Nicholas Investment Partners LP Grows Position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Nicholas Investment Partners LP raised its position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 35.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 127,283 shares of the company's stock after acquiring an additional 33,423 shares during the quarter. Nicholas Investment Partners LP owned approximately 0.14% of Crinetics Pharmaceuticals worth $6,508,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of CRNX. Barclays PLC grew its position in Crinetics Pharmaceuticals by 75.5% in the 3rd quarter. Barclays PLC now owns 207,712 shares of the company's stock valued at $10,614,000 after acquiring an additional 89,358 shares in the last quarter. Sanders Morris Harris LLC grew its position in shares of Crinetics Pharmaceuticals by 13.4% during the fourth quarter. Sanders Morris Harris LLC now owns 21,100 shares of the company's stock worth $1,079,000 after buying an additional 2,500 shares in the last quarter. SG Americas Securities LLC grew its position in shares of Crinetics Pharmaceuticals by 4,084.6% during the fourth quarter. SG Americas Securities LLC now owns 542,446 shares of the company's stock worth $27,735,000 after buying an additional 529,483 shares in the last quarter. Janney Montgomery Scott LLC grew its position 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. Finally, KBC Group NV grew its position in shares of Crinetics Pharmaceuticals by 69.3% during the fourth quarter. KBC Group NV now owns 3,712 shares of the company's stock worth $190,000 after buying an additional 1,519 shares in the last quarter. 98.51% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Dana Pizzuti sold 2,515 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 $86,013.00. Following the completion of the sale, the insider now directly owns 72,233 shares of the company's stock, valued at approximately $2,470,368.60. This represents a 3.36% 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, CEO Richard Scott Struthers sold 17,338 shares of the stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $34.20, for a total value of $592,959.60. Following the completion of the sale, 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 disclosure for this sale can be found here. Over the last ninety days, insiders sold 27,015 shares of company stock valued at $923,913. 6.00% of the stock is currently owned by company insiders.

Crinetics Pharmaceuticals Stock Up 0.1%

CRNX traded up $0.03 on Friday, reaching $31.24. The company's stock had a trading volume of 530,635 shares, compared to its average volume of 860,818. The stock has a 50 day moving average of $31.73 and a two-hundred day moving average of $41.66. The company has a market capitalization of $2.92 billion, a price-to-earnings ratio of -8.38 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.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last posted 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 during the quarter, compared to analyst estimates of $0.10 million. The company's revenue for the quarter was down 43.6% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.93) earnings per share. As a group, analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current fiscal year.

Analyst Ratings Changes

CRNX has been the subject of a number of analyst reports. TD Cowen initiated coverage on Crinetics Pharmaceuticals in a research report on Tuesday, February 11th. They set a "buy" 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 for the company in a research report on Wednesday, January 22nd. Stifel Nicolaus initiated coverage on Crinetics Pharmaceuticals in a research report on Tuesday, March 25th. They set a "buy" rating and a $60.00 price objective for the company. Finally, Wolfe Research began coverage on Crinetics Pharmaceuticals in a research report on Tuesday, February 4th. They set a "peer perform" rating for the company. One investment analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus 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.