Bank of America Corp DE Decreases Stock Holdings in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Bank of America Corp DE decreased its position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 15.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 235,281 shares of the company’s stock after selling 42,792 shares during the quarter. Bank of America Corp DE owned approximately 0.25% of Crinetics Pharmaceuticals worth $12,030,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of CRNX. FMR LLC increased its position in shares of Crinetics Pharmaceuticals by 100.4% in the fourth quarter. FMR LLC now owns 8,928,086 shares of the company’s stock valued at $456,493,000 after acquiring an additional 4,472,316 shares during the period. Vanguard Group Inc. increased its position in shares of Crinetics Pharmaceuticals by 44.6% in the fourth quarter. Vanguard Group Inc. now owns 9,089,391 shares of the company’s stock valued at $464,741,000 after acquiring an additional 2,801,736 shares during the period. Wellington Management Group LLP increased its position 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 valued at $355,382,000 after acquiring an additional 2,490,876 shares during the period. SG Americas Securities LLC increased its position in shares of Crinetics Pharmaceuticals by 4,084.6% in the fourth quarter. SG Americas Securities LLC now owns 542,446 shares of the company’s stock valued at $27,735,000 after acquiring an additional 529,483 shares during the period. Finally, Price T Rowe Associates Inc. MD increased its position in shares of Crinetics Pharmaceuticals by 9.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,414,505 shares of the company’s stock valued at $276,844,000 after acquiring an additional 469,748 shares during the period. Hedge funds and other institutional investors own 98.51% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on CRNX shares. Stifel Nicolaus started coverage on shares of Crinetics Pharmaceuticals in a research report on Tuesday, March 25th. They issued a “buy” rating and a $60.00 price objective on the stock. Wolfe Research started coverage on shares of Crinetics Pharmaceuticals in a research report on Tuesday, February 4th. They set a “peer perform” rating on the stock. Finally, TD Cowen started coverage on shares of Crinetics Pharmaceuticals in a research report on Tuesday, February 11th. They set a “buy” rating on the stock. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $73.00.

Crinetics Pharmaceuticals Price Performance

Shares of NASDAQ CRNX opened at $30.11 on Friday. Crinetics Pharmaceuticals, Inc. has a 1 year low of $24.10 and a 1 year high of $62.53. The company’s 50-day moving average is $31.37 and its 200 day moving average is $40.95. The stock has a market capitalization of $2.82 billion, a P/E ratio of -8.07 and a beta of 0.31.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($1.04) EPS for the quarter, missing the consensus estimate of ($0.99) by ($0.05). The company had revenue of $0.36 million for the quarter, compared to analyst estimates of $0.10 million. Crinetics Pharmaceuticals’s quarterly revenue was down 43.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.93) earnings per share. Research analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current year.

Insiders Place Their Bets

In other Crinetics Pharmaceuticals news, COO Jeff E. Knight sold 7,162 shares of the company’s stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $34.20, for a total value of $244,940.40. Following the sale, the chief operating officer now owns 87,491 shares in the company, valued at approximately $2,992,192.20. This represents a 7.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Dana Pizzuti sold 2,515 shares of the company’s 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 completion of the sale, the insider now owns 72,233 shares in the company, valued at approximately $2,470,368.60. This trade represents a 3.36% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 27,015 shares of company stock worth $923,913. 4.60% of the stock is currently owned by company insiders.

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.