Alliancebernstein L.P. Raises Holdings in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Alliancebernstein L.P. raised its position in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 9.9% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 101,720 shares of the company's stock after purchasing an additional 9,190 shares during the quarter. Alliancebernstein L.P. owned 0.11% of Crinetics Pharmaceuticals worth $5,201,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in CRNX. State Street Corp boosted its holdings in shares of Crinetics Pharmaceuticals by 0.9% in the third quarter. State Street Corp now owns 2,838,484 shares of the company's stock worth $145,047,000 after buying an additional 25,561 shares during the last quarter. Barclays PLC boosted its stake in shares of Crinetics Pharmaceuticals by 75.5% during the 3rd quarter. Barclays PLC now owns 207,712 shares of the company's stock worth $10,614,000 after acquiring an additional 89,358 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Crinetics Pharmaceuticals by 10.1% during the 3rd quarter. Geode Capital Management LLC now owns 1,848,133 shares of the company's stock valued at $94,458,000 after acquiring an additional 169,746 shares during the period. Franklin Resources Inc. increased its stake in shares of Crinetics Pharmaceuticals by 61.4% in the 3rd quarter. Franklin Resources Inc. now owns 1,390,110 shares of the company's stock worth $73,815,000 after purchasing an additional 528,688 shares in the last quarter. Finally, Principal Financial Group Inc. raised its holdings in Crinetics Pharmaceuticals by 488.5% in the 3rd quarter. Principal Financial Group Inc. now owns 77,709 shares of the company's stock worth $3,971,000 after purchasing an additional 64,504 shares during the period. Hedge funds and other institutional investors own 98.51% of the company's stock.

Crinetics Pharmaceuticals Trading Up 2.8 %

Shares of CRNX stock traded up $0.84 during trading hours on Friday, reaching $30.42. 591,222 shares of the stock were exchanged, compared to its average volume of 851,668. Crinetics Pharmaceuticals, Inc. has a 12-month low of $24.10 and a 12-month high of $62.53. The firm has a market capitalization of $2.83 billion, a price-to-earnings ratio of -8.16 and a beta of 0.37. The company's 50-day moving average price is $32.81 and its 200-day moving average price is $45.04.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last released its quarterly earnings data on Thursday, February 27th. The company reported ($0.88) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.92) by $0.04. On average, sell-side analysts expect that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS for the current year.

Insider Transactions 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 approximately $11,256,827.40. The trade was a 5.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Dana Pizzuti sold 2,515 shares of the business's stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $34.20, for a total transaction of $86,013.00. Following the completion of the transaction, the insider now owns 72,233 shares of the company's stock, 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 90 days, insiders have sold 32,015 shares of company stock valued at $1,119,263. 6.00% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Stifel Nicolaus initiated coverage on Crinetics Pharmaceuticals in a research note on Tuesday, March 25th. They issued a "buy" rating and a $60.00 price objective on the stock. TD Cowen began coverage on shares of Crinetics Pharmaceuticals in a report on Tuesday, February 11th. They issued a "buy" rating for the company. Wolfe Research started coverage on Crinetics Pharmaceuticals in a report on Tuesday, February 4th. They set a "peer perform" rating on the stock. HC Wainwright reaffirmed a "buy" rating and issued a $81.00 price objective on shares of Crinetics Pharmaceuticals in a research note on Monday, January 13th. Finally, Jefferies Financial Group upgraded Crinetics Pharmaceuticals from a "hold" rating to a "buy" rating and set a $55.00 price target for the company in a research note on Wednesday, January 22nd. One equities research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. According to MarketBeat, Crinetics Pharmaceuticals presently has an average rating of "Moderate Buy" and an average target price of $73.00.

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.