Charles Schwab Investment Management Inc. Sells 5,599 Shares of Crinetics Pharmaceuticals, Inc. $CRNX

Charles Schwab Investment Management Inc. cut its stake in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 0.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 753,527 shares of the company’s stock after selling 5,599 shares during the period. Charles Schwab Investment Management Inc. owned 0.80% of Crinetics Pharmaceuticals worth $25,273,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. State of Wyoming bought a new stake in shares of Crinetics Pharmaceuticals during the fourth quarter valued at about $50,000. GF Fund Management CO. LTD. increased its position in shares of Crinetics Pharmaceuticals by 22.0% during the first quarter. GF Fund Management CO. LTD. now owns 2,375 shares of the company’s stock valued at $80,000 after buying an additional 428 shares during the period. Amalgamated Bank increased its position in shares of Crinetics Pharmaceuticals by 17.3% during the first quarter. Amalgamated Bank now owns 3,159 shares of the company’s stock valued at $106,000 after buying an additional 467 shares during the period. PNC Financial Services Group Inc. increased its position in shares of Crinetics Pharmaceuticals by 25.4% during the first quarter. PNC Financial Services Group Inc. now owns 3,395 shares of the company’s stock valued at $114,000 after buying an additional 688 shares during the period. Finally, KBC Group NV increased its position in shares of Crinetics Pharmaceuticals by 10.0% during the first quarter. KBC Group NV now owns 4,082 shares of the company’s stock valued at $137,000 after buying an additional 370 shares during the period. 98.51% of the stock is currently owned by institutional investors.

Crinetics Pharmaceuticals Price Performance

Shares of CRNX opened at $29.09 on Thursday. The firm has a market cap of $2.74 billion, a P/E ratio of -7.08 and a beta of 0.33. The stock has a 50 day simple moving average of $30.09 and a two-hundred day simple moving average of $31.80. Crinetics Pharmaceuticals, Inc. has a 1 year low of $24.10 and a 1 year high of $62.53.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its quarterly earnings data on Thursday, August 7th. The company reported ($1.23) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.13) by ($0.10). The firm had revenue of $1.03 million during the quarter, compared to analysts’ expectations of $0.52 million. The business’s revenue for the quarter was up 158.4% on a year-over-year basis. During the same period in the previous year, the business posted ($0.94) earnings per share. On average, equities analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages have recently weighed in on CRNX. HC Wainwright reiterated a “buy” rating and set a $81.00 price target on shares of Crinetics Pharmaceuticals in a research report on Friday, June 27th. The Goldman Sachs Group started coverage on Crinetics Pharmaceuticals in a report on Thursday, July 10th. They set a “neutral” rating and a $36.00 price objective for the company. Finally, JMP Securities cut their price objective on Crinetics Pharmaceuticals from $90.00 to $86.00 and set a “market outperform” rating for the company in a report on Monday, August 11th. Seven research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $68.86.

Insider Buying and Selling

In related news, insider Stephen F. Betz sold 97,483 shares of the firm’s stock in a transaction on Thursday, June 12th. The stock was 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 owned 99,713 shares of the company’s stock, valued at $3,213,749.99. This trade represents a 49.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 4.60% of the stock is owned by 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.