th. They issued a “peer perform” rating for the company. JMP Securities restated 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 target for the company in a research report on Wednesday, January 22nd. HC Wainwright reissued a “buy” rating and set a $81.00 price target on shares of Crinetics Pharmaceuticals in a research report on Monday, January 13th. Finally, TD Cowen assumed coverage on Crinetics Pharmaceuticals in a report on Tuesday, February 11th. They issued a “buy” rating for the company. One equities research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, Crinetics Pharmaceuticals presently has a consensus rating of “Moderate Buy” and an average target price of $74.30.

Crinetics Pharmaceuticals Company 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.