Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) Shares Sold by Bank of America Corp DE

Bank of America Corp DE lowered its holdings in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 15.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 235,281 shares of the company's stock after selling 42,792 shares during the period. Bank of America Corp DE owned 0.25% of Crinetics Pharmaceuticals worth $12,030,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. FMR LLC increased its stake in shares of Crinetics Pharmaceuticals by 100.4% during the 4th quarter. FMR LLC now owns 8,928,086 shares of the company's stock valued at $456,493,000 after acquiring an additional 4,472,316 shares during the last quarter. Vanguard Group Inc. increased its position in Crinetics Pharmaceuticals by 44.6% during the fourth quarter. Vanguard Group Inc. now owns 9,089,391 shares of the company's stock worth $464,741,000 after purchasing an additional 2,801,736 shares during the last quarter. Wellington Management Group LLP raised its stake in Crinetics Pharmaceuticals by 55.9% during the fourth quarter. Wellington Management Group LLP now owns 6,950,567 shares of the company's stock worth $355,382,000 after purchasing an additional 2,490,876 shares during the period. SG Americas Securities LLC boosted its holdings in shares of Crinetics Pharmaceuticals by 4,084.6% in the 4th quarter. SG Americas Securities LLC now owns 542,446 shares of the company's stock valued at $27,735,000 after purchasing an additional 529,483 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its stake in shares of Crinetics Pharmaceuticals by 9.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 5,414,505 shares of the company's stock valued at $276,844,000 after buying an additional 469,748 shares during the period. 98.51% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on CRNX. Wolfe Research began coverage on Crinetics Pharmaceuticals in a research report on Tuesday, February 4th. They issued a "peer perform" rating on the stock. Stifel Nicolaus initiated coverage on Crinetics Pharmaceuticals in a research note on Tuesday, March 25th. They set a "buy" rating and a $60.00 price target for the company. Finally, TD Cowen initiated coverage on Crinetics Pharmaceuticals in a research note on Tuesday, February 11th. They issued a "buy" rating on the stock. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $74.56.

Crinetics Pharmaceuticals Stock Down 1.3%

Shares of NASDAQ CRNX traded down $0.38 during trading on Tuesday, reaching $29.38. 305,586 shares of the stock were exchanged, compared to its average volume of 1,006,614. The company has a market capitalization of $2.75 billion, a price-to-earnings ratio of -7.88 and a beta of 0.31. The business's 50-day moving average price is $31.19 and its 200 day moving average price is $40.27. 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 released its quarterly earnings results on Thursday, May 8th. The company reported ($1.04) earnings per share for the quarter, missing analysts' consensus estimates of ($0.99) by ($0.05). The company had revenue of $0.36 million for the quarter, compared to analyst estimates of $0.10 million. During the same period last year, the firm posted ($0.93) earnings per share. The company's quarterly revenue was down 43.6% on a year-over-year basis. As a group, sell-side analysts expect that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current fiscal year.

Insider Activity

In related news, COO Jeff E. Knight sold 7,162 shares of the company's stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $34.20, for a total value of $244,940.40. Following the sale, the chief operating officer now directly owns 87,491 shares of the company's stock, valued at $2,992,192.20. This represents a 7.57% decrease in their ownership of the stock. 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 firm's stock in a transaction on Wednesday, March 19th. The stock was sold at an average price of $34.20, for a total transaction of $86,013.00. Following the transaction, 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 disclosure for this sale can be found here. Insiders sold 27,015 shares of company stock worth $923,913 over the last ninety days. Corporate insiders own 4.60% of the company's stock.

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.