Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Shares Bought by Pier Capital LLC

Pier Capital LLC grew its holdings in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) by 3.4% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 111,999 shares of the company’s stock after buying an additional 3,638 shares during the period. Pier Capital LLC’s holdings in Crinetics Pharmaceuticals were worth $5,727,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the business. Connor Clark & Lunn Investment Management Ltd. increased its position in Crinetics Pharmaceuticals by 2.5% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 20,633 shares of the company’s stock valued at $1,054,000 after acquiring an additional 505 shares during the period. Swiss National Bank grew its stake in shares of Crinetics Pharmaceuticals by 0.5% in the 3rd quarter. Swiss National Bank now owns 130,900 shares of the company’s stock valued at $6,689,000 after purchasing an additional 600 shares during the last quarter. Janney Montgomery Scott LLC increased its holdings in shares of Crinetics Pharmaceuticals by 13.7% in the fourth quarter. Janney Montgomery Scott LLC now owns 4,975 shares of the company’s stock valued at $254,000 after purchasing an additional 600 shares during the period. State of New Jersey Common Pension Fund D raised its stake in shares of Crinetics Pharmaceuticals by 1.9% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 38,049 shares of the company’s stock worth $1,945,000 after purchasing an additional 708 shares during the last quarter. Finally, Venturi Wealth Management LLC purchased a new stake in shares of Crinetics Pharmaceuticals during the fourth quarter worth approximately $41,000. Institutional investors and hedge funds own 98.51% of the company’s stock.

Insider Activity at Crinetics Pharmaceuticals

In other 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 value of $592,959.60. Following the completion of the transaction, the chief executive officer now directly owns 329,147 shares of the company’s stock, valued at $11,256,827.40. The trade was a 5.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Dana Pizzuti sold 2,515 shares of the company’s stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $34.20, for a total value of $86,013.00. Following the completion of the sale, the insider now owns 72,233 shares in the company, valued at $2,470,368.60. This represents a 3.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 32,015 shares of company stock valued at $1,119,263. Insiders own 6.00% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. TD Cowen assumed coverage on shares of Crinetics Pharmaceuticals in a research note on Tuesday, February 11th. They issued a “buy” rating on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $81.00 target price on shares of Crinetics Pharmaceuticals in a report on Monday, January 13th. Wolfe Research began coverage on shares of Crinetics Pharmaceuticals in a report on Tuesday, February 4th. They set a “peer perform” rating for the company. Jefferies Financial Group raised Crinetics Pharmaceuticals from a “hold” rating to a “buy” rating and set a $55.00 price objective on the stock in a report on Wednesday, January 22nd. Finally, JMP Securities reiterated a “market outperform” rating and set a $87.00 target price on shares of Crinetics Pharmaceuticals in a research report on Monday, December 16th. One analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $74.30.

Crinetics Pharmaceuticals Price Performance

CRNX opened at $35.94 on Tuesday. Crinetics Pharmaceuticals, Inc. has a 1-year low of $31.84 and a 1-year high of $62.53. The stock has a market cap of $3.34 billion, a P/E ratio of -9.64 and a beta of 0.58. The stock’s 50 day simple moving average is $36.16 and its 200 day simple moving average is $47.97.

Crinetics Pharmaceuticals (NASDAQ:CRNX) last posted its earnings results 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. Research analysts expect that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS for the current fiscal year.

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.