Creative Planning Raises Position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Creative Planning boosted its holdings in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 52.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 19,808 shares of the company’s stock after acquiring an additional 6,811 shares during the period. Creative Planning’s holdings in Crinetics Pharmaceuticals were worth $1,012,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Handelsbanken Fonder AB increased its position in shares of Crinetics Pharmaceuticals by 15.9% during the third quarter. Handelsbanken Fonder AB now owns 19,000 shares of the company’s stock valued at $971,000 after acquiring an additional 2,600 shares in the last quarter. Senator Investment Group LP purchased a new stake in Crinetics Pharmaceuticals in the second quarter worth about $6,047,000. Algert Global LLC lifted its holdings in Crinetics Pharmaceuticals by 19.0% during the second quarter. Algert Global LLC now owns 41,707 shares of the company’s stock valued at $1,868,000 after purchasing an additional 6,667 shares in the last quarter. Driehaus Capital Management LLC increased its stake in Crinetics Pharmaceuticals by 17.0% in the 2nd quarter. Driehaus Capital Management LLC now owns 6,112,173 shares of the company’s stock worth $273,764,000 after buying an additional 885,876 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its stake in Crinetics Pharmaceuticals by 21.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 131,063 shares of the company’s stock valued at $5,870,000 after purchasing an additional 23,398 shares during the period. 98.51% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CRNX. JMP Securities reaffirmed a “market outperform” rating and issued a $80.00 target price on shares of Crinetics Pharmaceuticals in a report on Friday, September 27th. HC Wainwright raised their price target on Crinetics Pharmaceuticals from $60.00 to $69.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. JPMorgan Chase & Co. raised their target price on shares of Crinetics Pharmaceuticals from $47.00 to $54.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 9th. Cantor Fitzgerald reiterated an “overweight” rating and set a $90.00 target price on shares of Crinetics Pharmaceuticals in a report on Monday, September 16th. Finally, Oppenheimer restated an “outperform” rating and set a $73.00 price objective (down from $74.00) on shares of Crinetics Pharmaceuticals in a research note on Friday, August 9th. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $68.55.

Insider Buying and Selling at Crinetics Pharmaceuticals

In other news, CFO Marc Wilson sold 25,000 shares of the business’s stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of $51.11, for a total transaction of $1,277,750.00. Following the transaction, the chief financial officer now owns 111,092 shares of the company’s stock, valued at approximately $5,677,912.12. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, insider Dana Pizzuti sold 14,375 shares of the stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $54.63, for a total transaction of $785,306.25. Following the transaction, the insider now owns 28,507 shares of the company’s stock, valued at approximately $1,557,337.41. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Marc Wilson sold 25,000 shares of Crinetics Pharmaceuticals stock in a transaction that occurred on Thursday, September 26th. The shares were sold at an average price of $51.11, for a total transaction of $1,277,750.00. Following the completion of the transaction, the chief financial officer now owns 111,092 shares of the company’s stock, valued at $5,677,912.12. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 43,410 shares of company stock worth $2,275,929. Insiders own 6.00% of the company’s stock.

Crinetics Pharmaceuticals Price Performance

Shares of NASDAQ CRNX opened at $55.96 on Friday. The firm’s 50 day simple moving average is $53.65 and its 200-day simple moving average is $50.03. Crinetics Pharmaceuticals, Inc. has a 12 month low of $25.75 and a 12 month high of $60.04. The stock has a market capitalization of $4.41 billion, a price-to-earnings ratio of -14.85 and a beta of 0.63.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.94) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.86) by ($0.08). The business had revenue of $0.40 million for the quarter, compared to analyst estimates of $0.47 million. During the same quarter last year, the firm posted ($0.94) earnings per share. The firm’s quarterly revenue was down 59.6% on a year-over-year basis. Analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -3.72 earnings per share for the current fiscal 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.