Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Shares Purchased by Xponance Inc.

Xponance Inc. increased its holdings in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 9.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,857 shares of the company’s stock after acquiring an additional 573 shares during the quarter. Xponance Inc.’s holdings in Crinetics Pharmaceuticals were worth $230,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of Crinetics Pharmaceuticals by 44.6% in the 4th 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. FMR LLC raised its stake in shares of Crinetics Pharmaceuticals by 100.4% in the 4th 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. Wellington Management Group LLP raised its stake in shares of Crinetics Pharmaceuticals by 55.9% in the 4th 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. Driehaus Capital Management LLC raised its stake in shares of Crinetics Pharmaceuticals by 4.3% in the 4th quarter. Driehaus Capital Management LLC now owns 6,141,014 shares of the company’s stock valued at $313,990,000 after acquiring an additional 255,766 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its stake in shares of Crinetics Pharmaceuticals by 9.5% in the 4th 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. 98.51% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Crinetics Pharmaceuticals

In related news, insider Stephen F. Betz sold 97,483 shares of the business’s stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $32.23, for a total value of $3,141,877.09. Following the completion of the sale, the insider directly owned 99,713 shares in the company, valued at approximately $3,213,749.99. The trade was a 49.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.60% of the stock is currently owned by company insiders.

Crinetics Pharmaceuticals Stock Down 5.8%

Shares of CRNX opened at $31.11 on Friday. The company has a 50-day simple moving average of $31.00 and a 200-day simple moving average of $33.71. The company has a market capitalization of $2.91 billion, a PE ratio of -8.14 and a beta of 0.25. Crinetics Pharmaceuticals, Inc. has a 52-week low of $24.10 and a 52-week high of $62.53.

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

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on CRNX shares. HC Wainwright reissued a “buy” rating and issued a $81.00 price objective on shares of Crinetics Pharmaceuticals in a research report on Friday, June 27th. 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. Finally, The Goldman Sachs Group started coverage on shares of Crinetics Pharmaceuticals in a research report on Thursday, July 10th. They issued a “neutral” rating and a $36.00 price objective on the stock. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $69.50.

About Crinetics Pharmaceuticals

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.