Nuveen LLC Purchases New Shares in Crinetics Pharmaceuticals, Inc. $CRNX

Key Points

• Nuveen LLC has acquired a new stake in Crinetics Pharmaceuticals, purchasing 562,935 shares valued at approximately $18.88 million, resulting in ownership of 0.60% of the company.
• Crinetics Pharmaceuticals reported a 158.4% increase in quarterly revenue year-over-year, with earnings per share at ($1.23), missing estimates.
• Currently, Crinetics has an average rating of "Moderate Buy" among analysts, with a consensus target price of $68.86, indicating positive sentiment on the stock's future performance.

Nuveen LLC acquired a new stake in Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX - Free Report) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 562,935 shares of the company's stock, valued at approximately $18,881,000. Nuveen LLC owned about 0.60% of Crinetics Pharmaceuticals as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of CRNX. Farallon Capital Management LLC boosted its stake in shares of Crinetics Pharmaceuticals by 250.7% in the 4th quarter. Farallon Capital Management LLC now owns 4,075,098 shares of the company's stock valued at $208,360,000 after purchasing an additional 2,913,098 shares during the last quarter. Point72 Asset Management L.P. boosted its stake in shares of Crinetics Pharmaceuticals by 21.2% in the 4th quarter. Point72 Asset Management L.P. now owns 2,788,939 shares of the company's stock valued at $142,598,000 after purchasing an additional 488,296 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Crinetics Pharmaceuticals by 9.5% in 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 purchasing an additional 469,748 shares during the last quarter. Janus Henderson Group PLC boosted its stake in shares of Crinetics Pharmaceuticals by 15.1% in the 4th quarter. Janus Henderson Group PLC now owns 2,795,441 shares of the company's stock valued at $142,902,000 after purchasing an additional 365,991 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Crinetics Pharmaceuticals in the 4th quarter valued at $17,117,000. 98.51% of the stock is owned by institutional investors.

Crinetics Pharmaceuticals Price Performance

Shares of NASDAQ:CRNX traded down $0.83 during midday trading on Monday, hitting $30.09. 782,545 shares of the company's stock were exchanged, compared to its average volume of 1,034,703. The stock has a 50 day moving average price of $30.00 and a 200-day moving average price of $31.52. The company has a market cap of $2.83 billion, a PE ratio of -7.32 and a beta of 0.33. Crinetics Pharmaceuticals, Inc. has a 12 month low of $24.10 and a 12 month high of $62.53.

Crinetics Pharmaceuticals (NASDAQ:CRNX - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported ($1.23) EPS for the quarter, missing the consensus estimate of ($1.13) by ($0.10). The firm had revenue of $1.03 million for the quarter, compared to the consensus estimate of $0.52 million. Crinetics Pharmaceuticals's quarterly revenue was up 158.4% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.94) earnings per share. On average, analysts anticipate that Crinetics Pharmaceuticals, Inc. will post -3.73 EPS for the current fiscal year.

Insider Activity

In other news, insider Stephen F. Betz sold 97,483 shares of the business'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 completion of the sale, the insider directly owned 99,713 shares of the company's stock, valued at $3,213,749.99. The trade was a 49.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Dana Pizzuti sold 6,492 shares of the business's stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $29.18, for a total transaction of $189,436.56. Following the sale, the insider directly owned 66,270 shares of the company's stock, valued at approximately $1,933,758.60. The trade was a 8.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 4.60% of the company's stock.

Wall Street Analyst Weigh In

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

Crinetics Pharmaceuticals 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.