Crinetics Pharmaceuticals, Inc. $CRNX Shares Bought by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. grew its stake in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 25.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,395 shares of the company’s stock after acquiring an additional 688 shares during the period. PNC Financial Services Group Inc.’s holdings in Crinetics Pharmaceuticals were worth $114,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. State of Wyoming acquired a new position in Crinetics Pharmaceuticals during the 4th quarter worth $50,000. GF Fund Management CO. LTD. grew its holdings in Crinetics Pharmaceuticals by 22.0% during the 1st quarter. GF Fund Management CO. LTD. now owns 2,375 shares of the company’s stock worth $80,000 after acquiring an additional 428 shares in the last quarter. Amalgamated Bank grew its holdings in Crinetics Pharmaceuticals by 17.3% during the 1st quarter. Amalgamated Bank now owns 3,159 shares of the company’s stock worth $106,000 after acquiring an additional 467 shares in the last quarter. KBC Group NV grew its holdings in Crinetics Pharmaceuticals by 10.0% during the 1st quarter. KBC Group NV now owns 4,082 shares of the company’s stock worth $137,000 after acquiring an additional 370 shares in the last quarter. Finally, Commerce Bank lifted its position in shares of Crinetics Pharmaceuticals by 53.2% in the 1st quarter. Commerce Bank now owns 6,320 shares of the company’s stock worth $212,000 after buying an additional 2,195 shares during the last quarter. 98.51% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, insider Stephen F. Betz sold 97,483 shares of the business’s stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $32.23, for a total transaction of $3,141,877.09. Following 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 6.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on CRNX. The Goldman Sachs Group began coverage on shares of Crinetics Pharmaceuticals in a research report on Thursday, July 10th. They issued a “neutral” rating and a $36.00 price target on the stock. HC Wainwright restated a “buy” rating and issued a $81.00 price target on shares of Crinetics Pharmaceuticals in a research report on Friday, June 27th. Finally, JMP Securities reduced their price target on shares of Crinetics Pharmaceuticals from $90.00 to $86.00 and set a “market outperform” rating on the stock in a research report on Monday, August 11th. Seven investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, Crinetics Pharmaceuticals presently has a consensus rating of “Moderate Buy” and an average target price of $68.86.

Crinetics Pharmaceuticals Stock Down 1.0%

Crinetics Pharmaceuticals stock opened at $29.43 on Wednesday. The firm has a 50-day moving average price of $30.16 and a two-hundred day moving average price of $31.82. The firm has a market capitalization of $2.77 billion, a price-to-earnings ratio of -7.16 and a beta of 0.33. 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, August 7th. The company reported ($1.23) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.13) by ($0.10). The business had revenue of $1.03 million for the quarter, compared to analysts’ expectations of $0.52 million. During the same period last year, the firm earned ($0.94) earnings per share. The firm’s revenue for the quarter was up 158.4% compared to the same quarter last year. Research analysts expect that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current year.

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.