ADAR1 Capital Management LLC Sells 35,300 Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

ADAR1 Capital Management LLC decreased its holdings in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 39.9% in the 4th quarter, HoldingsChannel reports. The firm owned 53,125 shares of the company’s stock after selling 35,300 shares during the quarter. ADAR1 Capital Management LLC’s holdings in Crinetics Pharmaceuticals were worth $2,716,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in Crinetics Pharmaceuticals by 44.6% during the 4th quarter. Vanguard Group Inc. now owns 9,089,391 shares of the company’s stock worth $464,741,000 after buying an additional 2,801,736 shares during the period. FMR LLC raised its stake in shares of Crinetics Pharmaceuticals by 100.4% during the 4th quarter. FMR LLC now owns 8,928,086 shares of the company’s stock worth $456,493,000 after purchasing an additional 4,472,316 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of Crinetics Pharmaceuticals by 55.9% in the 4th quarter. Wellington Management Group LLP now owns 6,950,567 shares of the company’s stock valued at $355,382,000 after purchasing an additional 2,490,876 shares during the period. State Street Corp increased its holdings in shares of Crinetics Pharmaceuticals by 0.9% in the third quarter. State Street Corp now owns 2,838,484 shares of the company’s stock valued at $145,047,000 after purchasing an additional 25,561 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in shares of Crinetics Pharmaceuticals by 13.6% in the fourth quarter. Geode Capital Management LLC now owns 2,098,841 shares of the company’s stock valued at $107,339,000 after purchasing an additional 250,708 shares during the last quarter. Institutional investors and hedge funds own 98.51% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on CRNX shares. Stifel Nicolaus started coverage on shares of Crinetics Pharmaceuticals in a report on Tuesday, March 25th. They set a “buy” rating and a $60.00 target price on the stock. JMP Securities reiterated a “market outperform” rating and set a $87.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Monday, December 16th. Jefferies Financial Group raised shares of Crinetics Pharmaceuticals from a “hold” rating to a “buy” rating and set a $55.00 price target for the company in a report on Wednesday, January 22nd. HC Wainwright reissued a “buy” rating and issued a $81.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Monday, January 13th. Finally, TD Cowen began coverage on shares of Crinetics Pharmaceuticals in a report on Tuesday, February 11th. They set a “buy” rating for the company. One investment analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $73.00.

Crinetics Pharmaceuticals Trading Down 6.9 %

Shares of CRNX stock opened at $26.89 on Monday. Crinetics Pharmaceuticals, Inc. has a 12 month low of $26.40 and a 12 month high of $62.53. The firm has a market capitalization of $2.50 billion, a PE ratio of -7.21 and a beta of 0.37. The firm has a fifty day simple moving average of $35.19 and a two-hundred day simple moving average of $46.71.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last issued its quarterly earnings data on Thursday, February 27th. The company reported ($0.88) earnings per share for the quarter, beating the consensus estimate of ($0.92) by $0.04. On average, equities analysts predict that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current fiscal year.

Insider Activity at Crinetics Pharmaceuticals

In related news, CEO Richard Scott Struthers sold 17,338 shares of the business’s stock in a transaction on Wednesday, March 19th. The stock was sold at an average price of $34.20, for a total transaction of $592,959.60. Following the sale, the chief executive officer now directly owns 329,147 shares in the company, valued at approximately $11,256,827.40. The trade was a 5.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Dana Pizzuti sold 2,515 shares of the firm’s stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $34.20, for a total transaction of $86,013.00. Following the completion of the transaction, the insider now owns 72,233 shares of the company’s stock, valued at $2,470,368.60. This trade represents a 3.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 32,015 shares of company stock worth $1,119,263. 6.00% of the stock is owned by company 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.