Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Major Shareholder Buys $3,499,983.30 in Stock

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX – Get Rating) major shareholder Perceptive Advisors Llc acquired 157,515 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Monday, April 18th. The shares were purchased at an average price of $22.22 per share, with a total value of $3,499,983.30. Following the transaction, the insider now owns 5,321,032 shares of the company’s stock, valued at approximately $118,233,331.04. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Large shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Shares of NASDAQ:CRNX traded down $3.06 during trading on Monday, hitting $22.94. 523,182 shares of the company’s stock were exchanged, compared to its average volume of 272,330. Crinetics Pharmaceuticals, Inc. has a 52-week low of $15.39 and a 52-week high of $28.95. The firm has a 50-day moving average of $20.38. The firm has a market capitalization of $1.10 billion, a P/E ratio of -8.19 and a beta of 1.46.

Crinetics Pharmaceuticals (NASDAQ:CRNX – Get Rating) last released its earnings results on Wednesday, March 30th. The company reported ($0.68) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.63) by ($0.05). As a group, analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -2.67 earnings per share for the current fiscal year.

A number of institutional investors have recently made changes to their positions in the stock. Royal Bank of Canada boosted its stake in Crinetics Pharmaceuticals by 13.1% during the third quarter. Royal Bank of Canada now owns 3,277 shares of the company’s stock valued at $69,000 after buying an additional 380 shares during the last quarter. Bank of America Corp DE boosted its stake in Crinetics Pharmaceuticals by 6.4% during the second quarter. Bank of America Corp DE now owns 13,109 shares of the company’s stock valued at $247,000 after buying an additional 789 shares during the last quarter. Deutsche Bank AG boosted its stake in Crinetics Pharmaceuticals by 1.1% during the third quarter. Deutsche Bank AG now owns 90,056 shares of the company’s stock valued at $1,896,000 after buying an additional 970 shares during the last quarter. Parametric Portfolio Associates LLC boosted its stake in Crinetics Pharmaceuticals by 12.8% during the fourth quarter. Parametric Portfolio Associates LLC now owns 13,560 shares of the company’s stock valued at $385,000 after buying an additional 1,537 shares during the last quarter. Finally, Nisa Investment Advisors LLC bought a new position in Crinetics Pharmaceuticals during the fourth quarter valued at approximately $31,000. 80.90% of the stock is owned by institutional investors.

A number of brokerages have commented on CRNX. JMP Securities restated a “buy” rating and issued a $45.00 price target on shares of Crinetics Pharmaceuticals in a research report on Wednesday, April 6th. Zacks Investment Research cut Crinetics Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Tuesday, December 28th. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Crinetics Pharmaceuticals in a research report on Thursday, March 31st. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $35.67.

About Crinetics Pharmaceuticals (Get Rating)

Crinetics Pharmaceuticals, Inc, a clinical stage pharmaceutical company, focuses on the discovery, development, and commercialization of therapeutics for rare endocrine diseases and endocrine-related tumors. Its lead product candidate is Paltusotine, an oral selective nonpeptide somatostatin receptor type 2 agonist that has completed phase III clinical trial for the treatment of acromegaly, as well as completed phase II clinical trial to treat carcinoid syndrome and nonfunctional neuroendocrine tumors (NETs).

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