Envestnet Asset Management Inc. Increases Stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Envestnet Asset Management Inc. raised its holdings in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 16.1% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 63,077 shares of the company's stock after buying an additional 8,751 shares during the quarter. Envestnet Asset Management Inc. owned about 0.07% of Crinetics Pharmaceuticals worth $3,225,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in CRNX. Venturi Wealth Management LLC bought a new stake in Crinetics Pharmaceuticals in the fourth quarter valued at $41,000. Headlands Technologies LLC purchased a new stake in shares of Crinetics Pharmaceuticals in the 4th quarter worth about $52,000. Harvest Fund Management Co. Ltd bought a new stake in shares of Crinetics Pharmaceuticals during the 4th quarter valued at about $66,000. KBC Group NV increased 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 valued at $190,000 after buying an additional 1,519 shares during the period. Finally, Janney Montgomery Scott LLC raised its stake in Crinetics Pharmaceuticals by 13.7% in 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. 98.51% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have weighed in on CRNX. 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 on the stock. HC Wainwright reaffirmed a "buy" rating and issued a $81.00 price target on shares of Crinetics Pharmaceuticals in a research note on Monday, January 13th. 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. TD Cowen assumed coverage on shares of Crinetics Pharmaceuticals in a research report on Tuesday, February 11th. They issued a "buy" rating on the stock. Finally, Wolfe Research began coverage on shares of Crinetics Pharmaceuticals in a research report on Tuesday, February 4th. They set a "peer perform" rating for the company. One analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $73.00.

Insider Buying and Selling

In other Crinetics Pharmaceuticals news, CEO Richard Scott Struthers sold 17,338 shares of Crinetics Pharmaceuticals 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 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 document filed with the SEC, which is accessible through this hyperlink. Also, insider Dana Pizzuti sold 2,515 shares of the 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 transaction, the insider now directly owns 72,233 shares in the company, valued at $2,470,368.60. The trade was a 3.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 32,015 shares of company stock worth $1,119,263. 6.00% of the stock is owned by corporate insiders.

Crinetics Pharmaceuticals Stock Performance

Shares of NASDAQ:CRNX traded up $0.08 during trading on Wednesday, reaching $33.39. 662,955 shares of the stock traded hands, compared to its average volume of 861,115. The stock has a market cap of $3.13 billion, a P/E ratio of -8.95 and a beta of 0.37. The stock has a 50-day moving average of $32.16 and a two-hundred day moving average of $43.79. Crinetics Pharmaceuticals, Inc. has a 52-week low of $24.10 and a 52-week high of $62.53.

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

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.