Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Shares Purchased by Alliancebernstein L.P.

Alliancebernstein L.P. increased its holdings in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 9.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 101,720 shares of the company’s stock after buying an additional 9,190 shares during the quarter. Alliancebernstein L.P. owned about 0.11% of Crinetics Pharmaceuticals worth $5,201,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the business. Wellington Management Group LLP increased its stake in shares of Crinetics Pharmaceuticals by 55.9% in the fourth quarter. Wellington Management Group LLP now owns 6,950,567 shares of the company’s stock worth $355,382,000 after acquiring an additional 2,490,876 shares during the period. Schroder Investment Management Group acquired a new stake in Crinetics Pharmaceuticals during the 4th quarter worth about $1,488,000. NEOS Investment Management LLC raised its stake in shares of Crinetics Pharmaceuticals by 0.9% during the 4th quarter. NEOS Investment Management LLC now owns 57,933 shares of the company’s stock valued at $2,962,000 after buying an additional 544 shares during the last quarter. Pier Capital LLC lifted its holdings in shares of Crinetics Pharmaceuticals by 3.4% in the 4th quarter. Pier Capital LLC now owns 111,999 shares of the company’s stock valued at $5,727,000 after buying an additional 3,638 shares during the period. Finally, Segall Bryant & Hamill LLC purchased a new stake in shares of Crinetics Pharmaceuticals in the fourth quarter worth about $7,690,000. 98.51% of the stock is owned by hedge funds and other institutional investors.

Crinetics Pharmaceuticals Trading Up 8.4 %

NASDAQ:CRNX opened at $29.11 on Friday. The stock has a 50 day moving average of $33.46 and a two-hundred day moving average of $45.59. Crinetics Pharmaceuticals, Inc. has a 12 month low of $24.10 and a 12 month high of $62.53. The firm has a market cap of $2.71 billion, a P/E ratio of -7.80 and a beta of 0.37.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings results on Thursday, February 27th. The company reported ($0.88) EPS for the quarter, topping the consensus estimate of ($0.92) by $0.04. On average, research analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on CRNX. Stifel Nicolaus started coverage on Crinetics Pharmaceuticals in a research report on Tuesday, March 25th. They set a “buy” rating and a $60.00 price target for the company. TD Cowen began coverage on shares of Crinetics Pharmaceuticals in a research note on Tuesday, February 11th. They issued a “buy” rating for the company. JMP Securities restated a “market outperform” rating and set a $87.00 price target on shares of Crinetics Pharmaceuticals in a research report on Monday, December 16th. Jefferies Financial Group upgraded shares of Crinetics Pharmaceuticals from a “hold” rating to a “buy” rating and set a $55.00 price objective for the company in a research report on Wednesday, January 22nd. Finally, HC Wainwright reissued a “buy” rating and set a $81.00 target price on shares of Crinetics Pharmaceuticals in a research note on Monday, January 13th. One investment analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $73.00.

Insider Transactions at Crinetics Pharmaceuticals

In other news, CEO Richard Scott Struthers sold 17,338 shares of the company’s stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $34.20, for a total value of $592,959.60. Following the completion of the sale, the chief executive officer now directly owns 329,147 shares in the company, valued at $11,256,827.40. This represents a 5.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Jeff E. Knight sold 7,162 shares of the stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $34.20, for a total value of $244,940.40. Following the completion of the sale, the chief operating officer now directly owns 87,491 shares of the company’s stock, valued at approximately $2,992,192.20. This represents a 7.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 32,015 shares of company stock valued at $1,119,263 over the last 90 days. 6.00% of the stock is currently owned by corporate insiders.

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.