Rhumbline Advisers Boosts Holdings in Crinetics Pharmaceuticals, Inc. $CRNX

Rhumbline Advisers grew its position in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 6.3% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 131,950 shares of the company’s stock after buying an additional 7,872 shares during the quarter. Rhumbline Advisers owned 0.14% of Crinetics Pharmaceuticals worth $4,426,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. State of Wyoming acquired a new position in shares of Crinetics Pharmaceuticals during the fourth quarter worth about $50,000. GF Fund Management CO. LTD. grew its holdings in Crinetics Pharmaceuticals by 22.0% during the first 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 during the period. Kestra Investment Management LLC purchased a new position in Crinetics Pharmaceuticals in the first quarter worth $95,000. Amalgamated Bank lifted its holdings in Crinetics Pharmaceuticals by 17.3% in the first quarter. Amalgamated Bank now owns 3,159 shares of the company’s stock valued at $106,000 after acquiring an additional 467 shares during the period. Finally, PNC Financial Services Group Inc. boosted its position in shares of Crinetics Pharmaceuticals by 25.4% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,395 shares of the company’s stock worth $114,000 after purchasing an additional 688 shares in the last quarter. Hedge funds and other institutional investors own 98.51% of the company’s stock.

Insider Activity at Crinetics Pharmaceuticals

In related news, insider Dana Pizzuti sold 30,000 shares of Crinetics Pharmaceuticals stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $30.43, for a total transaction of $912,900.00. Following the completion of the sale, the insider owned 66,270 shares in the company, valued at approximately $2,016,596.10. This trade represents a 31.16% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 6.00% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

CRNX has been the subject of a number of research analyst reports. The Goldman Sachs Group assumed coverage on shares of Crinetics Pharmaceuticals in a report on Thursday, July 10th. They issued a “neutral” rating and a $36.00 price target for the company. JMP Securities dropped their target price on shares of Crinetics Pharmaceuticals from $90.00 to $86.00 and set a “market outperform” rating for the company in a report on Monday, August 11th. Finally, 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. Seven research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $68.86.

Crinetics Pharmaceuticals Price Performance

Shares of CRNX opened at $34.00 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 market cap of $3.20 billion, a price-to-earnings ratio of -8.27 and a beta of 0.28. The firm has a 50 day simple moving average of $30.93 and a 200-day simple moving average of $31.35.

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

Crinetics Pharmaceuticals Company 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.