Advisors Asset Management Inc. Raises Position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Advisors Asset Management Inc. raised its holdings in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 56.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,806 shares of the company’s stock after buying an additional 1,008 shares during the period. Advisors Asset Management Inc.’s holdings in Crinetics Pharmaceuticals were worth $143,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Driehaus Capital Management LLC boosted its holdings in Crinetics Pharmaceuticals by 17.0% during the 2nd quarter. Driehaus Capital Management LLC now owns 6,112,173 shares of the company’s stock valued at $273,764,000 after acquiring an additional 885,876 shares during the period. Vanguard Group Inc. lifted its position in Crinetics Pharmaceuticals by 2.1% in the first quarter. Vanguard Group Inc. now owns 3,575,076 shares of the company’s stock valued at $167,349,000 after purchasing an additional 72,624 shares during the last quarter. Jennison Associates LLC boosted its stake in shares of Crinetics Pharmaceuticals by 0.5% during the third quarter. Jennison Associates LLC now owns 2,793,614 shares of the company’s stock valued at $142,754,000 after purchasing an additional 13,470 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its holdings in shares of Crinetics Pharmaceuticals by 0.6% in the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 546,234 shares of the company’s stock worth $24,466,000 after purchasing an additional 3,526 shares during the last quarter. Finally, Affinity Asset Advisors LLC grew its holdings in shares of Crinetics Pharmaceuticals by 9.6% in the second quarter. Affinity Asset Advisors LLC now owns 515,000 shares of the company’s stock worth $23,067,000 after purchasing an additional 45,000 shares during the last quarter. 98.51% of the stock is owned by institutional investors.

Insider Transactions at Crinetics Pharmaceuticals

In other news, COO Jeff E. Knight sold 501 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $56.52, for a total transaction of $28,316.52. Following the completion of the transaction, the chief operating officer now directly owns 51,653 shares in the company, valued at approximately $2,919,427.56. This trade represents a 0.96 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Marc Wilson sold 25,000 shares of the company’s stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $51.11, for a total value of $1,277,750.00. Following the completion of the sale, the chief financial officer now owns 111,092 shares in the company, valued at $5,677,912.12. The trade was a 18.37 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 40,911 shares of company stock valued at $2,144,675 in the last three months. 6.00% of the stock is currently owned by company insiders.

Crinetics Pharmaceuticals Stock Performance

Shares of NASDAQ:CRNX opened at $57.20 on Friday. The firm has a market capitalization of $5.30 billion, a P/E ratio of -15.46 and a beta of 0.62. The stock has a 50 day moving average price of $55.65 and a 200-day moving average price of $51.79. Crinetics Pharmaceuticals, Inc. has a 52-week low of $31.35 and a 52-week high of $62.53.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.96) earnings per share for the quarter, missing the consensus estimate of ($0.91) by ($0.05). During the same period in the prior year, the firm earned ($1.01) earnings per share. On average, equities analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.75 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on CRNX. Cantor Fitzgerald reissued an “overweight” rating and set a $90.00 price target on shares of Crinetics Pharmaceuticals in a research report on Monday, September 16th. JMP Securities reiterated a “market outperform” rating and set a $80.00 target price on shares of Crinetics Pharmaceuticals in a report on Friday, September 27th. Oppenheimer restated an “outperform” rating and set a $73.00 price target (down previously from $74.00) on shares of Crinetics Pharmaceuticals in a report on Friday, August 9th. Citigroup upped their price target on Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Finally, HC Wainwright lifted their price objective on Crinetics Pharmaceuticals from $69.00 to $81.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $70.18.

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.