Allostery Investments LP Takes $496,000 Position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Allostery Investments LP purchased a new stake in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 9,700 shares of the company's stock, valued at approximately $496,000. Crinetics Pharmaceuticals accounts for approximately 0.5% of Allostery Investments LP's holdings, making the stock its 28th biggest position.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CRNX. Barclays PLC raised its position in shares of Crinetics Pharmaceuticals by 75.5% in the 3rd quarter. Barclays PLC now owns 207,712 shares of the company's stock worth $10,614,000 after purchasing an additional 89,358 shares during the last quarter. Franklin Resources Inc. lifted its holdings in shares of Crinetics Pharmaceuticals by 61.4% during the 3rd quarter. Franklin Resources Inc. now owns 1,390,110 shares of the company's stock valued at $73,815,000 after buying an additional 528,688 shares during the period. Principal Financial Group Inc. boosted its holdings in shares of Crinetics Pharmaceuticals by 488.5% in the third quarter. Principal Financial Group Inc. now owns 77,709 shares of the company's stock worth $3,971,000 after buying an additional 64,504 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in Crinetics Pharmaceuticals by 0.3% during the third quarter. JPMorgan Chase & Co. now owns 285,956 shares of the company's stock valued at $14,612,000 after purchasing an additional 894 shares during the period. Finally, Sanders Morris Harris LLC grew its stake in shares of Crinetics Pharmaceuticals by 13.4% during the 4th quarter. Sanders Morris Harris LLC now owns 21,100 shares of the company's stock valued at $1,079,000 after acquiring an additional 2,500 shares during the period. 98.51% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Crinetics Pharmaceuticals

In related news, CEO Richard Scott Struthers sold 17,338 shares of the company'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 $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. This represents a 5.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Dana Pizzuti sold 2,515 shares of the business's stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $34.20, for a total transaction of $86,013.00. Following 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 position. The disclosure for this sale can be found here. Insiders sold a total of 27,015 shares of company stock worth $923,913 over the last three months. Insiders own 6.00% of the company's stock.

Crinetics Pharmaceuticals Stock Performance

Crinetics Pharmaceuticals stock traded up $0.93 during trading on Wednesday, reaching $31.45. The company had a trading volume of 196,365 shares, compared to its average volume of 860,777. Crinetics Pharmaceuticals, Inc. has a 1-year low of $24.10 and a 1-year high of $62.53. The firm's 50-day simple moving average is $32.14 and its 200 day simple moving average is $43.01. The firm has a market capitalization of $2.94 billion, a PE ratio of -8.42 and a beta of 0.31.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last posted its quarterly earnings results on Thursday, February 27th. The company reported ($0.88) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.92) by $0.04. Analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on CRNX. Wolfe Research assumed coverage on shares of Crinetics Pharmaceuticals in a report on Tuesday, February 4th. They set a "peer perform" rating for the company. Stifel Nicolaus initiated coverage on shares of Crinetics Pharmaceuticals in a report on Tuesday, March 25th. They issued a "buy" rating and a $60.00 price target on the stock. 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. Jefferies Financial Group upgraded Crinetics Pharmaceuticals from a "hold" rating to a "buy" rating and set a $55.00 target price on the stock in a research note on Wednesday, January 22nd. Finally, TD Cowen began coverage on Crinetics Pharmaceuticals in a research note on Tuesday, February 11th. They set a "buy" rating on the stock. One equities research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $73.00.

Crinetics Pharmaceuticals 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.