Mirae Asset Global Investments Co. Ltd. Has $1.40 Million Position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Mirae Asset Global Investments Co. Ltd. grew its stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 6.4% during the fourth quarter, HoldingsChannel reports. The firm owned 39,218 shares of the company’s stock after buying an additional 2,343 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Crinetics Pharmaceuticals were worth $1,395,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. FMR LLC boosted its position in Crinetics Pharmaceuticals by 97.7% during the 3rd quarter. FMR LLC now owns 2,140,861 shares of the company’s stock worth $63,669,000 after buying an additional 1,057,947 shares during the period. Jennison Associates LLC boosted its position in Crinetics Pharmaceuticals by 210.7% during the 3rd quarter. Jennison Associates LLC now owns 1,433,691 shares of the company’s stock worth $42,638,000 after buying an additional 972,194 shares during the period. Vanguard Group Inc. boosted its position in Crinetics Pharmaceuticals by 24.7% during the 3rd quarter. Vanguard Group Inc. now owns 3,407,035 shares of the company’s stock worth $101,325,000 after buying an additional 674,301 shares during the period. BlackRock Inc. lifted its position in shares of Crinetics Pharmaceuticals by 16.3% in the 2nd quarter. BlackRock Inc. now owns 4,600,486 shares of the company’s stock worth $82,901,000 after purchasing an additional 644,128 shares during the period. Finally, Avidity Partners Management LP acquired a new position in shares of Crinetics Pharmaceuticals in the 3rd quarter worth approximately $18,141,000. 98.51% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

CRNX has been the topic of a number of recent analyst reports. Oppenheimer boosted their price target on shares of Crinetics Pharmaceuticals from $54.00 to $55.00 and gave the stock an “outperform” rating in a research report on Wednesday, March 20th. HC Wainwright restated a “buy” rating and issued a $50.00 price target on shares of Crinetics Pharmaceuticals in a research report on Tuesday, March 19th. Jonestrading boosted their price target on shares of Crinetics Pharmaceuticals from $52.00 to $56.00 and gave the stock a “buy” rating in a research report on Wednesday, March 20th. Robert W. Baird lifted their price objective on shares of Crinetics Pharmaceuticals from $45.00 to $52.00 and gave the company an “outperform” rating in a research note on Thursday, February 29th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $80.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Thursday, March 28th. One analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, Crinetics Pharmaceuticals currently has an average rating of “Moderate Buy” and a consensus price target of $54.17.

Insider Buying and Selling

In related news, insider Dana Pizzuti sold 15,089 shares of the firm’s stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $44.06, for a total value of $664,821.34. Following the completion of the sale, the insider now owns 27,786 shares of the company’s stock, valued at $1,224,251.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Richard Scott Struthers sold 40,951 shares of Crinetics Pharmaceuticals stock in a transaction dated Thursday, April 4th. The stock was sold at an average price of $49.17, for a total value of $2,013,560.67. Following the completion of the transaction, the chief executive officer now owns 237,835 shares of the company’s stock, valued at approximately $11,694,346.95. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Dana Pizzuti sold 15,089 shares of the business’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $44.06, for a total value of $664,821.34. Following the completion of the transaction, the insider now directly owns 27,786 shares of the company’s stock, valued at approximately $1,224,251.16. The disclosure for this sale can be found here. Insiders sold 190,216 shares of company stock valued at $8,621,177 over the last quarter. 7.00% of the stock is owned by company insiders.

Crinetics Pharmaceuticals Price Performance

Shares of NASDAQ CRNX opened at $42.97 on Monday. Crinetics Pharmaceuticals, Inc. has a one year low of $15.76 and a one year high of $49.58. The firm’s 50 day simple moving average is $42.42 and its two-hundred day simple moving average is $36.24. The stock has a market capitalization of $2.99 billion, a P/E ratio of -11.61 and a beta of 0.63.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings data on Wednesday, February 28th. The company reported ($0.90) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.89) by ($0.01). Crinetics Pharmaceuticals had a negative net margin of 4,223.27% and a negative return on equity of 52.93%. Crinetics Pharmaceuticals’s quarterly revenue was down 100.0% on a year-over-year basis. During the same period in the previous year, the business posted ($0.84) EPS. As a group, equities analysts expect that Crinetics Pharmaceuticals, Inc. will post -3.34 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.