Crinetics Pharmaceuticals, Inc. $CRNX Shares Acquired by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D grew its holdings in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 11.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 62,552 shares of the company’s stock after acquiring an additional 6,674 shares during the quarter. State of New Jersey Common Pension Fund D owned 0.07% of Crinetics Pharmaceuticals worth $1,799,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. GF Fund Management CO. LTD. boosted its holdings in Crinetics Pharmaceuticals by 22.0% in 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 in the last quarter. Kestra Investment Management LLC acquired a new stake in Crinetics Pharmaceuticals in the first quarter worth about $95,000. Amalgamated Bank boosted its holdings in Crinetics Pharmaceuticals by 17.3% in the first 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. PNC Financial Services Group Inc. boosted its holdings in Crinetics Pharmaceuticals by 25.4% in the first quarter. PNC Financial Services Group Inc. now owns 3,395 shares of the company’s stock worth $114,000 after acquiring an additional 688 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in Crinetics Pharmaceuticals by 16.2% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,619 shares of the company’s stock worth $104,000 after acquiring an additional 505 shares in the last quarter. Institutional investors and hedge funds own 98.51% of the company’s stock.

Crinetics Pharmaceuticals Trading Up 0.4%

Shares of CRNX stock opened at $43.47 on Friday. The stock has a 50 day moving average of $38.44 and a 200 day moving average of $33.44. The stock has a market cap of $4.09 billion, a P/E ratio of -10.58 and a beta of 0.33. Crinetics Pharmaceuticals, Inc. has a twelve month low of $24.10 and a twelve month high of $62.53.

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

Wall Street Analyst Weigh In

CRNX has been the subject of several recent analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a report on Wednesday, October 8th. JMP Securities raised their price target on Crinetics Pharmaceuticals from $86.00 to $143.00 and gave the stock a “market outperform” rating in a report on Friday, September 26th. Oppenheimer raised their price target on Crinetics Pharmaceuticals from $73.00 to $87.00 and gave the stock an “outperform” rating in a report on Tuesday, September 30th. Morgan Stanley raised their price objective on Crinetics Pharmaceuticals from $65.00 to $77.00 and gave the stock an “overweight” rating in a research note on Monday, September 29th. Finally, Robert W. Baird raised their price objective on Crinetics Pharmaceuticals from $58.00 to $62.00 and gave the stock an “outperform” rating in a research note on Friday, September 26th. Eleven research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Crinetics Pharmaceuticals has a consensus rating of “Moderate Buy” and a consensus price target of $74.45.

Insider Activity at Crinetics Pharmaceuticals

In related news, CEO Richard Scott Struthers sold 4,000 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Friday, September 26th. The stock was sold at an average price of $45.00, for a total transaction of $180,000.00. Following the completion of the transaction, the chief executive officer directly owned 106,000 shares in the company, valued at approximately $4,770,000. This trade represents a 3.64% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Matthew K. Fust sold 16,000 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Friday, September 26th. The shares were sold at an average price of $44.75, for a total value of $716,000.00. Following the transaction, the director owned 22,836 shares of the company’s stock, valued at approximately $1,021,911. This represents a 41.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 61,492 shares of company stock worth $2,207,387. 4.60% of the stock is owned by corporate insiders.

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.