Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Stake Lifted by abrdn plc

abrdn plc increased its position in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 22.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 43,389 shares of the company’s stock after purchasing an additional 7,922 shares during the period. abrdn plc’s holdings in Crinetics Pharmaceuticals were worth $2,218,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. FMR LLC boosted its stake in Crinetics Pharmaceuticals by 8.8% during the third quarter. FMR LLC now owns 4,455,770 shares of the company’s stock valued at $227,690,000 after buying an additional 358,975 shares in the last quarter. State Street Corp lifted its holdings in Crinetics Pharmaceuticals by 0.9% in the 3rd quarter. State Street Corp now owns 2,838,484 shares of the company’s stock valued at $145,047,000 after acquiring an additional 25,561 shares during the last quarter. Jennison Associates LLC boosted its position in shares of Crinetics Pharmaceuticals by 0.5% during the 3rd quarter. Jennison Associates LLC now owns 2,793,614 shares of the company’s stock valued at $142,754,000 after purchasing an additional 13,470 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Crinetics Pharmaceuticals by 10.1% in the 3rd quarter. Geode Capital Management LLC now owns 1,848,133 shares of the company’s stock worth $94,458,000 after purchasing an additional 169,746 shares during the last quarter. Finally, Franklin Resources Inc. grew its stake in shares of Crinetics Pharmaceuticals by 61.4% in the 3rd quarter. Franklin Resources Inc. now owns 1,390,110 shares of the company’s stock worth $73,815,000 after purchasing an additional 528,688 shares during the last quarter. 98.51% of the stock is currently owned by institutional investors and hedge funds.

Crinetics Pharmaceuticals Stock Down 1.2 %

Shares of Crinetics Pharmaceuticals stock opened at $36.53 on Tuesday. Crinetics Pharmaceuticals, Inc. has a 12-month low of $35.51 and a 12-month high of $62.53. The stock has a market capitalization of $3.39 billion, a P/E ratio of -9.79 and a beta of 0.56. The company has a 50-day simple moving average of $46.99 and a 200 day simple moving average of $51.62.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.96) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.91) by ($0.05). During the same period last year, the business posted ($1.01) EPS. On average, equities analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current year.

Insider Transactions at Crinetics Pharmaceuticals

In other Crinetics Pharmaceuticals news, COO Jeff E. Knight sold 501 shares of Crinetics Pharmaceuticals stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $56.52, for a total value of $28,316.52. Following the sale, the chief operating officer now owns 51,653 shares of the company’s stock, valued at $2,919,427.56. This trade represents a 0.96 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Dana Pizzuti sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $39.07, for a total value of $195,350.00. Following the completion of the sale, the insider now owns 31,748 shares in the company, valued at $1,240,394.36. The trade was a 13.61 % decrease in their position. The disclosure for this sale can be found here. 6.00% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on CRNX. Jefferies Financial Group upgraded Crinetics Pharmaceuticals from a “hold” rating to a “buy” rating and set a $55.00 price objective for the company in a research report on Wednesday, January 22nd. Citigroup upped their target price on Crinetics Pharmaceuticals from $70.00 to $74.00 and gave the company a “buy” rating in a report on Thursday, November 14th. JMP Securities reissued a “market outperform” rating and issued a $87.00 price target on shares of Crinetics Pharmaceuticals in a research note on Monday, December 16th. Wolfe Research assumed coverage on shares of Crinetics Pharmaceuticals in a research note on Tuesday, February 4th. They set a “peer perform” rating for the company. Finally, HC Wainwright reissued a “buy” rating and issued a $81.00 target price on shares of Crinetics Pharmaceuticals in a research report on Monday, January 13th. One equities research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $72.64.

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.