abrdn plc Takes $3.60 Million Position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

abrdn plc bought a new position in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 101,196 shares of the company’s stock, valued at approximately $3,601,000.

A number of other institutional investors have also made changes to their positions in CRNX. Amalgamated Bank boosted its position in Crinetics Pharmaceuticals by 10.4% during the third quarter. Amalgamated Bank now owns 6,298 shares of the company’s stock worth $187,000 after purchasing an additional 592 shares during the period. Alps Advisors Inc. boosted its holdings in shares of Crinetics Pharmaceuticals by 1.6% during the 3rd quarter. Alps Advisors Inc. now owns 40,328 shares of the company’s stock worth $1,199,000 after buying an additional 618 shares during the period. China Universal Asset Management Co. Ltd. grew its stake in Crinetics Pharmaceuticals by 98.2% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 1,403 shares of the company’s stock valued at $42,000 after buying an additional 695 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in Crinetics Pharmaceuticals by 6.4% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 39,218 shares of the company’s stock valued at $1,395,000 after acquiring an additional 2,343 shares during the period. Finally, Teacher Retirement System of Texas lifted its position in Crinetics Pharmaceuticals by 35.4% during the third quarter. Teacher Retirement System of Texas now owns 13,857 shares of the company’s stock worth $412,000 after acquiring an additional 3,620 shares during the last quarter. 98.51% of the stock is owned by institutional investors and hedge funds.

Crinetics Pharmaceuticals Stock Down 0.4 %

CRNX stock opened at $42.12 on Monday. The company has a market cap of $2.93 billion, a PE ratio of -11.38 and a beta of 0.63. Crinetics Pharmaceuticals, Inc. has a 52 week low of $15.76 and a 52 week high of $49.58. The business has a 50-day simple moving average of $43.00 and a 200 day simple moving average of $36.74.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its earnings results on Wednesday, February 28th. The company reported ($0.90) EPS for the quarter, missing the consensus estimate 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%. During the same quarter last year, the firm earned ($0.84) earnings per share. The company’s revenue was down 100.0% on a year-over-year basis. On average, analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -3.34 EPS for the current fiscal year.

Insider Buying and Selling at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, CEO Richard Scott Struthers sold 40,951 shares of the firm’s stock in a transaction on 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 sale, the chief executive officer now owns 237,835 shares of the company’s stock, valued at approximately $11,694,346.95. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CFO Marc Wilson sold 6,942 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $42.91, for a total transaction of $297,881.22. Following the sale, the chief financial officer now directly owns 110,630 shares of the company’s stock, valued at approximately $4,747,133.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Richard Scott Struthers sold 40,951 shares of the company’s stock in a transaction that occurred on Thursday, April 4th. The stock was sold at an average price of $49.17, for a total transaction of $2,013,560.67. Following the transaction, the chief executive officer now owns 237,835 shares of the company’s stock, valued at $11,694,346.95. The disclosure for this sale can be found here. Insiders sold a total of 187,216 shares of company stock worth $8,509,397 over the last three months. Corporate insiders own 7.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on CRNX shares. Oppenheimer increased their target price on Crinetics Pharmaceuticals from $54.00 to $55.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 20th. Cantor Fitzgerald increased their price objective on Crinetics Pharmaceuticals from $50.00 to $65.00 and gave the stock an “overweight” rating in a research report on Monday, March 4th. JMP Securities reissued a “market outperform” rating and issued a $80.00 target price on shares of Crinetics Pharmaceuticals in a research report on Thursday, March 28th. Robert W. Baird upped their price target 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, Morgan Stanley initiated coverage on shares of Crinetics Pharmaceuticals in a research note on Tuesday, January 16th. They issued an “overweight” rating and a $50.00 price objective for the company. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $54.00.

About Crinetics Pharmaceuticals

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.