Commerce Bank Purchases Shares of 4,155 Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Commerce Bank purchased a new stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 4,155 shares of the company’s stock, valued at approximately $212,000.

Several other hedge funds also recently added to or reduced their stakes in the stock. Driehaus Capital Management LLC increased its stake in Crinetics Pharmaceuticals by 17.0% in the second quarter. Driehaus Capital Management LLC now owns 6,112,173 shares of the company’s stock valued at $273,764,000 after purchasing an additional 885,876 shares during the last quarter. Vanguard Group Inc. increased its stake in Crinetics Pharmaceuticals by 2.1% in the first quarter. Vanguard Group Inc. now owns 3,575,076 shares of the company’s stock valued at $167,349,000 after purchasing an additional 72,624 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its stake in Crinetics Pharmaceuticals by 0.6% in the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 546,234 shares of the company’s stock valued at $24,466,000 after purchasing an additional 3,526 shares during the last quarter. Affinity Asset Advisors LLC boosted its holdings in shares of Crinetics Pharmaceuticals by 9.6% in the second quarter. Affinity Asset Advisors LLC now owns 515,000 shares of the company’s stock valued at $23,067,000 after acquiring an additional 45,000 shares during the period. Finally, Farallon Capital Management LLC boosted its holdings in shares of Crinetics Pharmaceuticals by 9,840.0% in the second quarter. Farallon Capital Management LLC now owns 497,000 shares of the company’s stock valued at $22,261,000 after acquiring an additional 492,000 shares during the period. 98.51% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Crinetics Pharmaceuticals

In other news, COO Jeff E. Knight sold 501 shares of the firm’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $56.52, for a total value of $28,316.52. Following the completion of the transaction, the chief operating officer now owns 51,653 shares in the company, valued at $2,919,427.56. This trade represents a 0.96 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Dana Pizzuti sold 14,375 shares of the firm’s stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $54.63, for a total value of $785,306.25. Following the completion of the transaction, the insider now owns 28,507 shares of the company’s stock, valued at approximately $1,557,337.41. This represents a 33.52 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 40,911 shares of company stock valued at $2,144,675. 6.00% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on CRNX. HC Wainwright increased their price objective on Crinetics Pharmaceuticals from $69.00 to $81.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Oppenheimer reissued an “outperform” rating and issued a $73.00 price objective (down from $74.00) on shares of Crinetics Pharmaceuticals in a report on Friday, August 9th. Cantor Fitzgerald reissued an “overweight” rating and issued a $90.00 price objective on shares of Crinetics Pharmaceuticals in a report on Monday, September 16th. JMP Securities reissued a “market outperform” rating and issued a $80.00 price objective on shares of Crinetics Pharmaceuticals in a report on Friday, September 27th. Finally, Citigroup increased their price objective on Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the company a “buy” rating in a report on Thursday, November 14th. One analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $70.18.

Crinetics Pharmaceuticals Stock Performance

Crinetics Pharmaceuticals stock opened at $57.67 on Thursday. Crinetics Pharmaceuticals, Inc. has a one year low of $30.87 and a one year high of $62.53. The business has a fifty day moving average of $55.48 and a two-hundred day moving average of $51.71. The company has a market cap of $5.35 billion, a P/E ratio of -15.09 and a beta of 0.62.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last released its earnings results on Tuesday, November 12th. The company reported ($0.96) EPS for the quarter, missing analysts’ consensus estimates of ($0.91) by ($0.05). During the same quarter in the prior year, the business earned ($1.01) earnings per share. Sell-side analysts predict that Crinetics Pharmaceuticals, Inc. will post -3.75 EPS for the current year.

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.