Vanguard Group Inc. Sells 86,003 Shares of Crinetics Pharmaceuticals, Inc. $CRNX

Vanguard Group Inc. trimmed its holdings in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 0.9% in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 9,170,129 shares of the company’s stock after selling 86,003 shares during the quarter. Vanguard Group Inc. owned about 9.74% of Crinetics Pharmaceuticals worth $381,936,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the business. JPMorgan Chase & Co. lifted its stake in Crinetics Pharmaceuticals by 279.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,258,722 shares of the company’s stock valued at $52,426,000 after acquiring an additional 926,765 shares during the period. State of New Jersey Common Pension Fund D raised its holdings in shares of Crinetics Pharmaceuticals by 15.7% during the third quarter. State of New Jersey Common Pension Fund D now owns 72,349 shares of the company’s stock valued at $3,013,000 after purchasing an additional 9,797 shares during the last quarter. PNC Financial Services Group Inc. lifted its position in Crinetics Pharmaceuticals by 5.8% during the third quarter. PNC Financial Services Group Inc. now owns 5,952 shares of the company’s stock valued at $248,000 after purchasing an additional 327 shares during the period. Aberdeen Group plc lifted its position in Crinetics Pharmaceuticals by 21.3% during the third quarter. Aberdeen Group plc now owns 339,949 shares of the company’s stock valued at $14,159,000 after purchasing an additional 59,602 shares during the period. Finally, Abich Financial Wealth Management LLC purchased a new stake in Crinetics Pharmaceuticals in the third quarter worth approximately $68,000. Hedge funds and other institutional investors own 98.51% of the company’s stock.

Insider Activity

In other news, insider Isabel Kalofonos sold 2,500 shares of the business’s stock in a transaction on Monday, January 5th. The shares were sold at an average price of $55.00, for a total value of $137,500.00. Following the transaction, the insider owned 834 shares of the company’s stock, valued at approximately $45,870. The trade was a 74.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.60% of the stock is currently owned by insiders.

Analysts Set New Price Targets

CRNX has been the subject of a number of research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Crinetics Pharmaceuticals in a research note on Wednesday, January 21st. Citizens Jmp reduced their price objective on Crinetics Pharmaceuticals from $108.00 to $105.00 and set a “market outperform” rating for the company in a research report on Thursday, January 8th. The Goldman Sachs Group raised Crinetics Pharmaceuticals from a “neutral” rating to a “buy” rating and set a $67.00 target price on the stock in a research report on Monday, January 12th. Morgan Stanley boosted their price target on Crinetics Pharmaceuticals from $77.00 to $80.00 and gave the company an “overweight” rating in a research note on Tuesday, January 6th. Finally, Wall Street Zen cut shares of Crinetics Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Saturday, February 14th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Crinetics Pharmaceuticals has a consensus rating of “Moderate Buy” and an average target price of $75.78.

Crinetics Pharmaceuticals Stock Up 0.8%

NASDAQ CRNX opened at $43.74 on Friday. Crinetics Pharmaceuticals, Inc. has a twelve month low of $24.10 and a twelve month high of $57.99. The business has a 50-day moving average price of $48.97 and a 200-day moving average price of $43.01. The firm has a market cap of $4.47 billion, a price-to-earnings ratio of -9.66 and a beta of 0.19.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its quarterly earnings results on Thursday, February 26th. The company reported ($1.29) EPS for the quarter, topping analysts’ consensus estimates of ($1.37) by $0.08. The business had revenue of $3.89 million during the quarter, compared to analysts’ expectations of $4.32 million. During the same period in the prior year, the firm posted ($0.88) earnings per share. The firm’s revenue for the quarter was up NaN% on a year-over-year basis. Research analysts expect that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS for the current fiscal year.

About Crinetics Pharmaceuticals

Crinetics Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of novel therapeutics for rare endocrine diseases. The company’s proprietary platform leverages insights into hormone receptor signaling to design small-molecule candidates that address conditions driven by dysregulated hormone activity. Crinetics’ research efforts center on targeting somatostatin, vasopressin and other GPCR-mediated pathways with orally bioavailable molecules intended to improve patient convenience and adherence.

The company’s lead product candidate, paltusotine (formerly CRN04777), is a selective, non-peptide somatostatin receptor type 2 agonist being evaluated for the treatment of acromegaly and carcinoid syndrome diarrhea.