Invesco Ltd. Acquires 42,954 Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Invesco Ltd. lifted its holdings in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 16.8% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 298,254 shares of the company’s stock after buying an additional 42,954 shares during the quarter. Invesco Ltd. owned about 0.32% of Crinetics Pharmaceuticals worth $15,250,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Venturi Wealth Management LLC bought a new position in shares of Crinetics Pharmaceuticals in the fourth quarter worth about $41,000. Headlands Technologies LLC acquired a new position in Crinetics Pharmaceuticals during the 4th quarter worth $52,000. Harvest Fund Management Co. Ltd bought a new position in Crinetics Pharmaceuticals in the 4th quarter valued at $66,000. KBC Group NV increased its stake in shares of Crinetics Pharmaceuticals by 69.3% in the 4th quarter. KBC Group NV now owns 3,712 shares of the company’s stock valued at $190,000 after buying an additional 1,519 shares during the period. Finally, Janney Montgomery Scott LLC raised its position in shares of Crinetics Pharmaceuticals by 13.7% during the fourth quarter. Janney Montgomery Scott LLC now owns 4,975 shares of the company’s stock worth $254,000 after acquiring an additional 600 shares during the last quarter. Institutional investors and hedge funds own 98.51% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Jefferies Financial Group upgraded 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. Wolfe Research initiated coverage on shares of Crinetics Pharmaceuticals in a research note on Tuesday, February 4th. They set a “peer perform” rating for the company. TD Cowen started coverage on shares of Crinetics Pharmaceuticals in a report on Tuesday, February 11th. They issued a “buy” rating on the stock. HC Wainwright reaffirmed a “buy” rating and set a $81.00 target price on shares of Crinetics Pharmaceuticals in a report on Monday, January 13th. Finally, Stifel Nicolaus started coverage on shares of Crinetics Pharmaceuticals in a research report on Tuesday, March 25th. They set a “buy” rating and a $60.00 target price for the company. One research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $73.00.

Crinetics Pharmaceuticals Trading Up 2.8 %

NASDAQ:CRNX opened at $30.42 on Monday. Crinetics Pharmaceuticals, Inc. has a 1 year low of $24.10 and a 1 year high of $62.53. The stock has a 50-day moving average price of $32.72 and a two-hundred day moving average price of $44.78. The stock has a market cap of $2.83 billion, a price-to-earnings ratio of -8.16 and a beta of 0.37.

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

Insider Transactions at Crinetics Pharmaceuticals

In related news, COO Jeff E. Knight sold 7,162 shares of the stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $34.20, for a total transaction of $244,940.40. Following the completion of the transaction, the chief operating officer now directly owns 87,491 shares in the company, valued at approximately $2,992,192.20. This trade represents a 7.57 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Dana Pizzuti sold 2,515 shares of the stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $34.20, for a total transaction of $86,013.00. Following the transaction, the insider now owns 72,233 shares of the company’s stock, valued at approximately $2,470,368.60. This represents a 3.36 % decrease in their ownership of the stock. 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 quarter. Corporate insiders own 6.00% of the company’s stock.

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.