Aberdeen Group plc Has $6.98 Million Position in Crinetics Pharmaceuticals, Inc. $CRNX

Key Points

• Aberdeen Group plc has increased its stake in Crinetics Pharmaceuticals, acquiring an additional 164,670 shares, bringing its total ownership to 208,059 shares, valued at approximately $6.98 million.
• Crinetics Pharmaceuticals' stock has a current market cap of $2.74 billion, with a recent earnings report showing a revenue increase of 158.4% year over year, despite missing EPS estimates.
• Analysts generally have a favorable outlook on Crinetics Pharmaceuticals, with a consensus rating of "Moderate Buy" and a price target averaging $68.86.

Aberdeen Group plc increased its stake in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 379.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 208,059 shares of the company's stock after purchasing an additional 164,670 shares during the quarter. Aberdeen Group plc owned approximately 0.22% of Crinetics Pharmaceuticals worth $6,978,000 as of its most recent filing with the SEC.

Several other institutional investors have also made changes to their positions in CRNX. State of Wyoming bought a new position in Crinetics Pharmaceuticals during the fourth quarter valued at approximately $50,000. GF Fund Management CO. LTD. bought a new position in Crinetics Pharmaceuticals during the fourth quarter valued at approximately $100,000. Amalgamated Bank raised its position in Crinetics Pharmaceuticals by 17.3% during the first quarter. Amalgamated Bank now owns 3,159 shares of the company's stock valued at $106,000 after acquiring an additional 467 shares in the last quarter. PNC Financial Services Group Inc. raised its position in Crinetics Pharmaceuticals by 25.4% during the first quarter. PNC Financial Services Group Inc. now owns 3,395 shares of the company's stock valued at $114,000 after acquiring an additional 688 shares in the last quarter. Finally, KBC Group NV raised its position in shares of Crinetics Pharmaceuticals by 10.0% in the first quarter. KBC Group NV now owns 4,082 shares of the company's stock valued at $137,000 after purchasing an additional 370 shares during the period. 98.51% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, insider Dana Pizzuti sold 30,000 shares of the business's stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $30.43, for a total transaction of $912,900.00. Following the transaction, the insider owned 66,270 shares of the company's stock, valued at approximately $2,016,596.10. The trade was a 31.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Stephen F. Betz sold 97,483 shares of Crinetics Pharmaceuticals stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $32.23, for a total transaction of $3,141,877.09. Following the sale, the insider owned 99,713 shares in the company, valued at $3,213,749.99. This represents a 49.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 133,975 shares of company stock worth $4,244,214 in the last ninety days. 6.00% of the stock is currently owned by insiders.

Crinetics Pharmaceuticals Price Performance

CRNX stock traded up $0.84 on Tuesday, reaching $30.93. 810,391 shares of the company were exchanged, compared to its average volume of 1,038,186. Crinetics Pharmaceuticals, Inc. has a 12 month low of $24.10 and a 12 month high of $62.53. The stock's fifty day moving average price is $30.00 and its 200 day moving average price is $31.52. The firm has a market capitalization of $2.91 billion, a PE ratio of -7.53 and a beta of 0.33.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported ($1.23) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.13) by ($0.10). The company had revenue of $1.03 million for the quarter, compared to analyst estimates of $0.52 million. During the same quarter in the prior year, the business earned ($0.94) earnings per share. The company's revenue for the quarter was up 158.4% compared to the same quarter last year. As a group, research analysts expect that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on CRNX shares. JMP Securities dropped their price target on shares of Crinetics Pharmaceuticals from $90.00 to $86.00 and set a "market outperform" rating on the stock in a research report on Monday, August 11th. HC Wainwright reissued a "buy" rating and issued a $81.00 price target on shares of Crinetics Pharmaceuticals in a research report on Friday, June 27th. Finally, The Goldman Sachs Group started coverage on shares of Crinetics Pharmaceuticals in a research report on Thursday, July 10th. They issued a "neutral" rating and a $36.00 price target on the stock. Seven analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $68.86.

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.