California State Teachers Retirement System Buys 12,072 Shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

California State Teachers Retirement System boosted its holdings in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 18.8% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 76,264 shares of the company's stock after buying an additional 12,072 shares during the quarter. California State Teachers Retirement System owned 0.08% of Crinetics Pharmaceuticals worth $3,899,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Venturi Wealth Management LLC bought a new position in shares of Crinetics Pharmaceuticals during the 4th quarter valued at $41,000. State of Wyoming purchased a new stake in Crinetics Pharmaceuticals during the fourth quarter valued at $50,000. Headlands Technologies LLC bought a new position in Crinetics Pharmaceuticals in the fourth quarter valued at about $52,000. Harvest Fund Management Co. Ltd purchased a new position in Crinetics Pharmaceuticals in the fourth quarter worth about $66,000. Finally, GF Fund Management CO. LTD. purchased a new position in Crinetics Pharmaceuticals in the fourth quarter worth about $100,000. Hedge funds and other institutional investors own 98.51% of the company's stock.

Crinetics Pharmaceuticals Trading Up 1.2%

NASDAQ CRNX traded up $0.40 on Friday, reaching $32.72. 177,315 shares of the stock were exchanged, compared to its average volume of 847,873. Crinetics Pharmaceuticals, Inc. has a one year low of $24.10 and a one year high of $62.53. The firm has a market capitalization of $3.06 billion, a PE ratio of -8.77 and a beta of 0.31. The company's 50-day simple moving average is $30.62 and its two-hundred day simple moving average is $39.05.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($1.04) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.99) by ($0.05). The firm had revenue of $0.36 million for the quarter, compared to analysts' expectations of $0.10 million. Crinetics Pharmaceuticals's quarterly revenue was down 43.6% on a year-over-year basis. During the same period in the previous year, the business posted ($0.93) earnings per share. Sell-side analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.73 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Richard Scott Struthers sold 17,338 shares of the business's stock in a transaction that occurred 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 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 document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Jeff E. Knight sold 7,162 shares of the stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $34.20, for a total transaction of $244,940.40. Following the sale, the chief operating officer now directly owns 87,491 shares of the company's stock, valued at approximately $2,992,192.20. This trade represents a 7.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 27,015 shares of company stock valued at $923,913. Company insiders own 4.60% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. TD Cowen assumed coverage on shares of Crinetics Pharmaceuticals in a research report on Tuesday, February 11th. They set a "buy" rating for the company. Stifel Nicolaus started coverage on shares of Crinetics Pharmaceuticals in a research report on Tuesday, March 25th. They set a "buy" rating and a $60.00 target price for the company. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, Crinetics Pharmaceuticals presently has an average rating of "Moderate Buy" and an average target price of $74.56.

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.