Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. cut its stake in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNXFree Report) by 5.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 14,976 shares of the company’s stock after selling 909 shares during the quarter. Principal Financial Group Inc.’s holdings in Crinetics Pharmaceuticals were worth $701,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Quarry LP acquired a new stake in shares of Crinetics Pharmaceuticals during the fourth quarter worth $36,000. AJOVista LLC acquired a new stake in Crinetics Pharmaceuticals in the fourth quarter valued at $58,000. HighMark Wealth Management LLC acquired a new stake in Crinetics Pharmaceuticals in the fourth quarter valued at $151,000. RWA Wealth Partners LLC acquired a new stake in Crinetics Pharmaceuticals in the fourth quarter valued at $203,000. Finally, Hudson Bay Capital Management LP acquired a new stake in Crinetics Pharmaceuticals in the third quarter valued at $223,000. 98.51% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Robert W. Baird raised their target price on Crinetics Pharmaceuticals from $52.00 to $62.00 and gave the company an “outperform” rating in a report on Thursday, May 23rd. Oppenheimer raised their price target on Crinetics Pharmaceuticals from $55.00 to $74.00 and gave the company an “outperform” rating in a research report on Tuesday, June 4th. Cantor Fitzgerald restated an “overweight” rating and issued a $65.00 price target on shares of Crinetics Pharmaceuticals in a research report on Tuesday, May 14th. JMP Securities restated a “market outperform” rating and issued a $80.00 price target on shares of Crinetics Pharmaceuticals in a research report on Tuesday, June 4th. Finally, Morgan Stanley raised their price target on Crinetics Pharmaceuticals from $50.00 to $70.00 and gave the company an “overweight” rating in a research report on Thursday, May 23rd. One equities research analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, Crinetics Pharmaceuticals presently has a consensus rating of “Moderate Buy” and an average price target of $62.50.

Read Our Latest Research Report on Crinetics Pharmaceuticals

Crinetics Pharmaceuticals Trading Down 0.8 %

Crinetics Pharmaceuticals stock opened at $43.83 on Friday. The stock has a 50-day moving average price of $46.52 and a 200 day moving average price of $42.30. Crinetics Pharmaceuticals, Inc. has a 52 week low of $15.76 and a 52 week high of $53.70.

Crinetics Pharmaceuticals (NASDAQ:CRNXGet Free Report) last posted its quarterly earnings results on Thursday, May 9th. The company reported ($0.93) EPS for the quarter, missing the consensus estimate of ($0.84) by ($0.09). The business had revenue of $0.64 million during the quarter, compared to the consensus estimate of $0.20 million. Crinetics Pharmaceuticals’s revenue for the quarter was down 76.1% compared to the same quarter last year. During the same period last year, the business earned ($0.85) EPS. As a group, equities research analysts expect that Crinetics Pharmaceuticals, Inc. will post -3.53 earnings per share for the current year.

Insider Buying and Selling at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, insider Stephen F. Betz sold 3,000 shares of Crinetics Pharmaceuticals stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $49.43, for a total value of $148,290.00. Following the completion of the sale, the insider now owns 89,643 shares in the company, valued at approximately $4,431,053.49. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Stephen F. Betz sold 3,000 shares of Crinetics Pharmaceuticals stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $49.43, for a total value of $148,290.00. Following the transaction, the insider now directly owns 89,643 shares of the company’s stock, valued at approximately $4,431,053.49. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Marc Wilson sold 32,129 shares of Crinetics Pharmaceuticals stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $43.61, for a total value of $1,401,145.69. Following the completion of the transaction, the chief financial officer now directly owns 111,092 shares in the company, valued at $4,844,722.12. The disclosure for this sale can be found here. Insiders sold 202,783 shares of company stock worth $9,562,442 in the last 90 days. 6.00% of the stock is owned by company insiders.

Crinetics Pharmaceuticals Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Crinetics Pharmaceuticals (NASDAQ:CRNX)

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