American Century Companies Inc. Raises Stock Position in Crinetics Pharmaceuticals, Inc. $CRNX

Key Points

• American Century Companies Inc. increased its holdings in Crinetics Pharmaceuticals by 50.8%, owning 719,578 shares valued at approximately $24.1 million by the end of the most recent reporting period.
• Crinetics Pharmaceuticals' stock rose 5.2%, with shares opening at $30.92, while the company's market capitalization is approximately $2.91 billion.
• Despite a $1.23 loss per share reported in its latest earnings, the company's revenue surged 158.4% year-over-year, totaling $1.03 million for the quarter.

American Century Companies Inc. lifted its position in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 50.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 719,578 shares of the company's stock after purchasing an additional 242,280 shares during the period. American Century Companies Inc. owned 0.77% of Crinetics Pharmaceuticals worth $24,135,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the company. State of Wyoming bought a new stake in shares of Crinetics Pharmaceuticals during the 4th quarter worth about $50,000. GF Fund Management CO. LTD. bought a new stake in shares of Crinetics Pharmaceuticals during the 4th quarter worth about $100,000. Amalgamated Bank boosted its holdings in shares of Crinetics Pharmaceuticals by 17.3% during the 1st quarter. Amalgamated Bank now owns 3,159 shares of the company's stock worth $106,000 after buying an additional 467 shares during the period. PNC Financial Services Group Inc. boosted its holdings in shares of Crinetics Pharmaceuticals by 25.4% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,395 shares of the company's stock worth $114,000 after buying an additional 688 shares during the period. Finally, KBC Group NV boosted its holdings in shares of Crinetics Pharmaceuticals by 10.0% during the 1st quarter. KBC Group NV now owns 4,082 shares of the company's stock worth $137,000 after buying 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 other news, insider Stephen F. Betz sold 97,483 shares of the company's stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $32.23, for a total transaction of $3,141,877.09. Following the transaction, the insider owned 99,713 shares in the company, valued at approximately $3,213,749.99. This represents a 49.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Dana Pizzuti sold 6,492 shares of the firm's stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $29.18, for a total transaction of $189,436.56. Following the completion of the transaction, the insider directly owned 66,270 shares in the company, valued at $1,933,758.60. This trade represents a 8.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 6.00% of the company's stock.

Crinetics Pharmaceuticals Price Performance

CRNX stock traded down $0.83 during trading on Monday, reaching $30.09. 782,545 shares of the company were exchanged, compared to its average volume of 1,034,703. The company has a 50-day moving average of $30.00 and a two-hundred day moving average of $31.52. The company has a market capitalization of $2.83 billion, a price-to-earnings ratio of -7.32 and a beta of 0.33. Crinetics Pharmaceuticals, Inc. has a twelve month low of $24.10 and a twelve month high of $62.53.

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 the consensus estimate of ($1.13) by ($0.10). The company had revenue of $1.03 million during the quarter, compared to analyst estimates of $0.52 million. The firm's revenue was up 158.4% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.94) earnings per share. On average, analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS for the current year.

Wall Street Analyst Weigh In

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

About Crinetics Pharmaceuticals

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.