Rafferty Asset Management LLC Reduces Stock Position in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX)

Rafferty Asset Management LLC reduced its stake in shares of Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) by 16.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 81,257 shares of the company's stock after selling 16,193 shares during the period. Rafferty Asset Management LLC owned 0.09% of Crinetics Pharmaceuticals worth $4,155,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Venturi Wealth Management LLC acquired a new position in shares of Crinetics Pharmaceuticals during the 4th quarter worth approximately $41,000. Headlands Technologies LLC acquired a new position in Crinetics Pharmaceuticals in the fourth quarter valued at approximately $52,000. Harvest Fund Management Co. Ltd acquired a new position in Crinetics Pharmaceuticals in the fourth quarter valued at approximately $66,000. KBC Group NV lifted its holdings in Crinetics Pharmaceuticals by 69.3% in the fourth quarter. KBC Group NV now owns 3,712 shares of the company's stock valued at $190,000 after acquiring an additional 1,519 shares during the last quarter. Finally, Janney Montgomery Scott LLC lifted its holdings in Crinetics Pharmaceuticals by 13.7% in the fourth quarter. Janney Montgomery Scott LLC now owns 4,975 shares of the company's stock valued at $254,000 after acquiring an additional 600 shares during the last quarter. 98.51% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CEO Richard Scott Struthers sold 17,338 shares of the company'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 $592,959.60. Following the sale, the chief executive officer now owns 329,147 shares of the company's stock, valued at approximately $11,256,827.40. This represents a 5.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Jeff E. Knight sold 7,162 shares of the company's stock in a transaction on Wednesday, March 19th. The stock was 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 in the company, valued at $2,992,192.20. This represents a 7.57% decrease in their position. The disclosure for this sale can be found here. Insiders have 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.

Crinetics Pharmaceuticals Stock Down 1.2%

NASDAQ:CRNX traded down $0.35 during trading hours on Friday, reaching $29.76. 740,332 shares of the stock were exchanged, compared to its average volume of 852,510. The business has a 50-day moving average of $31.29 and a two-hundred day moving average of $40.62. Crinetics Pharmaceuticals, Inc. has a twelve month low of $24.10 and a twelve month high of $62.53. The company has a market capitalization of $2.79 billion, a price-to-earnings ratio of -7.98 and a beta of 0.31.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported ($1.04) EPS for the quarter, missing analysts' consensus estimates of ($0.99) by ($0.05). The business had revenue of $0.36 million during the quarter, compared to the consensus estimate of $0.10 million. During the same quarter last year, the business earned ($0.93) EPS. The firm's quarterly revenue was down 43.6% compared to the same quarter last year. On average, research analysts forecast that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms recently commented on CRNX. Stifel Nicolaus began coverage on Crinetics Pharmaceuticals in a report on Tuesday, March 25th. They issued a "buy" rating and a $60.00 price objective on the stock. TD Cowen began coverage on Crinetics Pharmaceuticals in a report on Tuesday, February 11th. They issued a "buy" rating on the stock. Finally, Wolfe Research began coverage on Crinetics Pharmaceuticals in a report on Tuesday, February 4th. They issued a "peer perform" rating on the stock. One analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, Crinetics Pharmaceuticals currently has an average rating of "Moderate Buy" and an average price target 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.