Ameriprise Financial Inc. Grows Stock Holdings in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Ameriprise Financial Inc. increased its stake in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 110.8% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 355,174 shares of the company's stock after purchasing an additional 186,681 shares during the period. Ameriprise Financial Inc. owned 0.38% of Crinetics Pharmaceuticals worth $18,159,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of CRNX. Venturi Wealth Management LLC purchased a new stake in Crinetics Pharmaceuticals during the 4th quarter worth approximately $41,000. Headlands Technologies LLC purchased a new stake in shares of Crinetics Pharmaceuticals during the fourth quarter worth approximately $52,000. Harvest Fund Management Co. Ltd acquired a new position in Crinetics Pharmaceuticals in the 4th quarter valued at $66,000. KBC Group NV lifted its holdings in Crinetics Pharmaceuticals by 69.3% in the 4th quarter. KBC Group NV now owns 3,712 shares of the company's stock valued at $190,000 after purchasing an additional 1,519 shares in the last quarter. Finally, Janney Montgomery Scott LLC grew its holdings in shares of Crinetics Pharmaceuticals by 13.7% during the fourth quarter. Janney Montgomery Scott LLC now owns 4,975 shares of the company's stock worth $254,000 after buying an additional 600 shares in the last quarter. Institutional investors and hedge funds own 98.51% of the company's stock.

Wall Street Analysts Forecast Growth

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

Crinetics Pharmaceuticals Stock Down 0.9%

CRNX traded down $0.29 on Monday, reaching $30.95. The company's stock had a trading volume of 601,868 shares, compared to its average volume of 860,685. The company has a market capitalization of $2.90 billion, a price-to-earnings ratio of -8.30 and a beta of 0.31. Crinetics Pharmaceuticals, Inc. has a fifty-two week low of $24.10 and a fifty-two week high of $62.53. The stock has a 50 day moving average of $31.73 and a two-hundred day moving average of $41.46.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported ($1.04) earnings per share for the quarter, missing the consensus estimate of ($0.99) by ($0.05). The firm had revenue of $0.36 million for the quarter, compared to analyst estimates of $0.10 million. The company's revenue was down 43.6% on a year-over-year basis. During the same period in the previous year, the company earned ($0.93) EPS. As a group, analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current fiscal year.

Insider Buying and Selling at Crinetics Pharmaceuticals

In other news, COO Jeff E. Knight sold 7,162 shares of the stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $34.20, for a total value of $244,940.40. Following the completion of the sale, the chief operating officer now directly owns 87,491 shares of the company's stock, valued at approximately $2,992,192.20. This represents a 7.57% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, 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 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 in the company, valued at approximately $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. Insiders sold 27,015 shares of company stock worth $923,913 over the last 90 days. Corporate insiders own 4.60% of the company's stock.

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.